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Hut 8 surpasses 9.3k bitcoin reserves in self-mining milestone

hut-8-surpasses-9-3k-bitcoin-reserves-in-self-mining-milestone
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Hut 8 surpasses 9.3k bitcoin reserves in self-mining milestone

North American digital asset miner Hut 8 revealed that it mined 111 Bitcoin in September, or an average production rate of approximately 3.7 Bitcoin a day.

This brings the total of self-mined BTC reserves to 9,366, an 8% increase over the previous month.

Growing reserves

At the time of writing, Bitcoin currently sits just above $27,000, making the total reserve amount $258 million.

Despite showing growth between months, the amount of Bitcoin mined is down year-over-year, although numbers are comparable to earlier this year where 147 Bitcoin were reported mined in May at the same time 179 BTC were sold.

Alongside the production report, Hut 8 reports a hashrate capacity in Hut 8’s Alberta facilities as being 2.6 EH/s towards the end of the month, with production marked at 42.7 BTC/EH.

The press release also reports that no Bitcoin was sold during the month of September, suggesting a holding strategy.

The merger of equals

This news follows the earlier announcement in February that Hut 8 and USBTC entered a “merger of equals” deal to create the entity Hut 8 Corp, in an agreement that would give the miner access to more energy.

While the press release reports the merger is a success, the rest of the bitcoin mining industry continues to share news of advancements in renewable energy, as part of a larger trend to limit the environmental impact of miners.