Canadian cryptocurrency mining company Hut 8 has recorded $136 million losses in 2018, according to its annual earnings report.
The losses were incurred despite Hut 8’s boasts of “record” revenue—it earned $49.4 million from mining 5,592 bitcoins. Hut 8’s adjusted EBITDA (Earnings before Interest, Taxes, Depreciation, and Amortization) equalled $19.3 million.
Nevertheless, the company remains positive. As it’s survived the crypto winter, it is planning to continue managing operations “prudently and with focus.”
“Throughout 2018, Hut 8’s average cost per bitcoin was consistently below the market price of bitcoin,” said Andrew Kiguel, Chief Operating Officer of Hut 8. “As we move into 2019, we are poised to improve margins should the price of bitcoin continues to rise, given our cost cutting initiatives undertaken in late 2018.”