Bitcoin Miner Hut 8 continues to hold BTC strategy for the month of July
Recent decline in the crypto market many crypto firms in the industry amid trembling and beleaguered situations. The mining sector also experienced turbulence, and this led to many crypto mining companies facing tough times. Many of these firms had to sell their bitcoins in order to continue operating. However, several bitcoin miners like Hut 8 Mining Corporation are the exception.
Recently reported that the Canadian Bitcoin mining company has added a significant amount of bitcoin in the month of July. This ensures that the firm was able to successfully maintain its long-term HODL strategy during the volatility of the market.
Friday 5 On August 2022, Hut 8 mining revealed that in July the company generated 330 bitcoin. The average bitcoin production rate was about 10.61 BTC daily and the monthly production was somewhere around 113.01 BTC. The total bitcoin reserve reached up to 7,736 BTC.
One of the largest public holders of bitcoin – Hut 8 – also trades on the Nasdaq and Toronto stock exchanges. Hut 8’s HODL strategy includes depositing all self-mined BTC into custody. In this way, they would contradict the growing trend in the industry where miners sold their bitcoin reserves in the middle of the bear market.
As reported earlier, crypto miners like Core Scientific had to sell around 7,202 BTC to pay for their servers and settle other expenses like debt. However, the company later reported increasing its mining capacity by 10% and recovering 1,221 BTC in the coming month.
Meanwhile, in July 2022, another mining company Argo Blockchain reported reducing its bitcoin holdings by 887 BTC. The firm also had to settle its loans with Galaxy Digital and also to further finance its business operations. Well-known in the mining space, Riot Blockchain is also seen reducing its bitcoin holdings, and that too for three consecutive months.
During the last year in 2021, bitcoin mining was considered to be highly profitable and thus lucrative business. This was given the popularity and wide adoption of bitcoin worldwide. So much so that the average reward over bitcoin mining even increased four times than before. However, after the market downturn and bitcoin price crash in 2022, bitcoin mining is one of the most affected sectors in the overall crypto space.
