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Hut 8 boosts self-mined Bitcoin reserves to 9.4K amid USBTC merger

The Canadian Bitcoin (BTC) mining company Hut 8 continues to build up self-mined BTC amid the continued merger take care of the economic cryptocurrency miner, US Bitcoin (USBTC).

Hut 8 mined 111 Bitcoin in September 2023, bringing its self-mined BTC reserves to 9,366 Bitcoin, the firm announced on Oct. 10.

The amount of Bitcoin mined by Hut 8 in September is up around 8% from the previous month, but continues to be significantly lower than in May 2023, when Hut mined 147 BTC. The Bitcoin miner has seen its mining pace dropping significantly over the past yr, as its monthly mining volumes dropped nearly 60% from 277 BTC mined in September 2022.

But despite seeing a notable decline in the quantity of monthly-mined Bitcoin, Hut 8 has remained committed to its hodl strategy, which has not been seen amongst too many miners within the industry.

“No Bitcoin was sold through the month,” Hut 8 said, stressing that the corporate owns one among the biggest self-mined BTC reserves amongst publicly traded firms. “Total balance of Bitcoin in reserve was 9,366 on September 30 — 7,269 of which were unencumbered,” the firm added.

Hut 8’s latest BTC reserve expansion comes according to the corporate’s long-term hodl strategy. Unlike many crypto miners forced to sell no less than a part of their mined Bitcoin holdings amid tough market conditions, including firms like Core Scientific and Riot Blockchain, Hut 8 has continued to steadily increase its Bitcoin stash. As of September 2022, Hut 8 had about 8,000 BTC in its reserves.

In the announcement, Hut 8 also mentioned the success of its ongoing merger take care of USBTC. Announced in February 2023, the transaction is predicted to create a recent Bitcoin mining business called Hut 8 Corp, or “New Hut.”

Related: Bitfarms increases mining pace, generates 411 BTC in September

In September 2023, Hut 8 and USBTC obtained final approval from the Supreme Court of British Columbia for the merger deal.

“Progress toward completing our transaction with USBTC continues, and we’re grateful to our shareholders who demonstrated their overwhelming support by voting in favor of the merger,” Hut 8 CEO Jaime Leverton said. He added that the recent approval from the Canadian court allows the firm to “proceed to advance us toward a recent Hut 8,” which can have “highly diversified fiat revenue streams.”

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