() company Hut 8 made almost $50 million in revenue last year but triggered total losses of almost $140 million, according to an released on May 6.
Hut 8, which counts itself as one of the world’s largest publicly-traded companies, saw 2018 revenue hit $49.4 million.
The company’s EBITDA (earnings before interest, , depreciation and amortization) for the year was $19.3 million. Losses amounted to $136.7 million.
Hut 8 currently operates 85 centers worldwide, with 2018’s reflecting the fate of businesses during the bear market.
As Cointelegraph reported, like such as , Hut 8 was forced to cut costs in the first quarter of 2019, reports surfacing last month of .
“Due to the ‘crypto winter’, which was marked by a declining price for and most , 2018 was a challenging year for all miners. While many miners did not survive, Hut 8 managed its cash and digital assets conservatively to successfully make it through,” the earnings report summarized. It continued:
“Today, Hut 8 is stable and poised to benefit from a recovery in the price of . The Company will continue to manage operations prudently and with focus.”
That focus will continue to revolve exclusively around over other , with executives eyeing a continued uptrend in prices in the near term.
“Throughout 2018, Hut 8’s average cost per was consistently below the market price of ,” COO Andrew Kiguel commented. He added:
“As we move into 2019, we are poised to improve margins should the price of continues to rise, given our cost cutting initiatives undertaken in late 2018.”
Published at Thu, 09 May 2019 08:15:26 +0000
