Crypto Updates

Hut 8’s Bitcoin Output Holds Steady in October

Bitcoin Mining

Hut 8 Mining Corp. mined 112 Bitcoins in October
amid recent developments, including a strategic acquisition and a vision for
diversified operations. The mining firm’s output in the period was equal to a
daily production rate of around 3.6 Bitcoins.

During October, Hut 8 sold 365 Bitcoins,
accumulating CAD$14.6 million. This translates to an average selling price of
approximately CAD$39,980 per Bitcoin. As a result, Hut 8 maintains a
significant Bitcoin reserve of 9,113, out of which 7,016 remain unencumbered,
according to the statement released by the company today (Tuesday).

Hut 8 installed an ASIC hash rate capacity of 2.6
EH/s in its Alberta facilities by the end of October. According to the company,
this resulted in a production rate of 43.1 BTC/EH.

Besides that, during the period, Hut 8 secured
approval from the Ontario Superior Court of Justice for a bid to acquire four
natural gas power plants in Ontario, totaling approximately 310 MW. This
acquisition includes a Bitcoin mine in North Bay. Hut 8 is banking on this
move, coupled with its proposed business combination with US Bitcoin Corp., to
strengthen its operations.

Jaime Leverton, the CEO of Hut 8, said: “While
our mining results remained steady month over month, we made meaningful
progress toward building an infrastructure-first, diversified operation that we
believe will be a first in our industry. Between being granted…

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