Miner Hut 8 expanded its bitcoin holdings with June production

Quick Take

  • Hut 8 held on to all 328 bitcoin mined last month, increasing its holdings to 7,406 BTC as of June 30.
  • The miner started operation at its new location in North Bay, Ontario.

Bitcoin miner Hut 8 deposited all 328 bitcoin mined in June.

As of June 30, the Canada-based company had 7,406 BTC in its holdings, according to a production update published Wednesday.

Hut 8 has strongly held on to the bitcoin it mines, even as market conditions have pressured other miners to sell a large portion of their holdings.

“We are confident that our HODL (hold on for dear life) strategy, coupled with the uncorrelated recurring revenue from our high performance computing business, will allow us to continue to successfully navigate the current market,” said the company's CEO, Jamie Leverton.

Last month, Core Scientific sold 7,202 BTC — about 89% of the bitcoin holdings it had at the end of May. Bitfarms also gave up 3,000 BTC to pay down part of a $100 million loan.

In June, Hut 8 also started mining at its new North Bay, Ontario location. Production ramped up to roughly 5,800 miners operating on 20 megawatts of power by the end of the month.

"The team had a successful month in North Bay and will continue to scale up over the next few weeks," Leverton said.


© 2022 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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Catarina is a reporter for The Block based in New York City. Before joining the team, she covered local news at Patch.com and at the New York Daily News. She started her career in Lisbon, Portugal, where she worked for publications such as Público and Sábado. She graduated from NYU with a MA in Journalism. Feel free to email any comments or tips to [email protected] or to reach out on Twitter (@catarinalsm).