- Diversified Bitcoin stock Hut 8 Mining (TSX:HUT) reported on Tuesday that it had mined 103 bitcoin in August 2023
- That resulted in an average production rate of 3.3 bitcoin per day, down from 116 bitcoin generated in July and 120 in June
- Though no bitcoin were sold during the month, the total balance in reserve was 9,255 as of Aug. 31, one of the largest self-mined bitcoin reserves of any publicly traded company
- Hut 8 Mining Corp. last traded at C$2.91 per share
Diversified Bitcoin stock Hut 8 Mining (TSX:HUT) reported on Tuesday that it had mined 103 bitcoin in August 2023.
Though no bitcoin were sold during the month, the total balance in reserve was 9,255 as of Aug. 31, one of the largest self-mined bitcoin reserves of any publicly traded company.
Hut 8 CEO Jaime Leverton explained in a news release that this continues to provide the company and shareholders with an advantage and that the team is bullish as they head into the halving. The halving happens every four years when the block reward given to miners for processing transactions is cut in half.
“Our progress toward completing our transaction with USBTC continues with our shareholder meeting to approve the transaction set for Sept. 12. If all conditions are met and approvals are attained, the new Hut 8 will have highly diversified fiat revenue streams, robust self-mining capacity, and 825 MW of total power under management,” he said in a statement.
The company also noted that repair and restoration efforts at the Drumheller, Alberta, site continued as the team repaired more than 2,253 hashboards throughout the month, and the site is currently operating at approximately 25 per cent of its total installed hash rate.
While Hut 8 stock moved lower this past month along with other crypto-related stocks, it has gained 4.6 per cent over the past three months and is up 150.8 per cent since the year began.
Hut 8 Mining Corp. is one of North America’s largest digital asset miners. It operates with one of the highest capacity rates in the industry and one of the highest inventories of self-mined bitcoin of any miner or publicly traded company globally. Hut 8 also collects revenue from its growing high-performance computing division, which provides custom and scalable infrastructure solutions.
Hut 8 Mining Corp. last traded at C$2.91 per share.
The material provided in this article is for information only and should not be treated as investment advice. For full disclaimer information, please click here.