) mining company Hut 8 continues to accumulate self-mined BTC amid the ongoing merger deal with the industrial cryptocurrency miner, US Bitcoin .
The amount of Bitcoin mined by Hut 8 in September is up around 8% from the previous month but is still significantly lower than in May 2023 when Hut147 BTC. The Bitcoin miner has seen its mining pace drop significantly over the past year, as its monthly mining volumes dropped nearly 60% from 277 BTC But despite seeing a notable decline in the amount of monthly-mined Bitcoin, Hut 8 has remained committed to its hodl strategy, which has not been seen among too many miners in the industry.
“No Bitcoin was sold during the month,” Hut 8 said, stressing that the company owns one of the largest self-mined BTC reserves among publicly traded firms. “Total balance of Bitcoin in reserve was 9,366 on September 30 — 7,269 of which were unencumbered,” the firm added.holdings amid tough market conditions, including firms like Core Scientific and Riot Blockchain, Hut 8 has continued to steadily increase its Bitcoin stash.
In the announcement, Hut 8 also mentioned the success of its ongoing merger deal with USBTC. Announced in February 2023, the transaction is expected to“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.
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