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The current crypto market decline has forced most mining firms to sell some of their mined digital currencies to meet their operating expenses. However, Hut 8 is bucking the trend as it announced that it will continue to hodl all of its mined Bitcoins (BTC).
The Canadian crypto miner released its Mining Production and Operations Update on June 9, which details some of the highlights of its operations in May 2022. In the report, Hut 8 revealed that it mined 305 BTCs last month or a daily average of 10 coins per day.
The crypto mining firm also announced that it will continue to hodl all of its mined BTCs. “100% of the self-mined Bitcoin in May were deposited into custody, consistent with Hut 8's longstanding HODL strategy,” Hut 8 added. The company announced that it holds “7,078 self-mined Bitcoin in reserve after 309 were generated in May.”
Hut 8’s decision to hodl all of its mined Bitcoin is notable considering that many of its peers have already started unloading some of their mined BTCs to meet expenses and the currently depressed market makes it harder to raise funds via capital markets. For instance, Riot Blockchain, one of the largest publicly traded miners and previously well-known for being a Bitcoin hodler, had to sell some of its BTCs for three consecutive months, according to Coindesk.
“We concluded our Bitcoin yield programs during the month, bringing 100% of our reserves into custody,” the company added. Previously, Hut 8 loaned out 1,000 BTCs to Genesis at a rate of 2 percent and another 1,000 BTCs to Galaxy at a rate of 2.25 percent under its Bitcoin yield program. These means that those 2,000 Bitcois is back into Hut 8’s coffers.
The crypto miner also released some updates about its ETH mining operations. “Our Ethereum mining – for which we receive payment in Bitcoin – generated approximately 14% of our total production at a cost of approximately $3654 per BTC,” Hut 8 wrote.
As of end of May 2022, the firm’s operating capacity stood at 2.64 exahash per second (EH/s). The company further expanded its capacity by 400 petahasn per second (PH/s) with the operation of its third mine in North Bay, Ontario starting on June 2.
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