Hut 8 Adds Over 500 Bitcoin to Balance Sheet in 3 Months

Canadian crypto mining company Hut 8 said it holds “approximately 3,806” bitcoin on its balance sheet, compared with 3,271 at the end of March.

  • In a corporate update published Monday, the Toronto-based firm said it expects the figure to grow to around 5,000 by the end of the year.
  • “We now have 1.2 Exahash in production and ongoing installation of new equipment puts us on a near-term trajectory to produce an additional [two to three] bitcoin per day by the end of August, on top of our current production rate of 6.2-7.3 bitcoin per day,” CEO Jaime Leverton said.
  • In its first-quarter results, Hut 8 reported holding 3,271 as of March 31. Monday’s report represents an increase of 535 BTC in less than three months.
  • Miners accumulating coins can be seen a bullish sign for the market as it points to them holding coins in anticipation of a price rally.
Read more: Hut 8 Mining’s Shares to Be Listed on Nasdaq