North American Digital Asset Miner Hut 8 Reports Mining 111 Bitcoin in September
Hut 8, a digital asset miner based in North America, announced that it mined 111 Bitcoin in September, averaging around 3.7 Bitcoin per day. This brings their total self-mined BTC reserves to 9,366, representing an 8% increase from the previous month. With Bitcoin currently valued at just above $27,000, the total reserve amount for Hut 8 stands at $258 million.
Growing Reserves
Although the amount of Bitcoin mined by Hut 8 has decreased year-over-year, it is comparable to earlier this year when they reported mining 147 Bitcoin in May while selling 179 BTC. Additionally, Hut 8 reports a hashrate capacity of 2.6 EH/s in their Alberta facilities, with production marked at 42.7 BTC/EH.
The Merger of Equals
In February, Hut 8 and USBTC announced a merger to form Hut 8 Corp, granting Hut 8 access to more energy resources. While the merger has been successful according to the press release, other players in the bitcoin mining industry are actively exploring renewable energy solutions to minimize environmental impact.
Hot Take: Hut 8 Continues to Expand Bitcoin Mining Operations
Hut 8’s mining efforts have resulted in a significant increase in their BTC reserves. Despite a year-over-year decrease in mining output, the numbers remain consistent with earlier this year. The successful merger with USBTC has provided Hut 8 with access to additional energy resources for their operations. However, as the industry strives for sustainability, there is a growing emphasis on adopting renewable energy solutions among bitcoin miners.
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