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Hut 8 Adds Over 500 Bitcoin to Balance Sheet in 3 Months
The Toronto-based firm said it expects the figure of 3,806 to grow to around 5,000 by year's end.
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.
STORY CONTINUES BELOW
- 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
Jamie Crawley
Jamie has been part of CoinDesk's news team since February 2021, focusing on breaking news, Bitcoin tech and protocols and crypto VC. He holds BTC, ETH and DOGE.
