Categories: Bitcoin

Hut 8 Bitcoin Mining Increased 8% In September

Key Points:

Hut 8 added 111 BTC to its reserves in September, reaching a total of 9,366 BTC.
Hut 8 Bitcoin mining output increased by 8% in September compared to the previous month.
Shareholders approved the merger with USBTC, and the Supreme Court of British Columbia issued a final order.

Hut 8, a prominent Bitcoin mining company, revealed that it has added to its self-mined Bitcoin reserves despite its ongoing merger with US Bitcoin (USBTC), an industrial cryptocurrency miner.

Hut 8 Bitcoin Mining Continues to Amass Reserves

In a recent announcement on October 10, the firm disclosed that it had successfully mined 111 Bitcoin during September 2023, pushing its self-mined BTC reserves to a substantial 9,366 Bitcoin.

While the number of Hut 8 Bitcoin mining in September marked an 8% increase compared to the previous month, it still lags behind the numbers seen in May 2023 when Hut 8 mined 147 BTC. Over the past year, Hut 8 Bitcoin mining output has seen a substantial decline, with monthly mining volumes dropping nearly 60% from the 277 BTC mined in September 2022.

Key production highlights for September 2023 include an average production rate of approximately 3.7 Bitcoin per day, with no Bitcoin sold during the month. The total balance of Bitcoin in reserve reached 9,366 by the end of September, with 7,269 of them being unencumbered. Additionally, the company’s installed ASIC hashrate capacity at its Alberta facilities was 2.6 EH/s at the close of the month, resulting in a production rate of 42.7 BTC per EH.

Shareholder Support Solidifies Hut 8’s Merger with USBTC

In the context of the ongoing merger, Hut 8 held a special meeting on September 12, where shareholders overwhelmingly approved the proposed business combination with US Bitcoin Corp (USBTC). The Supreme Court of British Columbia issued a final order on September 15, further advancing the merger process.

Jaime Leverton, CEO of Hut 8, expressed gratitude to shareholders for their support, stating that the merger would position the company for a diversified range of revenue streams in high-performance computing, hosting, and managed infrastructure operations, thereby addressing challenges in the cryptocurrency mining industry.

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Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.