Hut 8 boosts self-mined Bitcoin reserves to 9.4K amid USBTC merger

The Canadian Bitcoin (BTC) mining institution Hut 8 continues to accumulate self-mined BTC amid the ongoing merger woody with the concern cryptocurrency miner, US Bitcoin (USBTC).

Hut 8 mined 111 Bitcoin successful September 2023, bringing its self-mined BTC reserves to 9,366 Bitcoin, the steadfast announced connected Oct. 10.

The magnitude of Bitcoin mined by Hut 8 successful September is up astir 8% from the erstwhile month, but is inactive importantly little than successful May 2023, erstwhile Hut mined 147 BTC. The Bitcoin miner has seen its mining gait dropping importantly implicit the past year, arsenic its monthly mining volumes dropped astir 60% from 277 BTC mined successful September 2022.

But contempt seeing a notable diminution successful the magnitude of monthly-mined Bitcoin, Hut 8 has remained committed to its hodl strategy, which has not been seen among excessively galore miners successful the industry.

“No Bitcoin was sold during the month,” Hut 8 said, stressing that the institution owns 1 of the largest self-mined BTC reserves among publically traded firms. “Total equilibrium of Bitcoin successful reserve was 9,366 connected September 30 — 7,269 of which were unencumbered,” the steadfast added.

Hut 8’s latest BTC reserve enlargement comes successful enactment with the company’s semipermanent hodl strategy. Unlike galore crypto miners forced to merchantability astatine slightest portion of their mined Bitcoin holdings amid pugnacious marketplace conditions, including firms similar Core Scientific and Riot Blockchain, Hut 8 has continued to steadily summation its Bitcoin stash. As of September 2022, Hut 8 had astir 8,000 BTC successful its reserves.

In the announcement, Hut 8 besides mentioned the occurrence of its ongoing merger woody with USBTC. Announced successful February 2023, the transaction is expected to create a caller Bitcoin mining business called Hut 8 Corp, oregon “New Hut.”

Related: Bitfarms increases mining pace, generates 411 BTC successful September

In September 2023, Hut 8 and USBTC obtained last approval from the Supreme Court of British Columbia for the merger deal.

“Progress toward completing our transaction with USBTC continues, and we're grateful to our shareholders who demonstrated their overwhelming enactment by voting successful favour of the merger," Hut 8 CEO Jaime Leverton said. He added that the caller support from the Canadian tribunal allows the steadfast to “continue to beforehand america toward a caller Hut 8,” which volition person “highly diversified fiat gross streams.”

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