Hut 8 Sticks to Its ‘Hodl’ Strategy After Mining 265 Bitcoins in November

The Canadian miner now holds a total of 5,242 bitcoins in its reserve.

AccessTimeIconDec 2, 2021 at 5:02 p.m. UTC
Updated May 11, 2023 at 4:00 p.m. UTC

Canadian crypto miner Hut 8 (HUT) deposited into custody all 265 bitcoins it mined in November, continuing its strategy of “hodling” on to all the coins it produces.

  • The miner now holds 5,242 bitcoins in its reserve, about an 11% increase from its last update on Nov. 11.
  • Hut 8 also said it has completed the deployment of its high-performance Nvidia chips at Hut 8′s site in Medicine Hat, Alberta, which is generating roughly 1.8–2.0 additional bitcoins per day. The miner is currently generating a total of 8.8 bitcoins per day.
  • “Our NVIDIA CMP deployment is contributing revenue of approximately C$140,000 [USD$109,000] per day, based upon current mining economics,” said Jason Zaluski, head of technology for Hut 8, in a statement.
  • Hut 8 has mining power of 1.7 exahash per second, which is about 1.1% of the total Bitcoin network’s hashrate of 149 exahash per second, according to data analytics firm Glassnode as of Dec. 1.
  • Shares of Hut 8 were down more than 11% on Thursday on a rough day overall for mining stocks, with bitcoin prices slumping about 4% over the last 24 hours.
  • U.S. Judge Signs Off on $4.5B Terraform-Do Kwon Settlement; Gensler Speaks on Ether ETF Approval
    01:41
    U.S. Judge Signs Off on $4.5B Terraform-Do Kwon Settlement; Gensler Speaks on Ether ETF Approval
  • Why Bitcoin Is Not Keeping Pace With Nasdaq
    01:11
    Why Bitcoin Is Not Keeping Pace With Nasdaq
  • Mona Founder on Future of the Metaverse
    09:08
    Mona Founder on Future of the Metaverse
  • Fed Sees Just One Rate Cut This Year; CRV Slides as Curve’s Founder Faces Liquidation Risk
    01:49
    Fed Sees Just One Rate Cut This Year; CRV Slides as Curve’s Founder Faces Liquidation Risk
  • Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Aoyon Ashraf

    Aoyon Ashraf is managing editor with more than a decade of experience in covering equity markets