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.

Dec 2, 2021 at 5:02 p.m. UTC
Updated Dec 2, 2021 at 5:21 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.

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Aoyon Ashraf is crypto mining reporter with more than a decade of experience in covering equity markets