Company raised $70.0 million to fund investment in mining hardware
First quarter 2018 revenue of $10,988,949
Strong gross profit margin of 80%, or $8,823,650
Once operational, Hut 8 will own 57 BlockBoxes, representing a 335% increase from current mining capacity, securing our position as one of the largest publicly traded Bitcoin miners in the world, with a total of 66.7 MW of power capacity and 448 PH/s.
Selected Financial Highlights from Q1 2018
Revenues of $10,988,949
Gross profit of $8,823,650
Raised $70.0 million of equity capital to fund investments and growth
Cash balance of $23.7 million and working capital of $19.3 million
Mined 828 Bitcoin in Q1 2018, bringing total mined since commencing operations on December 21, 2017 to over 1,300
Q1 2018 Financial Results
Q1 2018 represented Hut 8’s first full quarter in operations. With a gross profit margin of 80% (excluding depreciation), the Company’s mining cost-per-bitcoin was $2,615 (US$2,028), which compares favorably to the selling price of Bitcoin at the end of Q1 2018, being $8,991.67 (US$6,973.53).