Canadian crypto miner Hut 8 has added 5,800 bitcoin mining rigs to its fleet and will continue to hold onto all the crypto it produces, even as other miners sell their tokens to cover operating costs.
- The new miners at Hut 8's North Bay site in Ontario were operating on 20 megawatts (MW) of power as of June 30, the company said in a Wednesday statement. Its total operating capacity in computing power was 2.78 exahash/second (EH/s).
- The company mined 328 bitcoins during June, increasing its holdings to 7,406 BTC ($148 million).
- Miners have seen their revenue dwindle along with the price of bitcoin in the past month. Some are also facing margin calls on debt issued during bull times, as the value of their collateral – usually bitcoin or mining rigs – has also diminished.
- The company has also diversified its revenue streams away from crypto. Its high-performance computing business is "on track to grow up to 18% by the end of 2022," according to the statement.
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