Hut 8 Continues to Increase Self-Mined Bitcoin Reserves Amidst Pending Merger with USBTC
Summary:
Hut 8, a Canadian Bitcoin mining firm, continues to increase its self-mined Bitcoin reserves despite a slowdown in their mining pace. The firm mined 111 Bitcoin in September 2023, thereby expanding its Bitcoin reserves to 9,366. It follows a unique 'hodl' strategy of not selling any mined Bitcoins, which is uncommon in the mining industry. In addition, the firm is moving forward with its merger plans with US Bitcoin (USBTC), with the transaction expected to establish a new Bitcoin mining business called Hut 8 Corp, or "New Hut".
Hut 8, a Canadian Bitcoin (BTC) mining firm, continues to amass Bitcoins mined in-house amidst the impending merger transaction with the industrial cryptocurrency miner, US Bitcoin (USBTC). In September 2023, Hut 8 successfully mined 111 Bitcoins, expanding their mined BTC inventory to a total of 9,366 Bitcoins, an update released by the company on October 10. The 111 Bitcoins mined in September represents an 8% increment from the previous month, although it falls short of the 147 BTC mined in May 2023. The mining progression of the Bitcoin miner has seen noticeable slowdown over the past year, with the monthly mining quantities dipping by nearly 60% from September 2022's 277 BTC. Despite the significant reduction in the monthly mining volumes, Hut 8 remains dedicated to its 'hodl' strategy, a rare approach among miners in the sector. "We did not sell any Bitcoin during the month," asserted Hut 8, emphasizing that they possess one of the largest reserves of self-mined BTC amongst publicly trading corporations. "Reserve stockpile of Bitcoins stood at 9,366 on September 30, out of which 7,269 remained unencumbered," added the company. This latest augmentation of Bitcoin reserves aligns with Hut 8's long-term 'hodl' strategy. Unlike numerous crypto miners compelled to part with a fraction of their mined Bitcoin holdings due to challenging market dynamics, entities like Core Scientific and Riot Blockchain, Hut 8 consistently enhances its Bitcoin inventory. By September 2022, Hut 8's reserve contained approximately 8,000 BTC. In the disclosure, Hut 8 also acknowledged the positive progression of its merger process with USBTC. Originally declared in February 2023, the planned transaction aims to form a rebranded Bitcoin mining venture known as Hut 8 Corp, or "New Hut". Hut 8 and USBTC secured the Supreme Court of British Columbia's final endorsement for the merger deal in September 2023. "Our transaction with USBTC is progressing smoothly, and we appreciate our shareholders for their overwhelming endorsement through their votes in favor of the merger," stated Jaime Leverton, Hut 8's CEO. He further noted that the latest approval from the Canadian court would enable the company to push ahead towards the formation of "a new Hut 8" possessing "a versatile revenue stream in fiat currency.
Published At
10/10/2023 12:55:32 PM
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