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Hut 8 crosses the 8,000 BTC Barrier and keeps HODLing

By Anonymous

 Hut 8 crosses the 8,000 BTC Barrier and keeps HODLing

As it continues to gather self-mined holdings in the face of a bearish cryptocurrency market, Canadian mining company Hut 8 saw its Bitcoin holdings reach the 8,000 Bitcoin (BTC) milestone. 

For the month of August 2022, Hut 8 raised its Bitcoin holdings by 375 BTC, bringing its total reserves to 8,111 BTC, according to the most recent mining report it has published. The mining company stated that for the month, it had mined 12.1 BTC each day at a rate of 125.8 BTC per exahash. 

As a result of the present cryptocurrency bear market, other mining companies have been forced to sell some of their BTC holdings, but Hut 8 has been able to stick to its "long-standing HODL policy" and maintain ownership of all of its mined BTC.

With the purchase of Chinese ASIC MicroBT miners, Hut 8 has also maintained its growth in mining capacity. The company purchased 12,000 brand-new MicroBT M30S, M30S+, and M30S++ miners in October 2021 for a total of $58.7 million, and it has since received orders for 1000 further machines each month until 2022. 

Experts in the field have issued a warning about the possible effects of Ethereum's Merge on other cryptocurrencies that use proof-of-work (PoW) consensus methods. Many of the miners who protected the Ethereum blockchain may look to alternative PoW chains to continue mining once Ethereum switches to the Beacon Chain, which is operated by proof-of-stake. 

Early in September, BTC.com, a blockchain explorer and operator of mining pools, established an ETC pool offering three months of zero-fee mining, which saw a surge in the value of the ETC token of more than 10%.



Article Credit: CoinTelegraph


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