Huobi Pool Releases Financial Results in First Annual Report
“2019 was a pivotal year for Huobi Pool, driven by strong revenue performance from our staking operations and the rapid growth of our cloud PoW mining service,”
“We’ve invested heavily in the Huobi Pool ecosystem and we’re excited about the division’s continued traction as we expand the service globally this year.” said Ciara Sun, VP of Global Business at Huobi Group.
- The year 2019 was a huge success for Huobi Pool’s, with $ 53 million in 2018, and $ 320 million (+ 547%) last year.
- Operating profit rose 218% from $ 2.5 million in 2018 to $ 6.3 million in 2019.
- The main yield factors in 2019 were PoS staking and PoW minning, which represent 35.62% and 23.54% of the total net income of the company.
“PoS staking continues to be Huobi Pool’s most profitable business segment. In 2019, Huobi Pool grew its staking operations and participated in a larger number of PoS projects, up from 7 to 25. Additionally, Huobi Pool ranked in the top three nodes in more than half of the projects it participated in.”
“PoW mining became one of the fastest-growing business segments of 2019, with Huobi Pool’s BTC hashrate reaching a peak of 6,578 Ph/s, ranking it within the top five mining pools by hashrate distribution. The growth in PoW mining operations can also be attributed to the successful launch of Huobi Pool’s BTC cloud mining service, which was received with overwhelmingly positive market reception and demand.”
One of the priorities of the Huobi Pool was in 2019, developing an ecosystem through several initiatives.
“In May 2019, Huobi Pool launched Huobi Pool ECO, a digital asset exchange that supports emerging public blockchain projects with a wide variety of new consensus mechanisms. Two projects—BHT and BQCC—were listed on the exchange as part of Huobi Pool ECO’s Boost program, which promotes the rapid development and implementation of high-quality projects by providing an efficient currency listing process, innovative trading mode, and in-depth project services.”
The Huobi Pool also owns its own HPT token, which has started to advance and gain traction and is one of the core components of the company’s business model.
“Huobi Pool also launched a repurchase and burn program for HPT in April 2019, which resulted in six burns totaling 95.0074 million HPT, or 1.77% of the circulation. As of December 31, 2019, HPT’s market capitalization exceeded $24.4 million with more than 265,000 users globally.”
Plans for 2020
The company intends to continue to focus on Staking, and the association’s goal is also to add staking and mining services for 8 projects and node services for 12 projects, with the result of increasing the haircut of assets by approximately 20%.
A great opportunity is also, the transition of Ethereum to PoS and subsequent cooperation with Huobi Pool.
“Throughout 2020, Huobi Pool will expand PoW mining of new and existing currencies, shift more pooling services online, and expand the miner base. Huobi Pool will continue to develop and launch innovative new mining services and products to meet the needs of miners.”
“Huobi Pool will also explore new applications for HPT, including the possibility of allowing users to pay Huobi Pool ECO transaction fees with the token. Ahead of the HPT halving scheduled for August 31, 2020, Huobi Pool will increase the rights and interests of HPT users, include HPT positions in the calculation of Huobi EXP, and eligible HPT users will enjoy the rights and interests of Huobi VIP users.”
The Huobi Group is a blockchain company with many businesses in the global market.
The company also runs its own cryptocurrency exchange, where you can buy digital assets safely and quickly.
Source: Huobi Group