Hut 8 Mining’s Reserves Surpass 7,400 Bitcoins

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Canadian crypto mining firm Hut 8 Mining accumulated 7,406 BTC valued at around $148 million at the end of last month, according to a press release shared by the company.

During the reporting period, the company mined a total of 328 BTC at a mining rate of 10.9 BTC per day and held all of these coins on its balance sheet.

The company's hashrate reached approximately 2.78 EH/s last June 30. According to the report, at the end of the month, the firm had 5,800 miners operating at its facility in the city of North Bay (Ontario, Canada).

Hut 8 has also confirmed its commitment to the strategy of accumulating Bitcoin in its reserves.

Marathon Digital Holdings has previously said it also plans to continue accumulating Bitcoins, whereas Bitfarms has decided to sell mined assets to "increase liquidity and strengthen the balance sheet."

The company mined 942 BTC during the first quarter and increased its hashrate by 27%. In addition to mining operations, between January and March it received revenue from hosting services as well as high performance computing.

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