Canadian Miner Hut 8 Closed 2021 With 5,518 Bitcoin in Reserve

Canadian crypto mining steadfast Hut 8 (HUT) had 5,518 bitcoin (approximately $256 cardinal astatine existent prices) successful its reserves connected Dec. 31, 2021, according to a Wednesday press release.

• Nasdaq-listed Hut 8 follows a “hodl” strategy, meaning it keeps each of the bitcoin it mines successful its custody, fundamentally betting that their worth volition summation successful the agelong term. The reserves correspond a 97% summation compared to the extremity of 2020, the property merchandise said.

• Hut 8′s complaint of bitcoin accumulation was up somewhat from an mean of 8.83 BTC mined per time successful November 2021 to 8.9 mined per time successful December, according to the statement.

• Hut 8′s full installed operating capableness stood astatine 2 exahash/second (EH/s) astatine the extremity of 2021, up 125% year-over-year, the institution said. This represents 1.16% of the bitcoin network’s full hashrate, a measurement of computing powerfulness connected the network, arsenic of Wednesday, according to information from CoinWarz.

• Hut 8 plans to summation its installed capableness to 3.35 EH/s by the extremity of Q1 2022, crossed its 3 sites successful Canada. To bash this, the miner added caller machines to 2 existing sites successful December, and is gathering retired a 3rd mining farm.

• In December, Hut 8 added 228 petahash/second (PH/s) of hashrate by buying 2,505 MicroBT M30S mining rigs from Foundry Digital, the connection said. These machines were already installed successful Hut 8’s tract successful Medicine Hat, Alberta. Crypto mining and staking steadfast Foundry is simply a subsidiary of Digital Currency Group, which is besides CoinDesk’s genitor company.

• Hut 8 is updating the energy infrastructure astatine its Medicine Hat mining workplace truthful that it tin optimize the hashrate arsenic caller MicroBT mining machines are delivered, it said. These upgrades are “on track” to adhd different 450 PH/s of computing powerfulness successful February 2022, the institution said.

• Also successful December, Hut 8 installed 2,782 caller MicroBT M30S and M31S+ machines successful its tract successful Drumheller, Alberta, according to the property release.

• Hut 8′s 3rd mining tract successful North Bay, Ontario, is acceptable to beryllium afloat operational by the extremity of Q1, the property merchandise said. At afloat capacity, this tract volition adhd different 850 PH/s of hashrate astatine 35 megawatts.

• On Dec. 30, 2021, the Canadian miner agreed to instrumentality connected a $30 cardinal instrumentality financing indebtedness astatine 9.5% involvement complaint from Trinity Capital. The loan, repayable implicit a three-year term, is collateralized by “certain caller MicroBT machines being installed” astatine Hut 8′s Medicine Hut and North Bay sites, according to the property release.

CORRECTION (Jan. 5, 14:31 UTC): A erstwhile mentation of this communicative incorrectly stated that the existent worthy of Hut 8′s bitcoin reserves was $220 million.