- Hut 8 Mining produced another 330 BTC in July.
- By the end of the month, the company is operating at 2.9 EH/s and continues to receive monthly shipments of additional miners.
- The miner currently holds 7,736 BTC on its balance sheet and continues to HODL.
Hut 8 Mining Corp released bitcoin mining and production update in July, introduced its continued long-term HODL strategy by increasing its bitcoin holdings to 330 BTC – worth around $7.5 million at press time.
Hut 8 continues to hold 100% of its mined bitcoins, which becomes quite noticeable when miner’s trend had to sell part of its reserves to stay afloat. Following production this month, Hut 8 is currently holding 7,736 BTC, currently valued at around $177 million.
However, Hut 8 did not directly mine the full 330 BTC. At the end of last month, miners set a hashrate of 2.9 exahashes per second (EH/s), allowing the company to mine 113.01 BTC on its own. Another 10.7% of BTC acquired in July was earned through mining other cryptocurrencies which the company then converted into bitcoin.
Additionally, the graphics processing units (GPUs) Hut 8 leverages to obtain these other cryptocurrencies are also used to fuel the company’s high-performance computing business, generating revenue. additional revenue that it normally uses to acquire more BTC.
Jaime Leverton, CEO of Hut 8, said: “We continue to deliver results, increasing our holdings to 7,736 bitcoins –– one of the largest holdings globally –– by efficient exploitation”.
Hut 8 says it continues to receive additional shipments of MicroBT miners, which are being deployed in real time upon arrival.
On July 18, a severe thunderstorm interrupted the power supply to one of Hut 8’s mining facilities which remained unresolved until July 23, temporarily affecting the the company’s monthly bitcoin production.