Crypto Beginner

Mining firm Hut 8 has 8,000+ BTC holdings

Hut 8 has holdings over 8,000 BTC

Despite the crypto market depression, the Bitcoin (BTC) holdings of Hut 8, a Canadian mining firm, have reportedly crossed the 8,000 mark.

A rise in self-mined holdings in August brought the crypto-mining pioneer’s current holdings to 8,111 BTC, according to the company’s latest mining report. There were 375 new additions, which were mined at 12.1 BTC per day.

The firm’s latest acquisition comes at a time when Bitcoin is struggling to regain the $20,000 resistance level. With the larger crypto market experiencing bearish sentiments, several other mining rigs, such as Texas miner Core Scientific and Argo Blockchain, have had to sell their BTC holdings.

The firm also announced the addition of 180 Nvidia GPUs at its primary data center in Kelowna, Canada. The machine is currently used to mine Ether (ETH), but after the Merge, it will be used to provide artificial intelligence, machine learning, or VFX rendering services.

Hut 8 has been attempting to increase its mining capacity for some time now. Last October, Hut 8 acquired Chinese ASIC MicroBT miners. A total of 12,000 new MicroBT M30S, M30S+, and M30S++ miners were purchased for $58.7 million. Hut8 also recently partnered with Zenlayer, a distributed edge cloud service provider, to provide high-level computing solutions to Canadian Web 3.0 and blockchain customers for the first time.

FAQs

How much bitcoin does Hut 8 have?

Hut 8 Mining owns 9,116 Bitcoin as of October 31, 2024, reflecting their substantial holdings in the crypto.

What is the revenue of Hut 8 mining?

Hut 8 Mining reported quarterly revenue of $17.0 million for Q3 2023, including $4.5 million from their high-performance computing business, showcasing their financial performance in the industry.

What does Hut 8 Mining Corp do?

Hut 8 is a company driving innovation in the digital asset mining sector, providing infrastructure, software, and maintenance for bitcoin mining operations, with a focus on sustainable and efficient mining solutions.

Is Hut 8 Mining a good investment?

The decision to invest in Hut 8 Mining depends on individual risk tolerance and investment objectives, considering factors such as the volatility of cryptocurrency markets, the regulatory landscape, and the company’s financial performance and growth prospects.

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