Hut8, Bitcoin miner lists sequential drop in production <br><br><br>

crypto mining downtrend

Hut8, Bitcoin miner lists sequential drop in production

Hut 8, a Bitcoin mining hut based in Canada, held 238 Bitcoins in November 2022 and increased its holding by 161 in December 2022, which shows a decline of 32.35% from the previous month.

In December, the firm mined Bitcoin an average of 5.2 Bitcoin per day. Whereas, in November, the average had remained at 7.9 Bitcoin per day. A significant fall has been observed; the Hut 8 total Bitcoin count on December 31 was 9,086.

The reason for the fall in production was reported to be the rise in the price of energy, which led the mining firms to sell power back to the energy providers. Hut 8 is now searching for inorganic and organic growth options to alleviate the impact of the issues with the power suppliers.

The firm’s treasury crossed 9086 Bitcoin due to December’s production, which was 65% more than what it had at the end of 2021. As per their long-term strategy, Hut8 deposited a hundred percent of the company’s self-mined Bitcoin into its custody in December.

In Q3 2021, Hut8’s net revenue has been down to $31.7 million from $50.3 million; there has been a decline of $18.6 million.  Nevertheless, according to the reports, in Q3  2022, the firm expanded its fleet of miners and activities related to mining and has mined 982 Bitcoin, which is an 8.5% increase from the figures of Q3 2021.

Despite the spiraling down of the market and negativity going around it, Hut8 has remained one of those few firms that were able to increase its Bitcoin holding. 

Due to the crypto bear market, many companies are suffering heavily.

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