Hut 8 Maintains Hodl Amid Mining Dip
Canadian Bitcoin mining company Hut 8 has continued its strategy of accumulating Bitcoin, even in the midst of its merger with US Bitcoin. In September 2023, Hut 8 mined 111 Bitcoin, bringing its total self-mined BTC reserves to 9,366 Bitcoin.
Despite a decrease in mining volumes, Hut 8 has held onto its Bitcoin, choosing not to sell any in the past month. This sets them apart from other crypto miners who have opted to sell portions of their mined Bitcoin due to tough market conditions. Hut 8’s steadfast hodl strategy has solidified its position as one of the predominant holders of self-mined BTC among publicly traded entities.
Hut 8 and USBTC have successfully navigated their merger deal, which was announced in February 2023. The merger received final approval from the Supreme Court of British Columbia in September 2023, allowing the two entities to merge and form a new Bitcoin mining company called Hut 8 Corp or “New Hut.”
Hut 8 CEO Jaime Leverton expressed gratitude towards shareholders for their overwhelming support of the merger. The approval from the Canadian court paves the way for the establishment of New Hut, which will have a wide variety of fiat revenue sources. Following this update, Hut 8’s stock rose by 2.50%.
Hot Take: Hut 8 Continues to Accumulate Bitcoin Despite Mining Decrease
Hut 8 remains committed to accumulating Bitcoin despite a decline in mining volumes. By holding onto its self-mined BTC reserves and refraining from selling any Bitcoin, Hut 8 distinguishes itself from other crypto miners in a tough market. The company’s merger with USBTC has also received final approval, solidifying its position as a leading Bitcoin mining entity. With the establishment of New Hut, Hut 8 aims to leverage various fiat revenue sources and further strengthen its presence in the industry.
Gapster Innes emerges as a visionary adeptly blending the roles of crypto analyst, dedicated researcher, and editorial maestro into an intricate tapestry of insight. Amidst the dynamic world of digital currencies, Gapster’s insights resonate like finely tuned harmonies, captivating curious minds from various corners. His talent for unraveling intricate threads of crypto intricacies melds seamlessly with his editorial finesse, transforming complexity into an eloquent symphony of comprehension.