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With lower crypto prices making it more difficult for mining firms to remain profitable, most companies have started selling some of their digital currency holdings to meet operating expenses and other financial obligations. However, Bitcoin miner Hut 8 appears to be bucking the trend as it continues to implement its BTC HODL strategy.
Despite the challenging market conditions, the Canadian Bitcoin mining firm increased its BTC holdings. In July this year, it added around 330 BTCs to its stash, increasing its crypto holdings to 7,736 BTCs.
“Hut 8 Mining Corp., one of North America's largest, innovation-focused digital asset mining pioneers and high-performance computing infrastructure provider, increased its Bitcoin holdings by 330 in the period ending July 31,” the company said in a blog post on August 5, 2022. “Hut 8 now has 7,736 Bitcoin in its holdings.”
The Alberta-based crypto mining firm generated 330 Bitcoin in July representing an average daily production rate of 10.61 BTC. Unlike other mining firms that sold a portion of their crypto holdings during the current crypto market downturn, the company was able to keep all of its self-mind BTCs and add them to its stash.
“Keeping with our longstanding HODL strategy, 100% of the self-mined Bitcoin in July were deposited into custody,” the company said.
Meanwhile, its Ether (ETH) mining output is around a tenth of the total crypto mining production. “Our Ethereum mining – for which we receive payment in Bitcoin – generated approximately 10.7% of our total production,” Hut 8 added.
As of July 31, Hut 8’s installed operating capacity reached 2.92 EH/s. In terms of mining output compared to capacity, the company “produced 113.01 BTC/EH in July.”
“We continued to deliver results, growing our stack to 7,736 Bitcoin – one of the largest holdings globally – by mining efficiently,” Hut 8 CEO Jaime Leverton said. “At the same time, we continue to focus on growing the uncorrelated recurring revenue within our high-performance computing business and are thrilled to welcome Foundry aboard as a cloud services customer in our Mississauga data centre.”
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