With the end of August, data from companies focused on cryptocurrencies for this month are starting to emerge. In this article, we will share the income/expenses of three companies, especially Bitcoin and Ethereum. Here are the details…
Hut8 amasses largest cryptocurrency
Canadian mining company Hut 8 continues to accumulate its own mined assets due to depressed cryptocurrency market conditions. Meanwhile, he saw Bitcoin holdings surpass the 8,000 Bitcoin (BTC) mark. Hut 8 has released its final mining report for August 2022. This showed that he increased his Bitcoin holdings by 375 BTC to bring his total reserves to 8,111 BTC. The mining firm reported that it mined 12.1 BTC per day during the month.
Other mining operators have had to sell some of their BTC holdings amid the ongoing cryptocurrency bear market. On the other hand, Hut 8 has managed to maintain its self-described “long-standing HODL strategy.” It still holds all of its mined BTC. Hut 8 also announced that it has installed 180 Nvidia GPUs in its main data center in Kelowna, Canada. The center is currently mining Ethereum (ETH). But Merge will happen in September 2022, GPU mining equipment will be used to provide artificial intelligence, machine learning or VFX processing services.
Hut 8 also continued to increase its mining capacity with the acquisition of Chinese ASIC MicroBT miners. The firm paid $58.7 million for 12,000 new MicroBT M30S, M30S+, and M30S++ miners in October 2021. Received 1000 machine orders per month until 2022. Industry experts have warned of the potential implications of Ethereum’s Merge on other cryptocurrencies working on proof-of-work (PoW) consensus algorithms. Ethereum Classic (ETC) saw a more than 10 percent increase in token value in early September when blockchain explorer and mining pool operator BTC.com launched an ETC pool with zero-fee mining over a three-month period.
HIVE Blockchain also announced August figures
The Nasdaq-listed HIVE Blockchain company reported that it currently has 3,258 Bitcoins and 5,100 Bitcoins. It is stated that the company produces 9.4 BTC and 97 ETH on a daily basis. They stated that in general Ethereum mining process generates 3-4 times more revenue than BTC. Thus, they used the profits they made by selling their ETH to expand their BTC mining.
Core Scientific has generated 334 Bitcoins
On the other hand, Core Scientific mined 334 BTC last month. As many as 17,000 new devices started operating in August, and production increased by 9.3 percent. On the other hand, he sold 1,125 BTC for $ 25.9 million. This amount equates to about $23,000 per BTC. Currently, the company holds 1,409 BTC.
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