Hut 8 auto-mined Bitcoin stock between USBTC mergers to 9.4K

Canadian Bitcoin (BTC) mining company Hat8 continues to stockpile self-mining BTC in an ongoing merger agreement with industrial cryptocurrency miner US BTC (USBTC).

Hut 8 will mine 111 bitcoins in September 2023, bringing its self-mined BTC reserves to 9,366 bitcoins, the company announced on October 10.

The amount of Bitcoin mined by Hut 8 in September increased by about 8% compared to the previous month, but is still significantly less than Hut 147 BTC mined in May 2023. The monthly mining volume has dropped to 60% from the 277 BTC mined in September 2022, indicating that the Bitcoin miner's mining volume has been declining significantly over the last year.

But despite seeing a significant decline in the monthly mining Bitcoin volume, Hut 8 has remained committed to its hodl strategy, which has not been seen among many miners in the industry.

“No bitcoins were sold during the month,” Hat8 said, noting that the company owns the largest self-mining BTC reserves among publicly traded firms. As of September 30, the total Bitcoin balance was 9,366 – 7,269 of which were unlimited;

Hat8's latest BTC reserve expansion comes in line with the company's long-term hoddle strategy. Unlike many crypto miners, including firms such as Core Scientific and Riot Blockchain, who have been forced to sell at least some of their Bitcoin holdings during difficult market conditions, Hut 8 continues to add to its Bitcoin stash. As of September 2022, Hat 8 had about 8,000 BTC in its reserves.

In the announcement, Hat8 cited the success of its ongoing integration agreement with USBTC. In the year

Related: Bitfarms increases mining speed, generates 411 BTC in September

In September 2023, Hut 8 and USBTC received final approval from the British Columbia Supreme Court for the merger agreement.

Hat8 CEO Jaime Leverton said: “The process of finalizing our transaction with USBTC continues and we are grateful to our shareholders for their overwhelming support in supporting the merger.” The company will “continue to move towards a new Hut 8” which will have “more diverse Fiat revenue streams.”

Magazine: Web3 Gamer: Minecraft Bans Bitcoin P2E, iPhone 15 and crypto gaming, Formula E