Hut 8 Crosses The 8,000 BTC Mark While Continuing To HODL

Canadian mining company Hut 8 has seen its Bitcoin holdings surpass the 8,000 Bitcoin (BTC) mark as it accumulates self-mining assets despite declining crypto market conditions.

Hut 8 released its latest mining report in August 2022, increasing its Bitcoin holdings by 375 BTC for the month to bring its total reserves to 8,111 BTC. The company says it has been mining 12.1 BTC per day at 125.8 BTC per exahash for the month.

While other miners were forced to sell part of their BTC holdings amid the ongoing crypto bear market, Hut 8 managed to continue its “long-term HODL strategy” and still holds all mined BTC.

Hut 8 also announced that they had installed 180 Nvidia GPUs at their main data center in Kelowna, Canada. The hub is currently mining Ether (ETH), but with The Merge event in September 2022, its GPU mining rig will be used to provide artificial intelligence rendering, machine learning, or VFX.

Hut 8 has also increased its mining capacity by acquiring Chinese ASIC miners MicroBT. The company paid $58.7 million for 12,000 new MicroBT M30S, M30S+, and M30S++ miners in October 2021 and has received orders for 1000 machines monthly through 2022.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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