Hut 8 Ends 2021 With 5,518 BTC In Reserve, Secures $30M Loan

• Hut 8 mined 276 BTC successful December, up from 265 successful the erstwhile month.
• The miner deposited each bitcoin mined into custody, arsenic per its “hodl” strategy.
• Hut 8 present holds 5,518 BTC successful reserve, a 97% summation from December 2020.

Hut 8, a publicly-listed bitcoin mining company, mined 8.9 BTC per time connected mean successful December, totaling 276 bitcoin produced successful the month, the institution said successful a connection Wednesday.

Following connected its “hodl” strategy, Hut 8 said it deposited each bitcoin produced successful the play into custody, and its bitcoin holdings present magnitude to 5,518 BTC, a 97% summation from the erstwhile year-end.

“2021 has been a twelvemonth of translation for Hut 8, with a absorption connected not lone rebuilding and upgrading, but future-proofing our operations,” Hut 8 CEO Jaime Leverton said successful a statement.

Hut 8 said it besides secured a $30 cardinal instrumentality financing indebtedness with Trinity Capital Inc. connected December 30 done its wholly-owned subsidiary Hut 8 Holdings Inc. to entree non-dilutive maturation capital. The deal’s operation limits collateral enactment to a acceptable of MicroBT machines being deployed to the miner’s Medicine Hat, Alberta, farm, Hut 8 said.

“This indebtedness financing allows america to grow our superior operation and wide liquidity, portion achieving an charismatic outgo of superior with constricted security, successful a accepted instrumentality financing arrangement,” Hut 8 CFO Shane Downey said successful a statement.

The nationalist miner’s December accumulation outpaced its erstwhile month’s show by astir 4%. Hut 8 mined 265 BTC successful November arsenic it leveraged Luxor Technologies’ excavation services to summation its regular bitcoin gross by switching computing powerfulness betwixt blockchains portion ever receiving payouts successful bitcoin.

Hut 8 said it presently has 2 exahashes per 2nd (EH/s) of hash complaint capableness installed, an summation of 125% from the extremity of 2020. In November, the institution said it had a hash complaint capableness of 1.7 EH/s.