Hut 8 Mining Corp. released its bitcoin mining and production update for July showcasing its continued long-term HODL strategy by increasing bitcoin holdings by 330 BTC – valued at around $7.5 million at press time.
Hut 8 continues to hold 100% of its mined bitcoin, which becomes rather noteworthy when the broader trend of miners has been to sell a portion of their reserves to maintain operations. After this month’s production, Hut 8 now holds 7,736 BTC in custody, currently valued at around $177 million.
However, Hut 8 did not directly mine the entire 330 BTC. By the end of last month, the miner had an installed hashrate of 2.9 exahashes per second (EH/s) which allowed the company to self-mine 113.01 BTC. Another 10.7% of the BTC acquired during July was earned through the mining of other cryptocurrencies which the company then converts into bitcoin.
Additionally, the graphics processing units (GPUs) Hut 8 leverages to obtain these other cryptocurrencies are also used to fuel the company’s high performance computing business, which generates additional revenue that it often uses to acquire more BTC.
“We continued to deliver results, growing our stack to 7,736 bitcoin –– one of the largest holdings globally –– by mining efficiently,” said Jaime Leverton, CEO of Hut 8.
Hut 8 said it continues to receive additional shipments of MicroBT miners, which are being deployed in real-time upon arrival.
On July 18, a severe thunderstorm interrupted the power supply to one of Hut 8’s mining facilities which was not resolved until July 23, temporarily hurting the company’s monthly bitcoin production.