Hut 8, a prominent Bitcoin mining company, revealed that it has added to its self-mined Bitcoin reserves despite its ongoing merger with US Bitcoin (USBTC), an industrial cryptocurrency miner.
Hut 8 Bitcoin Mining Continues to Amass Reserves
In a recent announcement on October 10, the firm disclosed that it had successfully mined 111 Bitcoin during September 2023, pushing its self-mined BTC reserves to a substantial 9,366 Bitcoin.
While the number of Hut 8 Bitcoin mining in September marked an 8% increase compared to the previous month, it still lags behind the numbers seen in May 2023 when Hut 8 mined 147 BTC. Over the past year, Hut 8 Bitcoin mining output has seen a substantial decline, with monthly mining volumes dropping nearly 60% from the 277 BTC mined in September 2022.
Key production highlights for September 2023 include an average production rate of approximately 3.7 Bitcoin per day, with no Bitcoin sold during the month. The total balance of Bitcoin in reserve reached 9,366 by the end of September, with 7,269 of them being unencumbered. Additionally, the companys installed ASIC hashrate capacity at its Alberta facilities was 2.6 EH/s at the close of the month, resulting in a production rate of 42.7 BTC per EH.
Shareholder Support Solidifies Hut 8s Merger with USBTC
In the context of the ongoing merger, Hut 8 held a special meeting on September 12, where shareholders overwhelmingly approved the proposed business combination with US Bitcoin Corp (USBTC). The Supreme Court of British Columbia issued a final order on September 15, further advancing the merger process.
Jaime Leverton, CEO of Hut 8, expressed gratitude to shareholders for their support, stating that the merger would position the company for a diversified range of revenue streams in high-performance computing, hosting, and managed infrastructure operations, thereby addressing challenges in the cryptocurrency mining industry.