Canadian Bitcoin (BTC) mining company Hut 8 continues to accumulate self-mined BTC in an ongoing merger deal with industrial cryptocurrency miner United States Bitcoin (USBTC).
Hut 8 mined 111 Bitcoins in September 2023, bringing its self-mined BTC reserves to 9,366 Bitcoins, the company declare October 10th.
The number of Bitcoins mined by Hut 8 in September increased by about 8% from the previous quarter, but was still significantly lower than in May 2023, when Hut 8 mined 147 Bitcoin. The Bitcoin miner’s mining speed has dropped significantly over the past year, with monthly mining volume falling by nearly 60% from 277 BTC mined September 2022.
However, despite the significant decline in the number of Bitcoins mined each month, Hut 8 remains committed to its long-term holding strategy, which is uncommon among too many miners in the industry.
Hut 8 said it “did not sell any Bitcoin this month,” stressing that the company has one of the largest reserves of self-sourced BTC among listed companies. “As of September 30, the total balance of Bitcoins in reserves was 9,366, of which 7,269 were unencumbered,” the company added.
Hut 8’s latest BTC reserve expansion is in line with the company’s long-term holding strategy. Unlike many cryptocurrency miners who have been forced to sell at least some of their mined Bitcoin assets during tough market conditions (including companies like Core Scientific and Riot Blockchain), Hut 8 continues to steadily increase its Bitcoin reserves. As of September 2022, Hut 8 has approximately 8,000 BTC in reserves.
In the announcement, Hut 8 also cited the success of its ongoing merger deal with USBTC. The deal, announced in February 2023, is expected to create a new Bitcoin mining operation called Hut 8 Corp or “New Hut”.
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In September 2023, the merger transaction between Hut 8 and USBTC received final approval from the Supreme Court of British Columbia.
Hut 8 chief executive Jaime Leverton said: “Progress continues on our transaction with USBTC and we are grateful to our shareholders who have shown their overwhelming support by voting in favor of the merger.” He added that the company’s recent approval from a Canadian court will “continue to drive us toward the new Hut 8,” which will have “highly diversified statutory revenue streams.”
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