Amid Miners' Capitulation, Hut 8 Maintained BTC's 'HODL Strategy' in July
Other Bitcoin miners such as Core Scientific, Argo Blockchain, and Riot Blockchain reduced their BTC holdings during the bear market.
New
Canadian Bitcoin (BTC) miner Hut 8 Mining Corp. increased its huge BTC reserves in July, as the company maintained its long-term “HODL strategy” in the face of market volatility.
The Alberta-based company generated 330 bitcoins in July at an average production rate of 10.61 bits per day, bringing its total reserves to 7,736 bits. Its monthly production rate was equivalent to 113.01 BTC per exahash, the company announced on Friday.
Hut 8, which trades on the Nasdaq and Toronto exchanges, is one of the largest public Bitcoin holders, according to industry data.
As part of its ongoing HODL strategy, Hut 8 has taken all of its self-mined Bitcoins into custody, bucking the growing industry trend of miners selling off portions of their reserves during the bear market. As Cointelegraph reported, Texas-based miner Core Scientific sold 7,202 BTC in June at an average price of $23,000 to pay servers and settle debts. The company recovered 1,221 BTC the following month after increasing its mining production by 10%.
Meanwhile, mining company Argo Blockchain reduced its holdings by 887 BTC in July...
Other Bitcoin miners such as Core Scientific, Argo Blockchain, and Riot Blockchain reduced their BTC holdings during the bear market.
New
Canadian Bitcoin (BTC) miner Hut 8 Mining Corp. increased its huge BTC reserves in July, as the company maintained its long-term “HODL strategy” in the face of market volatility.
The Alberta-based company generated 330 bitcoins in July at an average production rate of 10.61 bits per day, bringing its total reserves to 7,736 bits. Its monthly production rate was equivalent to 113.01 BTC per exahash, the company announced on Friday.
Hut 8, which trades on the Nasdaq and Toronto exchanges, is one of the largest public Bitcoin holders, according to industry data.
As part of its ongoing HODL strategy, Hut 8 has taken all of its self-mined Bitcoins into custody, bucking the growing industry trend of miners selling off portions of their reserves during the bear market. As Cointelegraph reported, Texas-based miner Core Scientific sold 7,202 BTC in June at an average price of $23,000 to pay servers and settle debts. The company recovered 1,221 BTC the following month after increasing its mining production by 10%.
Meanwhile, mining company Argo Blockchain reduced its holdings by 887 BTC in July...
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