Technology

Hut 8 Mining Boost BTC Reserves Amid USBTC Merger Deal – Crypto News

Published

2 years ago

October 10, 2023

Dripp

Canadian Bitcoin mining entity Hut 8 has maintained a steadfast approach towards its Bitcoin (BTC) accumulation, even amidst the unfolding chapters of its merger with US Bitcoin (USBTC). In its October 10 announcement, the company disclosed that it mined 111 Bitcoin in September 2023, elevating its self-mined BTC reserves to a robust 9,366 Bitcoin.

Hut 8 Maintains Hodl Amid Mining Dip

Despite a notable decrease in mining volumes, Hut 8 staunchly maintains its hodl strategy, enduring a 60% monthly mining reduction. From 277 BTC in September 2022, it dropped to 111 BTC in September 2023, showcasing a significant decline in the company’s mining pace. Nevertheless, the firm abstained from selling any Bitcoin in the past month, solidifying its stance as one of the predominant holders of self-mined BTC among publicly traded entities.

On September 30, Hut 8 reported a total Bitcoin reserve of 9,366, with 7,269 of them being unencumbered. This strategy stands in sharp contrast to other crypto miners such as Core Scientific and Riot Blockchain. These companies have chosen to sell portions of their mined Bitcoin due to tough market conditions. Additionally, Hut 8 has steadily augmented its Bitcoin stash, holding about 8,000 BTC in its reserves as of September 2022.

Shareholders Back Hut 8, USBTC Union

Hut 8 and USBTC have been navigating through their merger deal, announced in February 2023, with notable success. The transaction is anticipated to forge a new Bitcoin mining entity named Hut 8 Corp or “New Hut.” Consequently, in September 2023, the merger received the final nod from the Supreme Court of British Columbia, paving the way for the amalgamation of the two entities into a formidable mining business.

Hut 8 CEO Jaime Leverton expressed gratitude towards shareholders, who showcased overwhelming support by voting in favor of the merger. He mentioned that the recent approval from the Canadian court pushes the company to establish the New Hut hub. Moreover the envision will have a wide variety of fiat revenue sources. After the recent update, Hut 8’s stock rose by 2.50%, trading at $2.00 with a 24-hour volume of $6,141,138.