Bitcoin miner Hut 8 registers sequential drop in Bitcoin production

Canadian Bitcoin mining firm, Hut 8 increased its Bitcoin holdings by 161 in December 2022– a decrease of 32.35%from November’s 238 Bitcoins.

Even more, Hut 8 mined Bitcoin at approximately 5.2 Bitcoin/day in December– a fall from the November average of 7.9 Bitcoin/day. The company’s total Bitcoin count on December 31 stood at 9,086.

As reported, the fall in production is because of high energy rates that led the mining firm to offer power back to the service provider. As part of its efforts to reduce the effect of the problems with the energy supplier, Hut 8 is checking out natural and inorganic growth options.Due to the December production, Hut8’s Bitcoin treasury reached 9,086– up 65% from its balance at the end of 2021. Hut 8 deposited 100 %of the self-mined Bitcoin in December into its custody in accordance with its long-standing strategy.Decrease in income in Q3, 2022 Hut 8’s net revenue reduced from$50.3 in Q3 2021 to$31.7 million in Q3 2022,

a decrease of$18.6 million. However,

as reported, the Company mined 982 Bitcoin in Q3 2022, an 8.5% boost over Q3 2021 due to the growth of the Company’s fleet of miners and mining activities.As of November 2022, Hut 8 was among the few mining companies to increase its Bitcoin holdings in the face of a market decline. Companies in the mining market suffered

heavily from the crypto bearish market. As reported by CryptoSlate, Bitcoin mining earnings was down by 37.5%in December YOY.Posted In: Canada, Bear Market, Mining Recent Mining Stories