Canadian Bitcoin (BTC) miner Hut 8 Mining Corp. added to its massive BTC reserves in July, as the firm maintained its long-term “HODL strategy” in the face of market volatility.
The Alberta-based company generated 330 Bitcoin in July at an average production rate of 10.61 BTC per day, bringing its total reserves to 7,736 BTC. Its monthly production rate was equivalent to 113.01 BTC per exahash, the company disclosed Friday.
Hut 8, which trades on the Nasdaq and Toronto stock exchanges, is one of the largest public holders of Bitcoin, according to industry data.
As part of its ongoing HODL strategy, Hut 8 deposited all of its self-mined Bitcoin into custody, bucking the growing industry trend of miners selling portions of their reserves during the bear market. As Cointelegraph reported, Texas miner Core Scientific sold 7,202 BTC in June at an average price of $23,000 to pay for servers and settle debts. The company recouped 1,221 BTC the following month after increasing its mining...
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