The crypto miner Hut 8 exceeds the reserve of 5000 Bitcoins


In the third quarter earnings report, Canadian cryptocurrency miner Hut8 Announce It surpasses the goal Set earlier this year Holds 5,000 Bitcoins (Bitcoin) Through mining in reserves. Its Bitcoin balance now reaches 5,053, and its total market capitalization is $430 million.

During the quarter, Hut 8 generated 50.34 million Canadian dollars (approximately US$40 million) in income and 23.37 million Canadian dollars (approximately US$18.57 million) in net income, which was higher than income of 5.75 million Canadian dollars (approximately US$4.57 million) and losses 900,000 Canadian dollars (or 750,000 US dollars) from the previous quarter. The company has a large number of application-specific integrated circuit (ASIC) machines for Bitcoin mining. In addition, it also deployed NVIDIA GPUs to mine Ethereum (Ethereum).

The company’s total hash rate (the sum of Bitcoin and Ethereum mining), or the number of guesses per second required to obtain a mathematical solution for mining new blocks on the proof-of-work blockchain, totaling 1.7 exahashes per second (1.7*10 ^18 hash/sec, EH/sec). In this context, the total hash rate of the entire Bitcoin network is 162 EH/s, according to Go to the data provided by Blockchain.com. As for Ethereum, this number is 817.06 terahashes (817.06*10^12 hashes/s, TH/s) per second, according to Data provided by 2Miners.com. The company’s Ethereum contract mining capacity is 1.6 TH/s.

When mining Bitcoin, Hut 8 adopts the strategy of holding Supreme Life or HODL; that is, in most cases, it will not seek to sell them. The company also lent its BTC to farm proceeds and claims to mine nearly 20 BTC every day.

The location of Hut 8’s crypto mining operations. | Source: Hut 8 Q3 2021 earnings conference call

The company has operations in Alberta, Canada, and plans to expand to Ontario. It uses a mixture of natural gas, wind energy and green energy in mining operations.