While other miners sell, Hut 8 expands and says it will keep its bitcoins – DiarioBitcoin

Texas could raise funds through NFT and harness 'abundant' energy to mine Bitcoin

While other miners sell, Hut 8 expands and says it will keep its bitcoins - DiarioBitcoin By Hannah Perez

The Canadian miner did not sell bitcoins during June, nor does it plan to do so in the future. In addition, its production is increasing.

***

  • Hut 8 has over 7,000 BTC on its balance sheet and does not plan to sell.
  • Other miners sell in the middle of the bear market.
  • CleanSpark sold 328 BTC in June, almost all of what it mined.

Hut 8the Canadian-based crypto mining company, has expressed confidence in its strategy to conserve Bitcoineven as their peers in the industry are selling their coins to keep their trades going amid market turmoil.

The mining giant listed on the stock exchange reported this Wednesday that it increased its reserves of Bitcoin (BTC) during the month of June, after having generated 328 BTC at an average extraction of 10.9 coins per day. The figure raised the balance of the company to a total of 7,406 bitcoinwith all coins sent to reserves.

100% of the self-mined Bitcoin in June was deposited in escrow, in accordance with our long-standing HODL strategy“, said Hut 8 in a report Posted this Wednesday.

Hut 8 does HODL and swims against the current

In addition to committing to continue pursuing its strategy to maintain Bitcoin in the long term, it also showed confidence in its growth plans. In its statement today, the mining company reported that, during the past month, it significantly increased its production after adding 5,800 mining platforms from bitcoin to your fleet.

See also  Ethereum mining would end this year, developers confirm

The new equipment, which was incorporated into the North Bay (Ontario) facilities, works at a power of 20 megawatts of energy (MW), providing an operating capacity of 2.78 exhash per second (EH/s). “The team had a successful month in North Bay and will continue to climb over the next few weeks“, commented the CEO of Hut 8Jamie Leverton, who added:

We are confident that our HODL strategy, coupled with uncorrelated recurring revenue from our high-performance computing business, will allow us to continue to navigate successfully in today’s market.

The movement of Hut 8 distances itself from that of other mining companies that have been selling their bitcoin to pay operating expenses and reduce your debts. as reported DailyBitcoinin recent weeks several cryptocurrency miners have been seeing a reduction in their balances of Bitcoin as the bear market continues.

Miners have seen their income decline as the price of Bitcoin has dropped markedly in the last month. Some also face margin calls on debt issued during bull times, as the value of their collateral, which is generally at Bitcoin or mining platforms, has also decreased, as Explain CoinDesk.

CleanSpark joins the list of miners who sell

the miner of Bitcoin CleanSpark he has become the last one who chooses to sell his coins. According to a report cited by The Blockthe company sold 328 bitcoin in Junewhich accounted for almost all of the BTC he mined during the month (a total of 339 BTC).

See also  Private Bitcoin Transactions Reach Record on Samourai Wallet

CleanSparkwhich increased its production during June, said it had raised approximately $8.4 million from the sale of the bitcoin, at an average of USD $25,644 per coin. Although it still maintains some 561 bitcoin on your balance sheet, quite unlike Hut 8the miner does not plan to carry out a strategy to “hodle” the famous cryptocurrency.

We will not blindly accumulate bitcoins at the cost of diluting our shareholders and assuming unnecessary debtCEO Zach Bradford had commented during an earnings call in early May, as he recalled. The Block.

Yesterday we had already reported that Core Scientificone of the largest public crypto miners, had sold 7,202 bitcoin during June, which reduced its reserves to 1,959 BTC. Bitfarmsanother Canadian miner, announced two weeks ago the sale of 3,000 bitcoin to reduce your debt and increase your liquidity. A report of Arcane Research suggests that they are not the only ones, as several of the major publicly traded miners have been selling more bitcoin of those produced in recent weeks.


Recommended reading


Article by Hannah Estefanía Pérez / DailyBitcoin

Picture of Depositphotos

WARNING: This is an informative article. DiarioBitcoin is a means of communication, it does not promote, endorse or recommend any investment in particular. It is worth noting that investments in crypto assets are not regulated in some countries. May not be suitable for retail investors as the full amount invested could be lost. Check the laws of your country before investing.

See also  United States inflation in June was the highest since 1981, Bitcoin falls in price with the news - DiarioBitcoin

Leave a Comment

Your email address will not be published.