In its third-quarter earnings release, Canadian cryptocurrency miner Hut8 appear that it surpassed the goal set earlier this twelvemonth of belongings 5,000 Bitcoins (BTC) in reserves through mining. Its Bitcoin residue at present amounts to v,053, for a total market value of $430 million.

During the quarter, Hut 8 generated fifty.34 1000000 (CA$) (worth around $40 meg) in revenue and CA$23.37 million (almost $18.57 meg) in net income, upward from CA$v.75 one thousand thousand in revenue (virtually $4.57 million) and a loss of CA$0.90 million (or $750,000) in the prior twelvemonth'southward quarter. The visitor hosts a sizable armada of Application-Specific Integrated Circuit, or ASIC, machines used for Bitcoin mining. In add-on, it deploys NVIDIA GPUs to mine Ethereum (ETH).

The company's total hash rate (Bitcoin and Ethereum mining combined), or the number of guesses per second needed to obtain a mathematical solution to mine a new block on a proof-of-work blockchain, amounts to ane.7 exahashes per 2nd (i.vii*10^18 hashes/s, EH/due south). In context, the total hash rate of the unabridged Bitcoin network is 162 EH/s, according to data provided past Blockchain.com. Every bit for Ethereum, that number stands at 817.06 terahashes per second (817.06*10^12 hashes/due south, Th/s), according to data provided by 2Miners.com. The house's contracted mining capacity for Ethereum stands at i.6 TH/south.

Hut 8 adopts a hold-on-for-dear-life, or HODL, strategy when it comes to mining Bitcoin; that is, information technology does not seek to sell them under most circumstances. The firm also lends out its BTC to farm yields, and claims to mine close to xx BTC per day.

Location of Hut eight's crypto mining operations.|Source: Hut 8 Q3 2022 Earnings Call Presentation

The visitor operates in the Canadian province of Alberta with plans to expand to Ontario. It uses a mixture of natural gas, wind and green energy for its mining operations.