Mining company Hut 8 reserves exceed 7400 BTC
- July 6, 2022
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At the end of June 2022, Canadian mining company Hut 8 Mining had accumulated 7406 BTC ($148.1 million at current exchange rate). This is stated in the press
At the end of June 2022, Canadian mining company Hut 8 Mining had accumulated 7406 BTC ($148.1 million at current exchange rate). This is stated in the press release.
During the reporting period, 328 BTC was mined with an average production of 10.9 BTC per day. Cabin 8 left all the money on the balance sheet.
As of June 30, the company’s hash rate has reached approximately 2.78 EH/s. At the end of the month, 5,800 miners were working at the new facility in the city of North Bay (Ontario, Canada), according to the report.
Hut 8 also confirmed its commitment to its strategy of accumulating bitcoin in reserves. While Marathon Digital Holdings made a similar statement earlier, Bitfarms decided to sell the issued assets to “increase liquidity and strengthen the balance sheet.”
“The team had a successful month at North Bay and will continue to expand over the next few weeks. […] “It will enable us to continue to successfully navigate the current market,” said Jamie Leverton, Hut 8 CEO.
In the first quarter, the company mined 942 BTC and increased the hash rate by 27%. In addition to mining activities, it generated revenue from hosting services (~$0.6 million) and high-performance computing (~$2.5 million) in the January-March period.
Recall that, according to the ForkLog report, the revenues of the first cryptocurrency miners fell 26% in June.
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Source: Fork Log
I’m Sandra Torres, a passionate journalist and content creator. My specialty lies in covering the latest gadgets, trends and tech news for Div Bracket. With over 5 years of experience as a professional writer, I have built up an impressive portfolio of published works that showcase my expertise in this field.
