March 28, 2024
Hut 8 Increases Self-Mined Bitcoin Reserves to 9.4K Amid USBTC Merger
Bitcoin News

Hut 8 Increases Self-Mined Bitcoin Reserves to 9.4K Amid USBTC Merger

Hut 8, the Canadian Bitcoin mining company, remains focused on accumulating self-mined BTC as it progresses with its merger agreement alongside industrial cryptocurrency miner, US Bitcoin (USBTC).

In the latest announcement on October 10, 2023, Hut 8 revealed that it had successfully mined 111 Bitcoin in September, boosting its total self-mined BTC reserves to an impressive 9,366 Bitcoin. While this indicates an 8% increase compared to the previous month, it’s worth noting that the September figures still fall short of the mining output in May 2023 when Hut mined 147 BTC. Over the past year, Hut 8 has faced a substantial decline in its monthly mining volumes, witnessing a nearly 60% drop from the 277 BTC mined in September 2022. Despite this, Hut 8 has steadfastly adhered to its strategy of retaining its Bitcoin holdings, a rarity in the mining industry.

Hut 8 emphasized its commitment to this approach, clarifying that no Bitcoin was sold during the month. Furthermore, the company proudly declared itself as one of the leaders among publicly traded firms with regard to self-mined BTC reserves. Specifically, out of the 9,366 BTC held in reserve as of September 30, a substantial 7,269 remained unencumbered.

The company’s merger with USBTC continues to make progress and is a key aspect of its strategic development. Announced in February 2023, this merger is anticipated to give rise to a new Bitcoin mining entity known as Hut 8 Corp, or “New Hut.” September 2023 marked a significant milestone, as both Hut 8 and USBTC secured the final approval from the Supreme Court of British Columbia for the merger.

Jaime Leverton, CEO of Hut 8, expressed gratitude toward shareholders for their unwavering support. He highlighted that the recent approval from the Canadian court signifies the company’s ability to move closer to the realization of “New Hut,” a venture that will feature highly diversified fiat revenue streams. This merger represents a pivotal step forward for Hut 8 as it seeks to expand and adapt in response to the evolving cryptocurrency landscape.

Image by Freepik

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