Hut 8 Continues HODL Strategy Despite Volatile Market

Hut 8 Mining Corp. is one of North America's largest digital asset mining companies that provides high performance computing infrastructure at a commercial scale. The company announced that it increased its Bitcoin holdings by 330 BTC during the month of July.

Hut 8 July Highlights

A total of 330 Bitcoin were mined, yielding an average daily production rate of 10.61 BTC.
The company is committed to their well-established HODL strategy. 100% of Hut 8’s self-mined Bitcoin in July were deposited into custody.
As of July 31st, 2022, a total of 7,736 Bitcoins were held in Hut 8’s reserves.
Installed operating capacity was 2.92 EH/s by the end of July.
Hut 8 was able to mine 113.01 BTC/EH in total for the month.

By increasing the company’s Bitcoin holdings by 330 BTC, or around $7.5 million, Hut 8 has demonstrated its sustained long-term HODL strategy. The company still holds all of the Bitcoin it has mined, which is notable given that the general trend among miners has been to sell some of their holdings in order to fund operations. Hut 8 now has 7,736 BTC on its balance sheet, which is currently worth over $177 million.

The company was able to mine 113.01 BTC per exahash (EH) towards the end of last month due to Hut 8's installed hashrate of 2.9 exahashes per second (EH/s).

Hut 8 also mines ETH to be paid in Bitcoin for hash power. 10.7% of the 330 BTC was acquired in July through this method. Hut 8 utilizes graphics processing units (GPUs) for mining ETH and to power its high performance computing division.

CEO of Hut 8 Jaime Leverton states that “We continued to deliver results, growing our stack to 7,736 Bitcoin, one of the largest holdings globally, by mining efficiently.”

The company is also committed to expanding their operations. At this time, Hut 8 consistently has MicroBT ASIC miners delivered in large batches and are set up on arrival.

Also mentioned in the update was a strong thunderstorm that occurred on July 18th, which interrupted power to one of Hut 8's mining facilities. This issue was not resolved until July 23rd, and briefly reduced the company's monthly Bitcoin production.