In April, Canadian mining company Hut 8 Mining mined 132 BTC. The firm held 9,265 BTC in reserves at the end of the month.
April 2023
Production Update Highlights:
🏛️ 9,265 BTC in reserve
👉finalizing options to operationalize miners from North Bay site
⛏️132 BTC mined
âś…progress on remediation at Drumheller site
⚙️50.77 BTC/EHRead the full release here: https://t.co/pvlZDzOV1e.
— Hut8 (@Hut8Mining) May 9, 2023
The average power of Hut 8 was 5.77 BTC/EH. The total hashrate of the company’s mining rigs reached 2.6 EH/s at the end of the month.
Representatives of the organization clarified that they did not sell a single bitcoin during the reporting period.
During April, Hut 8 was completing renovations at its premises in Drumheller, according to the statement. Because of this, the capacity of the installations decreased by about 15%.
The increase in electricity tariffs also “created additional obstacles” for the company.
“We are well aware of the impact the problems at Drumheller have on the business as a whole: they are complex, but we have made significant progress and have a plan to address them. The firm is extremely focused on closing a deal with US Bitcoin Corp. that will increase our total capacity to 7.02 EH/s and provide access to additional energy markets,” Hut 8 CEO said.
Last month, the company mined just one coin less — 131 BTC. Since the beginning of the year, the company has been reducing production volumes: in January, 188 BTC, and in February already 156 BTC.
Recall that at the end of April, the Bit Digital miner reported a profit of $32.3 million in 2022. During the reporting period, the company mined 1247.5 BTC and 294.3 ETH
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