Canadian-based Bitcoin (BTC) mining company Hut 8 Mining increased its earnings with its long-term strategy despite challenging market conditions.
Hut 8 was able to raise its capital, while many mining companies sold their equity.
Hut 8 Continues HODL
The bear period continues to push the cryptocurrency market and companies. Companies are trying to continue their operations by taking precautions against this situation in the market. Although many companies sought a solution by selling their assets during this period, Hut 8 chose not to sell its assets. This strategy led the company to increase its assets.
In the report, which was announced with the end of the August period, Canadian mining company Hut 8 increased its Bitcoin (BTC) presence by 375 BTC in the past period, bringing it to 8,111 Bitcoins.
Hut generated 375 Bitcoins on August 8, which is equivalent to 12.1 Bitcoins per day. Hut 8 has locked all 375 Bitcoins it has mined as part of the HODL strategy it has been following for a long time. Thus, the number of Bitcoins held by the company in reserve was 8,111 BTC as of August 31. The company’s installed ASIC hash rate capacity was recorded as 2.98 EH/s at the end of the month.
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