Hut 8 Surpasses 9.3k Bitcoin Reserves in Self-Mining Milestone
Hut 8’s Impressive Bitcoin Mining Results
In a recent announcement, North American digital asset miner Hut 8 revealed its remarkable mining achievements. The company successfully mined 111 Bitcoin in September, which translates to an average production rate of approximately 3.7 Bitcoin per day.
This significant accomplishment has increased Hut 8’s self-mined BTC reserves to an impressive total of 9,366, marking an 8% growth compared to the previous month.
Continued Growth and Increased Value
As of now, Bitcoin’s value sits just above $27,000, contributing to Hut 8’s total reserve amount of $258 million. Despite a year-over-year decrease in the amount of Bitcoin mined, the numbers remain comparable to earlier this year. For instance, in May, Hut 8 reported mining 147 Bitcoin while selling 179 BTC simultaneously.
Hut 8’s Alberta facilities boast a hashrate capacity of 2.6 EH/s at the end of September, with a production rate of 42.7 BTC/EH. This showcases the company’s commitment to maintaining high productivity levels.
Interestingly, during the entire month of September, Hut 8 refrained from selling any of its Bitcoin holdings, suggesting a strategic holding strategy.
A Successful Merger and Environmental Considerations
In February, Hut 8 and USBTC announced a “merger of equals” deal that led to the creation of Hut 8 Corp. This merger has provided Hut 8 with access to additional energy resources, enhancing its mining capabilities.
While Hut 8 celebrates this successful merger, the wider bitcoin mining industry continues to prioritize renewable energy solutions. This commitment reflects a larger trend aimed at reducing the environmental impact associated with mining operations.
Overall, Hut 8’s recent achievements in self-mining Bitcoin showcase their ongoing commitment to growth and innovation within the digital asset mining sector.
