Investing.com | Editor Ambhini Aishwarya
Published Nov 06, 2023 07:12AM ET
Digital asset miner Hut 8 Mining Corp. has reported a substantial increase in its Bitcoin reserves and outlined plans for expansion through asset acquisitions, according to recent reports. The North American firm mined an average of 3.6 Bitcoins daily in October 2023, accumulating a total of 112 Bitcoins for the month. By the end of October, Hut 8’s Bitcoin reserve had reached 9,113, with 7,016 unencumbered.
Throughout the same period, the company sold 365 Bitcoins, earning CAD$14.6 million (USD1 = CAD1.3642) at an average price of CAD$39,980 per Bitcoin. The mining operations were conducted at the firm’s Alberta facilities, which boasted an installed ASIC hashrate capacity of 2.6 EH/s and achieved a production efficiency of 43.1 BTC/EH.
In addition to its mining activities, Hut 8 is also eyeing expansion through strategic acquisitions. The company has received approval from the Ontario Superior Court of Justice for its stalking horse bid to acquire four natural gas power plants in Ontario and a Bitcoin mine in North Bay from Validus Power Corp. If this acquisition is successful, Hut 8 will establish a new Ontario subsidiary to manage these assets. Macquarie Equipment Finance Ltd is expected to hold a minority equity interest of about 20% in this new subsidiary.
CEO Jaime Leverton has expressed the company’s commitment toward building an infrastructure-first operation that diversifies its revenue streams. This includes a proposed merger with US Bitcoin Corp and the development of computing infrastructure across their seven-site portfolio. These sites power not only Bitcoin mining but also high-performance computing data centers and traditional data centers. They also support emerging technologies such as artificial intelligence and machine learning.
Hut 8 is known for its unique treasury strategy and holds one of the largest inventories of self-mined Bitcoin among publicly traded companies. The company operates five high-performance computing data centers across British Columbia and Ontario and two Bitcoin mining sites in Alberta.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
Get The News You Want
Read market moving news with a personalized feed of stocks you care about.
Get The App
Written By: Investing.com
