{"id":7699,"date":"2022-08-05T13:37:56","date_gmt":"2022-08-05T13:37:56","guid":{"rendered":"http:\/\/ci02a7fd6690002662"},"modified":"2022-08-05T13:37:56","modified_gmt":"2022-08-05T13:37:56","slug":"hut-8-mining-keeps-holding-bitcoin","status":"publish","type":"post","link":"https:\/\/bitcoinmagazine.com\/business\/hut-8-mining-keeps-holding-bitcoin","title":{"rendered":"Hut 8 Maintains HODL Strategy, Adds 330 BTC To Treasury In July"},"content":{"rendered":"<div id=\"bsf_rt_marker\"><\/div><ul>\n<li>Hut 8 Mining produced an additional 330 BTC in the month of July.<\/li>\n<li>By the end of the month, the company was operating at 2.9 EH\/s and continues to receive monthly shipments of additional miners.<\/li>\n<li>The miner currently holds 7,736 BTC on its balance sheet and continues to HODL. <\/li>\n<\/ul>\n<p>Hut 8 Mining Corp. released its <a href=\"https:\/\/www.prnewswire.com\/news-releases\/hut-8-mining-production-and-operations-update-for-july-2022-301600584.html\" target=\"_blank\" rel=\"noopener\">bitcoin mining and production update<\/a> for July showcasing its continued long-term HODL strategy by increasing bitcoin holdings by 330 BTC \u2013 valued at around $7.5 million at press time. <\/p>\n<p>Hut 8 continues to hold 100% of its mined bitcoin, which becomes rather noteworthy when the broader <a href=\"https:\/\/bitcoinmagazine.com\/business\/public-miners-start-selling-bitcoin-treasuries\">trend of miners<\/a> has been to sell a portion of their reserves to maintain operations. After this month\u2019s production, Hut 8 now holds 7,736 BTC in custody, currently valued at around $177 million. <\/p>\n<p>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. <\/p>\n<p>Additionally, the graphics processing units (GPUs) Hut 8 leverages to obtain these other cryptocurrencies are also used to fuel the company\u2019s high performance computing business, which generates additional revenue that it often uses to acquire more BTC. <\/p>\n<p>&#8220;We continued to deliver results, growing our stack to 7,736 bitcoin \u2013\u2013 one of the largest holdings globally \u2013\u2013 by mining efficiently,&#8221; said Jaime Leverton, CEO of Hut 8.<\/p>\n<p>Hut 8 said it continues to receive additional shipments of MicroBT miners, which are being deployed in real-time upon arrival.<\/p>\n<p>On July 18, a severe thunderstorm interrupted the power supply to one of Hut 8\u2019s mining facilities which was not resolved until July 23, temporarily hurting the company\u2019s monthly bitcoin production.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Hut 8 added 330 BTC to its balance sheet in July as it continues to hold 100% of the bitcoin it mines, while most public miners capitulate.<\/p>\n","protected":false},"author":2785,"featured_media":26431,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[76,189,636,195,93],"class_list":["post-7699","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-bitcoin","tag-bitcoin-mining","tag-bitcoin-treasuries","tag-hut-8","tag-news"],"author_data":{"id":2785,"name":"Shawn Amick","nicename":"shawn-amick","avatar_url":"https:\/\/bitcoinmagazine.com\/wp-content\/uploads\/2024\/12\/MjEwMTYzMzc3Njg5ODYzNjQ2-96x96.webp"},"featured_image_url":"https:\/\/bitcoinmagazine.com\/wp-content\/uploads\/2024\/11\/hut-8-mining-on-sustainability.jpg","_links":{"self":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/posts\/7699","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/users\/2785"}],"replies":[{"embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/comments?post=7699"}],"version-history":[{"count":0,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/posts\/7699\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/media\/26431"}],"wp:attachment":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/media?parent=7699"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/categories?post=7699"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/tags?post=7699"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}