Hut 8 Mining Production and Operations Update for June 2022 – QNT Press Release

328 Bitcoin mined, bringing reserves to 7,406

Hut 8 continues to HODL Bitcoin

North Bay site operating on 20 MW of power

TORONTO, July 6, 2022 /CNW/ – Hut 8 Mining Corp. (Nasdaq: HUT) (TSX:HUT) (“Hut 8” or “the Company”), one of North America’s largest, innovation-focused digital asset mining pioneers, supporting open and decentralized systems since 2018, increased its Bitcoin holdings by 328 in the period ending June 30. With 7,406 unencumbered Bitcoin in reserve, Hut 8 remains committed to its HODL strategy.

Production highlights for June 2022:
  • 328 Bitcoin were mined, resulting in an average production rate of 10.9 Bitcoin per day
  • 100% of the self-mined Bitcoin in June were deposited into custody, consistent with our longstanding HODL strategy
  • Total Bitcoin balance held in reserve is 7,406 as of June 30, 2022
  • Installed operating capacity was 2.78 EH/s at the end of the month
Additional updates:
  • Production at our new North Bay site scaled up throughout the month, with approximately 5,800 miners operating on 20 MW of power by June 30
  • Additional scaling will continue at North Bay in the coming weeks
  • Our high performance computing business, which is not correlated to Bitcoin or Bitcoin mining, continues to bring in steady monthly recurring revenue and remains on track to grow up to 18% by the end of 2022

“The team had a successful month in North Bay and will continue to scale up over the next few weeks,” said Jamie LevertonCEO. “We are confident that our HODL strategy, coupled with the uncorrelated recurring revenue from our high performance computing business, will allow us to …

Full story available on

Source link

Recommended For You

About the Author: News Center