In November, the Canadian mining company Hut 8 Mining mined 238 BTC. Under its strategy, all generated cryptocurrency was added to reserves, bringing the total to 8,925 BTC.
❄️ November 2022❄️ Production Update Highlights:
⛏️ 238 BTC mined ~ 7.9/day
🏛️ 8,925 BTC in reserve
💥100% of #BTC deposited into custody #HODLRead more 👇https://t.co/v4cx6TAQZm
— Hut 8 Mining (@Hut8Mining) December 5, 2022
During the month, Hut 8 deployed 2,000 new Whatsminer 30S++/+ Bitcoin miners from MicroBT at the Medicine Hat facility (Alberta).
The company’s installed hashrate reached 3.27 EH/s. By the end of November, mining capacity available for mining declined to 2.44 EH/s due to the suspension of operations at the North Bay facility (Ontario). Both metrics exclude some amount of outdated equipment that is planned to be replaced by year-end.
The deployment of 2,000 new miners in Medicine Hat has improved efficiency and boosted our hashing power. At the same time, thanks to our balanced approach, we can continue to hold all that we mine, increasing the largest Bitcoin stack without encumbrance among all public companies," said Hut 8 CEO Jamie Leverton.
Among mining firms, Marathon Digital Holdings is known for a strategy of accumulating reserves in cryptocurrency. But if by the end of October they stood at 11,285 BTC, the company could freely dispose of only 3,464 BTC. The remaining assets were pledged as collateral.
Public miners first sold more cryptocurrency than they mined in June, selling about 14,600 BTC. In July the trend continued: with a total mined of 3,478 BTC the firms sold 5,768 BTC. The trend reversal occurred only in August–September.
In November, hashprice hit historic lows at $0.056 per 1 TH/s, while mining difficulty, conversely, reached a record 36.95 T. Against this backdrop, aggregate Bitcoin miners’ revenue fell by 20% versus the prior month—to $473.2 million, according to ForkLog’s analytical report.
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