Record-breaking September for Hut 8 Mining
Hut 8 Mining is proving its place as a premier partner in the cryptocurrency arena, having generated a remarkable total of 111 Bitcoin throughout September 2023. The proficient efficiency of the establishment showcased an impressive yield of approximately 3.7 Bitcoin daily. Moreover, regardless of the massive production, not a single Bitcoin was sold throughout the month.
More intriguingly, as of the closure of September, Hut 8 Mining held a reserve of 9,366 Bitcoin units, with 7,269 units standing unencumbered. A noteworthy mention is the highly advanced installed ASIC hashrate capacity of 2.6 EH/s, prominently stationed at Hut 8’s Alberta facilities by September’s end.
In terms of productivity, Hut 8 recorded staggering returns, producing 42.7 BTC per EH in September, presenting an attractive investment opportunity for cryptocurrency enthusiasts.
Strategic Merger with USBTC
Though the company’s impressive mining prowess is striking, the corporate shrewdness is equally exceptional. At a special assembly held on September 12, Hut 8’s shareholders propelled the anticipated business combination with U.S. Data Mining Group, Inc. dba US Bitcoin Corp (USBTC). The meeting concluded with an overwhelming consensus favoring the proposed merger, a significant accomplishment under the Business Corporations Act (British Columbia).
Adding on to the successful proposal, the Supreme Court of British Columbia granted its final approval for the Arrangement on September 15, marking a pivotal point towards the completion of the Transaction with USBTC.
As expressed by Jaime Leverton, CEO of Hut 8, the company’s progress towards finalizing the agreement with USBTC is escalating. Leverton demonstrated gratitude towards the supportive shareholders and acknowledged the sustained progression of Hut 8, facilitated by diversified fiat revenue streams through high performance computing, hosting, and managed infrastructure operations.
About Hut 8: A Market Powerhouse
Hut 8, with its seasoned executive force and innovative infrastructure, is a leading figure in the digital monetary landscape. The company’s portfolio consists of seven operating sites including five high-performance computing data centers spread across British Columbia and Ontario. Two other sites, located in Southern Alberta, are prominent Bitcoin mining hubs.
Offering a vast array of services across cloud, co-location, managed services, A.I., machine learning, and VFX rendering computing solutions, Hut 8 has positioned itself as a diverse and multifaceted corporation. Notably, the company’s unique treasury strategy has contributed to a superlative inventory of self-mined Bitcoin, giving it a competitive edge among publicly-traded global companies.
