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Home ยป Hut 8 Bolsters Self-Mined Bitcoin Reserves Amid USBTC Merger

Hut 8 Bolsters Self-Mined Bitcoin Reserves Amid USBTC Merger

Canadian Bitcoin mining company, Hut 8, is steadily accumulating self-mined BTC as it moves forward with its merger plans with US Bitcoin (USBTC).

by Alexander
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Hut 8 is steadily accumulating self-mined BTC as it moves forward with its merger plans with US Bitcoin (USBTC). In September 2023, Hut 8 mined 111 Bitcoin, increasing its self-mined BTC holdings to an impressive 9,366 Bitcoin.

Steady Accumulation Despite Mining Pace Decline

Despite witnessing a decline in monthly mining volumes, Hut 8 remains committed to its hodl (hold) strategy, a rarity among cryptocurrency miners. The 8% increase in Bitcoin mined in September compared to the previous month is a positive sign, although it is significantly lower than the 147 BTC mined in May 2023. Over the past year, the company’s monthly mining volumes have dropped by nearly 60%, falling from 277 BTC in September 2022.

During the month of September, Hut 8 did not sell any of its Bitcoin holdings, emphasizing its position as one of the largest publicly traded firms with substantial self-mined BTC reserves. As of September 30, the company held 9,366 Bitcoin, of which 7,269 were unencumbered.

Long-Term Hodl Strategy Sets Hut 8 Apart

Hut 8’s decision to continue accumulating Bitcoin sets it apart from other miners who have been forced to sell portions of their holdings due to challenging market conditions. Notably, companies like Core Scientific and Riot Blockchain have had to liquidate some of their Bitcoin holdings.

Hut 8’s expansion of its BTC reserves aligns with its long-term hodl strategy. In September 2022, the company held around 8,000 BTC, indicating consistent growth in its holdings over time.

Progress on USBTC Merger and Diversified Revenue Streams

Hut 8 also reported progress in its merger with USBTC, which was announced in February 2023. The merger, set to create a new entity called Hut 8 Corp or “New Hut,” received final approval from the Supreme Court of British Columbia in September 2023.

Hut 8 CEO Jaime Leverton expressed gratitude to shareholders for their overwhelming support of the merger and highlighted that the recent court approval enables the company to advance toward creating New Hut. Leverton emphasized that the new entity will feature “highly diversified fiat revenue streams,” positioning Hut 8 for continued success in the evolving cryptocurrency landscape.

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