Canadian mining company Hut 8 saw its Bitcoin holdings surpass the 8,000 bitcoin mark as it continues to accumulate self-mined holdings through tough cryptocurrency market conditions.
Hut 8 released its latest mining report for August 2022, increasing his Bitcoin holdings by 375 BTC during the month to bring his total reserves to 8,111 BTC. Hut 8 reported that it had mined 12.1 BTC per day at a rate of 125.8 BTC per exahash for the month.
While other mining operators have been forced to sell some of their BTC holdings amidst the current cryptocurrency bear market, Hut 8 has managed to continue with its self-described “long duration HODL strategy” and continues to keep all of its BTC mined.
Hut 8 also announced that it had installed 180 Nvidia GPUs in its main data center in Kelowna, Canada.. The hub currently mines Ether (ETH), but with the Fusion scheduled for September 2022, its GPU mining equipment will be used to provide AI, machine learning, or VFX rendering services.
Hut 8 has also continued to increase its mining capacity with the acquisition of Chinese MicroBT ASIC miners. The firm paid $58.7 million for 12,000 new MicroBT M30S, M30S+, and M30S++ miners in October 2021 and has received orders for 1,000 machines per month until 2022.
Industry insiders have warned of potential implications of the Ethereum merger on other cryptocurrencies that run on Proof-of-Work (PoW) consensus algorithms. Once Ethereum transitions to the proof-of-stake operated Beacon Chain, many miners who have secured the Ethereum blockchain will look to other PoW chains to mine further.
Ethereum Classic (ETC) saw its token value increase by more than 10% in early September, when blockchain explorer and mining pool operator BTC.com launched an ETC pool offering fee-free mining for a period of time. of three months.
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