Hut 8, a Canadian Bitcoin (BTC) mining company, has announced that it mined 111 Bitcoin in September 2023, bringing its self-mined BTC reserves to a total of 9,366 Bitcoin. This news comes as the company is in the process of merging with US Bitcoin (USBTC), an industrial cryptocurrency miner. Despite a decline in monthly-mined Bitcoin, Hut 8 has remained committed to its hodl strategy, which involves holding onto its Bitcoin reserves rather than selling them.
The amount of Bitcoin mined by Hut 8 in September increased by 8% compared to the previous month. However, it is still significantly lower than the amount mined in May 2023, when Hut 8 mined 147 BTC. Over the past year, Hut 8 has seen a significant drop in mining pace, with monthly mining volumes decreasing by nearly 60% since September 2022.
What sets Hut 8 apart from other miners in the industry is its dedication to holding onto its Bitcoin. The company did not sell any Bitcoin during September, emphasizing that it has one of the largest self-mined BTC reserves among publicly traded firms. Of the 9,366 Bitcoin in its reserves as of September 30, 7,269 were unencumbered.
This strategy aligns with Hut 8’s long-term hodl strategy, which it has consistently adhered to. While other miners have been forced to sell at least part of their mined Bitcoin due to tough market conditions, Hut 8 has steadily increased its Bitcoin reserves. As of September 2022, the company had approximately 8,000 BTC in its reserves.
In addition to the news about its mining activity, Hut 8 also announced the progress of its merger deal with USBTC. The merger, which was announced in February 2023, is set to create a new Bitcoin mining business called Hut 8 Corp, or “New Hut.” Hut 8 and USBTC obtained final approval from the Supreme Court of British Columbia for the merger deal in September 2023.
Hut 8 CEO Jaime Leverton expressed gratitude towards shareholders for their overwhelming support and stated that the recent approval from the Canadian court allows the firm to move forward with the merger and create a new Hut 8. Leverton also mentioned that the merged entity will have highly diversified fiat revenue streams.
In conclusion, Hut 8 continues to accumulate self-mined BTC despite a decline in monthly mining volumes. The company’s commitment to its hodl strategy sets it apart from other miners in the industry. With the ongoing merger approval and the expansion of their BTC reserves, Hut 8 is positioning itself for future success in the Bitcoin mining business.