Canadian Bitcoin (BTC) miner Hut 8 Mining has increased its earnings with its long-term strategy despite market volatility.
The change in the crypto market, increased equipment and electricity costs have negatively affected mining companies. Bitcoin miner Hut 8 Mining, which left this situation behind with its HODL strategy, which it continued in the long term, expanded its reserves in July.
Hut 8 Mining’s Bitcoin Reserve Increases
Alberta-based Hut 8 Mining’s long-term HODL strategy allowed it to get ahead of miners selling their reserves during the bear market.
The company produced 330 Bitcoins at an average production rate of 10.61 BTC per day in July, bringing its total reserves to 7,736. In the statement made by the firm, it was stated that the monthly production rate is equivalent to 113.01 BTC per EHs.
Hut 8, traded on the Nasdaq and Toronto stock exchanges, stands out as one of the largest holders of Bitcoin among publicly traded companies, according to industry data.
Mining was seen as a highly lucrative business in 2021 as the average revenue per BTC was four times the average of the previous year. With Bitcoin prices falling in 2022, miners had to sell to the low market environment.
Other Bitcoin miners such as Core Scientific, Argo Blockchain, and Riot Blockchain reduced their BTC holdings during the bear market.
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