Hut 8 cuts Bitcoin mining to 131 BTC in March

In March, the Canadian mining company Hut 8 Mining mined 131 BTC. The firm’s cryptocurrency reserves at the end of the month stood at 9,133 BTC.

? March 2023 ?
Production Update Highlights:

⛏️131 BTC mined
?️ 9,133 BTC in reserve – largest self-mined stack of any public company
⚙️ 50.38 BTC/EH

Read more ? https://t.co/HlvzomgEtb

— Hut 8 (@Hut8Mining) April 5, 2023

Hut 8 has reduced Bitcoin production volumes since the start of the year: in January the company mined 188 BTC, and in February — 156.

The company noted that total increase in mining difficulty for March was 10.67%. This negatively affected production: on a per-hash basis, March averaged 50.38 BTC/EH, versus the February figure of 62.4 BTC/EH.

As of March 31, the company had a hash rate of 2.6 EH/s. During the month, the company continued relocating equipment from a data centre in North Bay, Ontario.

In January Hut 8 filed a lawsuit against a local electricity supplier for breach of contract, and in February received notice of lease termination.

During March, the company deployed around 1,000 miners from the closed facility to the Medicine Hat site and pushed its hash rate to a maximum of 1.72 EH/s. At present, all active Hut 8 data centres are located in Alberta. 

During the month, the firm sold 240 BTC — the entire February production and part of March. At the end of January, Hut 8’s reserves stood at 9,274 BTC, but the company warned that it would liquidate part of the cryptocurrency to finance the merger with US Bitcoin. 

The parties announced the deal in February and have already received approval from one of Canada’s regulators. Hut 8 CEO Jamie Leverton confirmed that the implementation of the agreement is proceeding.

In March, the aggregate revenue of Bitcoin miners reached $757.8 million. The figure rose by 21% compared with February, according to the ForkLog analytical report.