Hut 8 Mining Reports Decreased Bitcoin Production in March

Canadian mining company Hut 8 Mining experienced a decline in Bitcoin production for the month of March, with a total of 131 BTC mined. The company’s cryptocurrency reserves at the end of the month amounted to 9,133 BTC, making it the largest self-mined stack held by any public company.

Bitcoin production has been steadily decreasing for Hut 8 since the beginning of the year, with the company mining 188 BTC in January and 156 BTC in February. The firm attributes the reduction in production to a 10.67% increase in mining difficulty for March, which negatively impacted the capacity, resulting in an average of 50.38 BTC/EH compared to February’s 62.4 BTC/EH.

Hut 8’s hash rate was reported to be 2.6 EH/s as of March 31. Throughout the month, the company continued to relocate equipment from its data center in North Bay, Ontario, due to a legal dispute with the local electricity supplier over contractual obligations and a subsequent lease termination notice.

In March, Hut 8 managed to deploy around 1,000 miners from the closed North Bay facility to its Medicine Hat facility in Alberta, raising its hash rate to a maximum of 1.72 EH/s. Currently, all of Hut 8’s operating data centers are located in Alberta.

During the month, the company sold 240 BTC, which represented the entire production volume for February and part of March. Hut 8’s reserves had reached 9,274 BTC at the end of January, but the company had announced its intention to sell part of its cryptocurrency holdings to finance a merger with US Bitcoin. The deal was announced in February and has already received approval from one of Canada’s regulators, with Hut 8 CEO Jamie Leverton confirming that the implementation is ongoing.

In comparison, the total income of Bitcoin miners in March reached $757.8 million, reflecting a 21% increase from February, according to analytical report.