After studying the financial status of Hut 8, a Canadian cryptocurrency mining listed company, CoinDesk Research found that: 1. As the hash rate of the Bitcoin network continues to grow, Hut 8 ’s profits have fallen sharply in the past few quarters. The upcoming halving of Bitcoin will further reduce the rewards for miners, and Hut 8 ’s existing mining equipment is likely to become unprofitable unless the price of Bitcoin can rise significantly; 2. Hut 8 management is interested Upgrade to a more efficient ASIC mining machine, but this may require additional funds, which is difficult in the current macro environment; 3.Hut 8’s large fixed-rate debt is guaranteed by its Bitcoin inventory. The company is essentially betting on bitcoin price increases. Large fluctuations in the price of Bitcoin will seriously affect Hut 8’s income and asset value; 4. A member of the audit committee of the Hut 8 board of directors resigned on the same day (April 3) when the 2019 audited financial statements were issued.