Canadian Bitcoin Mining Company Hut 8 Continues to Accumulate Self-Mined BTC Amid Merger Deal

Mined Bitcoin Reserves Reach 9,366 BTC

Hut 8, the Canadian Bitcoin (BTC) mining company, has announced that it mined 111 Bitcoin in September 2023, bringing its self-mined BTC reserves to 9,366 Bitcoin. This represents an increase of around 8% from the previous month.

Declining Mining Volumes

Hut 8's mining pace has significantly dropped over the past year. In May 2023, the company mined 147 BTC, but in September 2023, it only mined 111 BTC. This marks a decline of nearly 60% from the 277 BTC mined in September 2022.

Hutl Strategy: No Bitcoin Sold

Despite the decline in monthly-mined Bitcoin, Hut 8 has remained committed to its hodl strategy. The company did not sell any Bitcoin during the month and now holds one of the largest self-mined BTC reserves among publicly traded firms. Out of the total balance of 9,366 Bitcoin, 7,269 are unencumbered.

Hut 8's Successful Merger Deal

Hut 8 also mentioned the successful progress of its ongoing merger deal with US Bitcoin (USBTC). The merger, announced in February 2023, is set to create a new Bitcoin mining business called Hut 8 Corp or "New Hut." In September 2023, Hut 8 and USBTC obtained final approval from the Supreme Court of British Columbia for the merger deal.

Advancing Towards a "New Hut"

Jaime Leverton, CEO of Hut 8, expressed gratitude to shareholders for their overwhelming support and mentioned that the recent court approval allows the company to continue progressing towards a "New Hut." This new entity will have highly diversified fiat revenue streams.