- Hut 8 (HUT) is reporting increases in Bitcoin holdings and production capacity
- It mined 309 Bitcoin in May, bringing its total Bitcoin reserves to 7,078 at month’s end
- Its third mine, located in North Bay, Ontario, began operating on June 2 adding approximately 400 PH/s of operating capacity
- Hut 8 is one of North America’s largest digital asset miners
- Hut 8 (HUT) is down by 2.08 per cent trading at $2.83 per share
Hut 8 (HUT) is reporting increases in Bitcoin holdings and production capacity.
May 2022 production highlights
- Mined 309 Bitcoin into custody at an average production rate of 10 Bitcoin per day
- Ethereum mining – for which Hut 8 is paid in Bitcoin – generated 14 per cent of total production at US$3,654 per BTC
- Concluded Bitcoin yield programs during the month, bringing all reserves into custody
- Total Bitcoin in reserve stands at 7,078 as of May 31, 2022
- Installed operating capacity was 2.64 EH/s
Additional updates
- Due to fluctuating power costs in May, Hut 8 limited consumption at its Drumheller mine during spikes in the power spot price
- Hut 8’s third mine, located in North Bay, Ontario, began operating at 15 MW on June 2 adding approximately 400 PH/s of operating capacity, which the company expects to have a measurable impact on production going forward
- It will continue to add miners and increase power supply throughout June
“We are thrilled that our most powerful and efficient machines are now mining Bitcoin at our North Bay site,” said Jaime Leverton, CEO of Hut 8. “Over the next several weeks, our team will continue to install and bring miners online in real-time, complementing production at our facilities in Medicine Hat and Drumheller.”
Hut 8 is one of North America’s largest digital asset miners.
Hut 8 (HUT) is down by 2.08 per cent trading at $2.83 per share as of 11:56 am EST.
