Hut 8 Mining trims Bitcoin production in September

Hut 8 Mining trimmed Bitcoin production in September, mining 277 BTC vs 375 BTC in August. By the end of the month the Canadian mining company had accumulated 8,388 BTC ($168.5 million at current rate).

September 2022 Production Update:

📅277 BTC mined in September ~9.2 BTC/day
🚀8,388 BTC in reserve #HODL
🤖Hut 8 produced 90.2 BTC/EH in September
🦾Installed ASIC hash rate capacity of 3.07 EH/s
👉100% of #BTC deposited into custody

Read More👇https://t.co/iVGY0RYrVd

— Hut 8 Mining (@Hut8Mining) October 4, 2022

The average daily production was ~9.2 BTC. All coins remained on the balance sheet.

As of September 30, Hut 8 Mining’s hash rate stood at 3.07 EH/s.

The company attributed the decline in production to warm weather and fluctuations in electricity prices during September.

According to ForkLog‘s second-quarter results, Hut 8 Mining recorded a loss of $69.2 million, compared with a net profit of $55.7 million in January–March.

As reported, Arcane Research analysts concluded that the overwhelming majority of public miners suffered due to crypto-winter. Hut 8 Mining appeared on a list of firms carrying undistributed losses ranging from $137 million to $1.3 billion.

According to ForkLog‘s report, mining stocks in September showed a negative trend, as Bitcoin largely moved sideways.

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