- Canadian Bitcoin mining company Hut 8 continues to accumulate its self-mined BTC during the ongoing merger agreement with industrial crypto miner USBTC.
- Hut 8 reported that the amount of Bitcoin it produced in September increased by approximately 8% compared to the previous month, but it is still significantly lower compared to the period in May 2023 when Hut 8 mined 147 BTC.
- In the announcement, Hut 8 also mentioned the success of the ongoing merger agreement with USBTC, which was announced in February 2023 and is expected to create a new Bitcoin mining business called “New Hut” or “Hut 8 Corp.”
Canadian Bitcoin mining company Hut 8 released its mining reports for September: The agreement with USBTC is progressing steadily.
Hut 8 Announced its Reports for September
Canadian Bitcoin mining company Hut 8 continues to accumulate its self-mined BTC during the ongoing merger agreement with industrial crypto miner USBTC. Hut 8 announced on October 10th that it increased its self-mined BTC reserves to 9,366 Bitcoins by mining 111 Bitcoins in September 2023.
While the amount of Bitcoin produced by Hut 8 in September increased by approximately 8% compared to the previous month, it is still significantly lower compared to the period in May 2023 when Hut 8 mined 147 BTC. The Bitcoin miner has significantly reduced its mining volume in the past year, with monthly mining amounts dropping nearly 60% from the 277 BTC mined in September 2022.
However, despite the notable decrease in the monthly mined Bitcoin amount, Hut 8 has remained faithful to a hodl strategy rarely seen among many miners in the industry. They emphasized that “no Bitcoin was sold” and highlighted that the company has one of the largest self-mined BTC reserves among publicly traded companies. The total amount of Bitcoin in reserves as of September 30th was 9,366, of which 7,269 were unencumbered,” the company added.
Hut 8’s recent expansion of BTC reserves comes in line with the company’s long-term hodl strategy. Like many crypto miners who had to sell at least a portion of their produced Bitcoin reserves due to challenging market conditions, Hut 8 has continued to steadily increase its Bitcoin holdings. As of September 2022, Hut 8 had approximately 8,000 BTC in reserves.
Hut 8 mentioned its agreement with USBTC
In the announcement, Hut 8 also mentioned the success of the ongoing merger agreement with USBTC. In September 2023, Hut 8 and USBTC received the final approval of the merger agreement from the British Columbia Supreme Court.
Hut 8 CEO Jaime Leverton said, “Progress continues on completing the transaction with USBTC, and we are grateful to our shareholders who have shown great support by voting in favor of the merger.” She added that the final approval from the Canadian court allows the company to move towards the creation of a “New Hut 8,” which will have “an extremely diverse set of fiat revenue streams.
