Huobi Pool, which is what Huobi Group’s mining pool business is called, has finally released its third-quarter earnings report. According to the report, the company has a current operating profit of USD 825,744. This is a clear indication that the mining pool business is raking in big revenue for the company.
The Q3 result only signifies a significant growth from the Q2 profit margins. In Q2, the operating profit of the business was of USD 213,243. There has been a massive jump in operating profits of a whooping 287% quarter-on-quarter.
Huobi Pool was launched in 2018 and it has since then shown great potential and a penchant for growth. This comes at a time when experts cannot say with full confidence that crypto mining is still a profitable industry.
Huobi Pool has released a statement saying,
“Our performance in Q3 continued to show the strength of our business model,” said Huobi Vice President Livio Weng. “Compared to the current downturn in the blockchain industry as a whole, we are quite pleased with Huobi Pool’s performance.”
Huobi was established way back in 2013, and since then, the company has come a long way. This we can conclude from the fact that overall Huobi’s group accumulative turnover exceeds USD 1 trillion.
One of the reasons that has contributed to this growth is the computing power for the Proof-of-Work (PoW) side of the business, which has seen an increase from 200P to 1500P. Additionally, the Delegated Proof-Of-Stake (DPoS) side of the business has also grown.
The miner pool has also seen a growth in terms of diversity. It has always seen a strong presence of large miners, but in recent time, the number of small and medium sized miners have also risen.