Crypto miner Hut 8 surpassed 5K Bitcoin held in reserves

November 11, 2021 Jeannine Cruz

Hut8, a Canadian cryptocurrency miner, revealed in its third quarter profits release that it had exceeded the objective of holding 5,000 Bitcoins (BTC), through mining. The companys Bitcoin balance is now at 5,053, with a market value of $430 millions.

Hut 8 earned 50.34 million CA$ (or around $40 million) in income during the quarter. A big number of Application-Specific Integrated Circuit (or ASIC) devices are offered to the company for Bitcoin mining. The overall hash rate of the business (Bitcoin mining and Ethereum mining together) is 1.7 exahashes/s (1.7 * 1018 havehes/s EH/s).

Hut 8 made 50.34 million CA$ (or around $40 million) in revenue during the quarter. A big number of Application-Specific Integrated Circuit (or ASIC) machines are available to the business for Bitcoin mining.

The area of Hut 8s cryptocurrency mining operations. Source: Hut8 Q3 2021 Earnings Presentation

Hut 8 embraces a hold-on-for-dear-life, or HODL, strategy when it pertains to mining Bitcoin; that is, it does not seek to sell them under the majority of circumstances. It also lends its BTC to farmers, and declares to mine around 20 BTC per hour.

The business is based in Alberta, Canada and plans to expand to Ontario. The company uses a mix of natural gas, wind, and green energy to mine its resources.
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The overall hash rate of the company (Bitcoin mining and Ethereum mining together) is 1.7 exahashes/s (1.7 * 1018 havehes/s EH/s). According to Blockchain.com information, the overall Bitcoin network hash rate is 162 EH/s.

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Jeannine Cruz

Jeannine Cruz– Earnings I am known as Jeannine Cruz, I am a writer and an industrialist by profession. My age is 32 years. My aim is to gather the attention of the targeted audience without being boring and unexciting. I like to utilize the free time in writing my views and thoughts for my book lovers or readers. My most preferred articles are usually about finance and business; however, I have written various topics in my articles. I do not have a specific genre. I get very creative when I have to express myself, I often sing, write or draw to portray my feelings. When it comes to my free time or you can say ‘ME-TIME’, I love to play with my cat, sleep an extra hour, or play my favorite video games.