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Hut8, a Canadian cryptocurrency miner, revealed in its third-quarter results announcement that it has reached its objective of holding 5,000 Bitcoins (BTC) in reserves from mining, which it set earlier this year.
It now has a Bitcoin balance of 5,053, with a total market value of $430 million. Hut 8 earned CA$50.34 million (about $40 million) in revenue and CA$23.37 million (roughly $18.57 million) in net profitability during the quarter, up from CA$5.75 million (roughly $4.57 million) in revenue and a loss of CA$0.90 million (roughly $750,000) the previous year.
The company has a large fleet of ASIC (Application-Specific Integrated Circuit) devices that are used to mine Bitcoin. Furthermore, it mines Ethereum with NVIDIA (NASDAQ: NVDA) GPUs (ETH).
Story by : Norvisi Mawunyegah