The
number of Bitcoins publicly traded miner Hut 8 Mining Corp. produced increased
to 111 BTC in September. Although this result is significantly lower than last
year’s, it reflects a general trend observed in the industry. Additionally, Hut
8 is progressing with its business combination with U.S. Data Mining Group,
marking a significant milestone in its growth strategy.
In
September, Hut 8 generated 111 Bitcoin, averaging a production rate of about
3.7 Bitcoin per day. Compared to the last month, it is a modest increase of 8
BTC compared to 103 tokens mined in August 2023. However, compared to the same
period a year earlier, the crypto production fell visibly, by 166 BTC, from 277
mined in September 2022.
Interestingly,
the company chose not to sell any of its mined Bitcoin during the latest
reported period. As of 30 September, Hut 8’s total Bitcoin reserve stood at
9,366, with 7,269 of these being unencumbered. In comparison, a year earlier,
the total BTC reserve came in at 8,388. The installed ASIC hash rate capacity
at the company’s Alberta facilities was reported to be 2.6 EH/s at the end of
the month, and the company produced 42.7 BTC per EH.
The
issue of a significant decline in mining compared to the previous year is not
unique to Hut 8 but also affects other publicly traded companies. Similar data
comes from the Argo Blockchain report published last week and a separate mining
report by…
