Bitcoin mining company Hut 8 has reported record revenue for Q3 of 2018.
Hut 8, which claims to be “the largest” public crypto mining company by operating capacity and market capitalization, has reported record revenue of $13.5 million for Q3 and $27.7 million for the nine months ending on September 30, 2018.
Revenue increased by 126 percent compared to the previous quarter revenue of $5.9 million.
Hut 8 attributed the increase to its deployment of 16 Bitfury BlockBoxes in September at its mining facility in the City of Medicine Hat, for an aggregate of 56 BlockBoxes at that site.
Each BlockBox contains 176 mining servers and reportedly has a hashrate of 13.7 Pethashes per second (Ph/s).
In Q3, Hut 8’s cost for mining a single Bitcoin was $3,394, which is lower than the current market price of around $6,400, which is reflected in the report as the company’s mining profit for Q3 was $6.6 million, with a mining profit margin of 51 percent.
Hut 8 claims that this makes it one of the lowest-cost BTC mining companies globally.
Hut 8 launched its Medicine Hat facility in July in partnership with BTC mining equipment manufacturer BitFury. At that time, Hut 8 had mined around 1,000 BTC since its launch in December of last year.