Hut 8, one of the world’s largest public-listed bitcoin mining companies, announced record earnings during its second quarter as crypto prices rose to 18-month highs.

Listed on the Toronto Stock Exchange, Hut 8 reported revenue more than tripled in the three months to June 30 to $28.3 million, up from $7.8 million in the same quarter a year ago. Operating costs – always high for bitcoin miners – rose to $10.4 million from $2.8 million.

This left earnings before interest, tax, depreciation and amortisation, at $17.3 million for the second quarter 2019 – up from just $3.9 million in the same three months a year ago. 

The results came during a powerful rally for price of bitcoin, however. During the three months to the end of June, bitcoin’s price rallied 160%, hitting an 18-month high of around $13,900 on June 26.

It was Hut 8’s best quarter on all metrics since the company launched, as it also reduced management costs, leading to improved margins, the company said. Chief executive Andrew Kiguel added:

Our operations are stronger than ever, and we are poised for improved financial performance going forward.