Hut 8’s Mining Momentum
In September 2023, Hut 8 reported an 8% increase from its August Bitcoin mining output, but the current figures fall short compared to May’s 147 BTC. In stark contrast to last year’s monthly mining volume of 277 BTC in September 2022, the mining pace has observed a steep decline of nearly 60%.
Steadfast Hodl Strategy
Even with the observable drop in its monthly mining output, Hut 8 has not veered away from its hodl approach. The company emphasized that it didn’t sell any Bitcoin in September, and now boasts of one of the most significant self-mined BTC reserves among publicly-listed companies.
Merger Moves with USBTC
Hut 8 has actively engaged in a merger with USBTC, a move that promises the birth of “New Hut.” The merger, anticipated since its announcement in February 2023, received the green light from the Supreme Court of British Columbia in September. Expressing gratitude towards the supportive shareholders, CEO Jaime Leverton stressed the merger’s potential in yielding “highly diversified fiat revenue streams.”
Conclusion
Hut 8’s commitment to expanding its BTC reserves amidst the landscape of fluctuating mining outputs underscores its unique position in the cryptocurrency mining sector. As the merger with USBTC progresses, the industry watches closely. The union not only signifies the convergence of major industry players but also emphasizes the evolving strategies of crypto-miners. Leverton’s vision of a diversified revenue stream for the “New Hut” paints a promising future for the company and its stakeholders, further solidifying its stature as a formidable force in the cryptocurrency realm.
