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What made Hut 8 to take its place among top bitcoin miners?

Mining

www.thecoinrepublic.com 15 June 2022 04:28, UTC
  
Reading time: ~2 m

Amidst the massive breakout all around the market other headlines also emerged in the space such as mining firm Hut 8 is getting into elite bitcoin miners list

Not everything in the market is going bad, some corporations such as Hut 8 Mining are still keeping their pace towards growth. Recently the crypto market is going through decline after witnessing a massive sell-off while Hut 8 has reported boosting their bitcoin holdings given the value of bitcoin is still staying under the stress. 

As per several reports, HUT is currently holding about 7,078 bitcoin (BTC) in reserve which makes it stand among the position of many market leaders in the space. One of the other prominent bitcoin mining firms, Riot Blockchain has sold some amount of bitcoin from its bitcoin reserve during the past several months. That selling off decreased the number of bitcoin’s holdings of the Riot blockchain which accounts for 6,536. This brought us to the conclusion that Hut 8 has not gone ahead of Riot blockchain in terms of bitcoin holdings. 

This should come as a surprise that amid such a situation where the market is witnessing a significant fall and related companies and firms are struggling, yet Hut 8 manages to keep up its record. Before going on the numbers of bitcoin it has for the first quarter, it needs to be understood clearly that it would also be significantly better than what it has during the present quarter and most certainly it’s going to perform properly in the third quarter. 

After all, it relies upon the way bitcoin’s value responds to the financial fears that are going to continue ahead. At present the most important thing that is influencing the market is the inflation price. 


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