Hut 8 boosts self-mined Bitcoin reserves to 9.4K amid USBTC merger

The Canadian Bitcoin (BTC) mining company Hut 8 continues to accumulate self-mined BTC amid the ongoing merger deal with the industrial cryptocurrency miner, US Bitcoin (USBTC).

Hut 8 mined 111 Bitcoin in September 2023, bringing its self-mined BTC reserves to 9,366 Bitcoin, the firm announced on Oct. 10.

The amount of Bitcoin mined by Hut 8 in September is up around 8% from the previous month, but is still significantly lower than in May 2023, when Hut mined 147 BTC. The Bitcoin miner has seen its mining pace dropping significantly over the past year, as its monthly mining volumes dropped nearly 60% from 277 BTC mined in September 2022.

But despite seeing a notable decline in the amount of monthly-mined Bitcoin, Hut 8 has remained committed to its hodl strategy, which has not been seen among too many miners in the industry.

“No Bitcoin was sold during the month,” Hut 8 said, stressing that the company owns one of the largest self-mined BTC reserves among publicly traded firms. “Total balance of Bitcoin in reserve was 9,366 on September 30 — 7,269 of which were unencumbered,” the firm added.

Hut 8’s latest BTC reserve expansion comes in line with the company’s long-term hodl strategy. Unlike many crypto miners forced to sell at least part of their mined Bitcoin holdings amid tough market conditions, including firms like Core Scientific and Riot Blockchain, Hut 8 has continued to steadily increase its Bitcoin stash. As of September 2022, Hut 8 had about 8,000 BTC in its reserves.

In the announcement, Hut 8 also mentioned the success of its ongoing merger deal with USBTC. Announced in February 2023, the transaction is expected to create a new Bitcoin mining business called Hut 8 Corp, or “New Hut.”

Related: Bitfarms increases mining pace, generates 411 BTC in September

In September 2023, Hut 8 and USBTC obtained final approval from the Supreme Court of British Columbia for the merger deal.

“Progress toward completing our transaction with USBTC continues, and we're grateful to our shareholders who demonstrated their overwhelming support by voting in favor of the merger," Hut 8 CEO Jaime Leverton said. He added that the recent approval from the Canadian court allows the firm to “continue to advance us toward a new Hut 8,” which will have “highly diversified fiat revenue streams.”

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