Hut 8 Sticks to Its ‘Hodl’ Strategy After Mining 265 Bitcoins in November

Canadian crypto miner Hut 8 (HUT) deposited into custody all 265 bitcoins it mined in November, continuing its strategy of “hodling” on to all the coins it produces.

The miner now holds 5,242 bitcoins in its reserve, about an 11% increase from its last update on Nov. 11. Hut 8 also said it has completed the deployment of its high-performance Nvidia chips at Hut 8′s site in Medicine Hat, Alberta, which is generating roughly 1.8–2.0 additional bitcoins per day. The miner is currently generating a total of 8.8 bitcoins per day.“Our NVIDIA CMP deployment is contributing revenue of approximately C$140,000 [USD$109,000] per day, based upon current mining economics,” said Jason Zaluski, head of technology for Hut 8, in a statement.Hut 8 has mining power of 1.7 exahash per second, which is about 1.1% of the total Bitcoin network’s hashrate of 149 exahash per second, according to data analytics firm Glassnode as of Dec. 1.Shares of Hut 8 were down more than 11% on Thursday on a rough day overall for mining stocks, with bitcoin prices slumping about 4% over the last 24 hours.

Read more: Hut 8′s Revenue Rose Over 700% in Q3, Beating Analyst Estimates

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