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Thursday, January 26, 2023

Hut 8 Has Been Able To Maintain Its BTC Strategy In July

Hut 8 Mining Corporation, the Bitcoin miner from Canada, recently added to the massive BTC reserves that it possesses in July.

The firm has been able to maintain its long-term HODL strategy even in the face of harsh market volatility. The company which is based in Alberta went on to generate 330 Bitcoin in July which came in at an average production rate of around 10.61 BTC per day- which brought the total reserves to a sum of 7,736 BTC. The monthly rate of production was also equivalent to around 113.01 BTC per exahash- something the company had disclosed on Friday. The company, which trades on the Toronto and the Nasdaq stock exchanges, has been one of the largest public holders of BTC- according to recent industry data. 

Hut 8 Has Increased Its BTC Holdings

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As a process involved in the HODL strategy, Hut 8 went on to deposit all of the self-mined Bitcoin into custody, which then bucked the growing industry trend of miners that were selling portions of their reserves during the bear market. According to Cointelegraph, Cole Scientific, a miner from Texas, had sold around 7,202 BTC in June at an average price of around $23,000 in order to pay for servers as well as settle the debts. The company also recouped 1,221 BTC the next month after the mining output increased by 10%. 

At the same time as Hut 8, Argo Blockchain- yet another mining outfit went on to reduce its Bitcoin holdings by 887 in July which was used to settle a loan agreement with Galaxy Digital as well as fund its operations for business. Separately, Riot Blockchain also trimmed its holdings of the cryptocurrency for a third separate month in June to raise the capital for operations. 

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