Fun

News Feed - 2023-10-10 09:10:32

Helen Partz11 hours agoHut 8 boosts self-mined Bitcoin reserves to 9.4K amid USBTC mergerAccording to Hut 8 CEO Jaime Leverton, the newly merged mining business will have “highly diversified fiat revenue streams.”3490 Total views22 Total sharesListen to article 0:00NewsJoin us on social networksThe Canadian Bitcoin (BTC) mining company Hut 8 continues to accumulate self-mined BTC amid the ongoing merger deal with the industrial cryptocurrency miner, US Bitcoin (USBTC).


Hut 8 mined 111 Bitcoin in September 2023, bringing its self-mined BTC reserves to 9,366 Bitcoin, the firm announced on Oct. 10.


The amount of Bitcoin mined by Hut 8 in September is up around 8% from the previous month but is still significantly lower than in May 2023 when Hut mined 147 BTC. The Bitcoin miner has seen its mining pace drop significantly over the past year, as its monthly mining volumes dropped nearly 60% from 277 BTC mined in September 2022.


But despite seeing a notable decline in the amount of monthly-mined Bitcoin, Hut 8 has remained committed to its hodl strategy, which has not been seen among too many miners in the industry.


“No Bitcoin was sold during the month,” Hut 8 said, stressing that the company owns one of the largest self-mined BTC reserves among publicly traded firms. “Total balance of Bitcoin in reserve was 9,366 on September 30 — 7,269 of which were unencumbered,” the firm added.


Hut 8’s latest BTC reserve expansion comes in line with the company’s long-term hodl strategy. Unlike many crypto miners forced to sell at least part of their mined Bitcoin holdings amid tough market conditions, including firms like Core Scientific and Riot Blockchain, Hut 8 has continued to steadily increase its Bitcoin stash. As of September 2022, Hut 8 had about 8,000 BTC in its reserves.


In the announcement, Hut 8 also mentioned the success of its ongoing merger deal with USBTC. Announced in February 2023, the transaction is expected to create a new Bitcoin mining business called Hut 8 Corp, or “New Hut.”


Related:Bitfarms increases mining pace, generates 411 BTC in September


In September 2023, Hut 8 and USBTC obtained final approval from the Supreme Court of British Columbia for the merger deal.


“Progress toward completing our transaction with USBTC continues, and we’re grateful to our shareholders who demonstrated their overwhelming support by voting in favor of the merger,” Hut 8 CEO Jaime Leverton said. He added that the recent approval from the Canadian court allows the firm to “continue to advance us toward a new Hut 8,” which will have “highly diversified fiat revenue streams.”


Magazine:Web3 Gamer: Minecraft bans Bitcoin P2E, iPhone 15 & crypto gaming, Formula E# Bitcoin# Business# Bitcoin Mining# HodlAdd reactionAdd reactionRead moreWhat is profit and loss (PnL) and how to calculate itMacro factors to spark next crypto bull market in Q2 2024, Real Vision’s Raoul Pal saysMichael Lewis" new book puts a positive spin on Sam Bankman-Fried

News Feed

Binance to cease all Nigerian naira transactions by March 8
Helen Partz13 hours agoBinance to cease all Nigerian naira transactions by March 8Binance will suspend all services involving the Nigerian naira later this week after facing issues with local financial regulators.9984 To
Liminal blames compromised WazirX devices for hack, claims UI not responsible
Christopher Roark5 hours agoLiminal blames compromised WazirX devices for hack, claims UI not responsibleCompromised WazirX devices provided “legit transaction details” to Liminal’s network, allowing the attacker t
Ana Paula Pereira6 hours agoSEC decision on Bitcoin ETFs won’t leave out Wall Street giantsThe Securities and Exchange Commission’s prolonged deliberation over a spot Bitcoin ETF is stoking expectations of a joint de
Dead protocol leaks crypto funds from hacked pool
Arijit Sarkar14 hours agoDead protocol leaks crypto funds from hacked poolApproximately $181,000 worth of crypto assets was drained from Yield Protocol’s strategic contracts present on the Arbitrum blockchain.1670 Tota
Indian Crypto Exchange Says 82% of Users Earn Profits This Year, Trading Volume Soars 1,735%
Indian Crypto Exchange Says 82% of Users Earn Profits This Year, Trading Volume Soars 1,735% A major cryptocurrency exchange in India, Wazirx, has reported “a massive surge
Here are the next biggest crypto court cases with the SBF saga over
Jesse Coghlan1 hour agoHere are the next biggest crypto court cases with the SBF saga overBinance ex-boss CZ will be sentenced in April and the ring of FTX executivies that admitted to fraud are also set to soon be sente
Report: Intel Reveals ‘Bonanza Mine BMZ1’ Blockchain Accelerator Mining Chip
Report: Intel Reveals "Bonanza Mine BMZ1" Blockchain Accelerator Mining Chip Last week the California-based technology company Intel explained its intentions to develop crypto mini
William Suberg8 hours agoBTC price models hint at $130K target after 2024 Bitcoin halvingBitcoin is due to double its current all-time high price within two years of the April 2024 halving, the models suggest.6519 Total
Bitcoin Price Touches $10K Amid 2020’s Macroeconomic Storm and Covid-19 Fears
Bitcoin Price Touches $10K Amid 2020"s Macroeconomic Storm and Covid-19 FearsOn May 7, 2020, the price of a single bitcoin crossed $10,000 per unit in USD value as the network only
Ethereum Hashrate Taps an All-Time High Amid This Week’s Crypto Market Meltdown
Ethereum Hashrate Taps an All-Time High Amid This Week"s Crypto Market Meltdown Amid the crazy week in the world of cryptocurrencies and the Bitcoin network’s mining difficu
IMF Sees Significant Increase in Correlations Between Bitcoin and Asian Equity Markets
IMF Sees Significant Increase in Correlations Between Bitcoin and Asian Equity Markets Officials at the International Monetary Fund (IMF) say that the correlation between the perfo
Amid Ethereum’s Merge, Cardano Founder Charles Hoskinson Says ADA’s Vasil Fork Is Coming Soon
Amid Ethereum"s Merge, Cardano Founder Charles Hoskinson Says ADA"s Vasil Fork Is Coming Soon Cardano founder Charles Hoskinson detailed on Friday that the Vasil hard fork is comin