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As per the CEO of Hut 8, Jaime Leverton, the newly amalgamated mining enterprise is poised to boast an array of diverse revenue streams primarily denominated in fiat currencies.
Hut 8, the Canadian Bitcoin mining powerhouse, continues to amass self-mined BTC amid an ongoing merger with the industrial cryptocurrency mining entity, US Bitcoin (USBTC).
In October 2023, Hut 8 proudly declared the successful mining of 111 Bitcoins, thereby elevating its self-mined BTC reserves to an impressive 9,366 Bitcoins. This achievement was disclosed on the 10th of October.
The quantity of Bitcoins mined by Hut 8 in September marked an approximate 8% surge compared to the prior month. Nevertheless, it remains notably lower than the production levels witnessed in May 2023 when Hut 8 mined 147 BTC. The past year has witnessed a substantial decline in Hut 8’s mining velocity, with monthly mining volumes plummeting by nearly 60%, having produced 277 BTC in September 2022.
Despite the conspicuous reduction in their monthly Bitcoin output, Hut 8 has demonstrated unwavering commitment to their “hodl” strategy, a rarity in the mining industry.
Hut 8 emphasized that they refrained from selling any Bitcoin throughout the month, underscoring their position as one of the preeminent publicly traded companies with an extensive reserve of self-mined BTC. The cumulative Bitcoin balance in reserve, as of September 30, stood at 9,366, of which 7,269 were unencumbered, as highlighted by the company.
This recent expansion of Hut 8’s BTC reserves aligns seamlessly with their steadfast long-term “hodl” strategy. In stark contrast to several crypto miners who have been compelled to liquidate a portion of their mined Bitcoin holdings due to challenging market conditions, Hut 8 has remained steadfast in augmenting their Bitcoin cache. As of September 2022, Hut 8’s reserves boasted approximately 8,000 BTC.
In their official announcement, Hut 8 also heralded the successful progress of their ongoing merger with USBTC, initially disclosed in February 2023. This strategic transaction is poised to give rise to a novel Bitcoin mining entity known as “Hut 8 Corp,” colloquially referred to as “New Hut.”
The culmination of their merger deal was solidified in September 2023 when Hut 8 and USBTC secured the final nod of approval from the Supreme Court of British Columbia.
Jaime Leverton, the CEO of Hut 8, expressed gratitude for the unwavering support of shareholders who overwhelmingly endorsed the merger. He further highlighted that the recent approval from the Canadian court paves the way for the realization of a new incarnation of Hut 8, one that will feature an array of highly diversified revenue streams predominantly in fiat currencies.