Hut 8 boosts BTC holdings

Last month, major Canadian miner Hut 8 mined 188 coins, bringing the total number of bitcoins on its balance to 9,274. 

Despite the fact that the company generally adheres to the policy of accumulation, it was decided to sell the BTC mined in January and use the proceeds to fund operations. 

Recall that some time ago it was announced that Hut 8 and US Bitcoin are merging. The two miners are merging on a parity basis, and the newly created structure will locate in the United States. Under the terms of the deal, Hut 8 will provide $6-$6.5 million to US Bitcoin for a transition period. Canadian miner CEO Jamie Leverton is confident that the merger process is the right decision. 

Our plans are to set up independent mining, hosting, and a complete infrastructure to operate. Therefore, in this case, the sale of reserves justifies itself. The cryptocurrency accumulated earlier helps to finance expenses without looking for funds on less attractive terms. 

As of January, Hut 8’s capacity reached 2.5 Eh/s. The market did not react to the January results report, causing Hut 8’s stock price to decline.