Huobi Global released its third-quarter earnings report on Nov. 5th for its mining subsidiary, Huobi Pool, which managed to defy the current bear market and record a 287-percent jump in its profits in Q3. After recording an operating profit of $213,243 in Q2, the Q3 operating profits spiked to $825,744. The Huobi Pool was launched in 2018 and has shown positive growth in a short space of time.
Huobi Glad For its Performance
Livio Weng, the vice president of Huobi, did not hide that the company is pleased with the jump in profits especially considering the bear market that has seen Bitcoin lose more than 50 percent of its December peak price. The entire market has lost more than $500 billion in the same period.
“Our performance in Q3 continued to show the strength of our business model,” said Weng. Who added that:
“Compared to the current downturn in the blockchain industry as a whole, we are quite pleased with Huobi Pool’s performance.”
Weng also claimed that the increase in the company’s cash flow and the shrinking of its debt helped the mining pool perform well financially in Q3.
The company noted that the large miners makeup lion’s share of its customer base while the “number of small and medium-sized miners increased.”
The mining pool’s computing power for the proof-of-work consensus mechanism increased from 200P to 1,500P and contributed significantly towards the company’s overall growth. The Delegated Proof of Stake (DPoS) also expanded, helping the company record more profits.
Established in 2013, Huobi is one of the major players in the crypto industry as it offers its services to clients in more than 130 countries.