Hut 8, a Canadian Bitcoin (BTC) mining company, continues to accumulate self-mined BTC despite a merger deal with US Bitcoin (USBTC). In September 2023, Hut 8 mined 111 Bitcoin, bringing its self-mined BTC reserves to 9,366 Bitcoin. While this represents an 8% increase from the previous month, it is significantly lower than May 2023 when Hut 8 mined 147 BTC.
Despite the decline in monthly mining volumes over the past year, Hut 8 has remained committed to its hodl (hold) strategy. The company did not sell any Bitcoin in September and now holds one of the largest self-mined BTC reserves among publicly traded firms. Of the 9,366 Bitcoin in reserve, 7,269 are unencumbered.
Hut 8’s hodl strategy sets it apart from other crypto miners that have been forced to sell at least some of their mined Bitcoin holdings due to market conditions. The company’s ongoing merger deal with USBTC, which is expected to create a new Bitcoin mining business called “New Hut,” has also been progressing. The merger received final approval from the Supreme Court of British Columbia in September 2023.
Hut 8 CEO Jaime Leverton stated that the merger would result in a “new Hut 8” with highly diversified fiat revenue streams, thanks to the overwhelming support of shareholders.