The Canadian Bitcoin mining company Hut 8 accumulates self-mined BTC despite the ongoing merger agreement with US Bitcoin (USBTC), bringing its reserves to 9,366.
Hut 8 announced on October 10 that it mined 111 Bitcoin in September 2023, bringing its self-mined BTC reserves to 9,366.
Hut 8 mined approximately 147 BTC in May 2023. Since September 2022, when 277 BTC were mined per month, the Bitcoin miner’s mining pace has slowed substantially over the past year, with monthly mining volumes falling by nearly 60 percent.
Nevertheless, despite a notable decline in the monthly quantity of Bitcoin mined, Hut 8 has remained committed to its hodl strategy, which is uncommon among industry miners.
“No Bitcoin was sold during the month,” Hut 8 stated, emphasizing that the company has one of the largest reserves of self-mined BTC among publicly traded companies. “As of September 30, the total Bitcoin balance in reserve was 9,366, of which 7,269 were unencumbered,” the company added.
The expansion of Hut 8’s BTC reserves is consistent with the company’s long-term hodl strategy. Unlike many crypto miners, such as Core Scientific and Riot Blockchain, which were compelled to sell at least a portion of their Bitcoin holdings due to challenging market conditions, Hut 8 has continued steadily increasing its Bitcoin holdings. In September 2022, Hut 8 held approximately 8,000 BTC in reserves.
Hut 8 also mentioned the success of its ongoing merger negotiations with USBTC. The transaction, announced in February 2023, is anticipated to create a new Bitcoin mining company dubbed Hut 8 Corp, or “New Hut.”
The Supreme Court of British Columbia granted Hut 8 and USBTC ultimate approval for the merger in September 2023.
Hut 8 CEO Jaime Leverton stated, “Progress toward completing our transaction with USBTC continues, and we are grateful to our shareholders for demonstrating their overwhelming support by voting in favor of the merger.”
He added that the recent approval from the Canadian court permits the company to “continue to advance us toward a new Hut 8,” which will have “highly diversified fiat revenue streams.”
