Hut 8 boosts self-mined Bitcoin reserves to 9.4K amid USBTC merger
Hut 8 CEO Jaime Leverton has stated that the newly merged mining business will have "highly diversified fiat revenue streams." This suggests that the merger will allow the company to generate revenue through various fiat-based sources, potentially reducing its reliance on cryptocurrency mining for income. The diversification of revenue streams can help the company navigate market fluctuations and economic uncertainties more effectively.
David Becker 
Canadian Bitcoin mining company Hut 8 continues to accumulate self-mined BTC despite a merger deal with US Bitcoin (USBTC). In September 2023, Hut 8 mined 111 Bitcoin, bringing its self-mined BTC reserves to 9,366 Bitcoin. Although the monthly mining volume increased by about 8% from the previous month, it remains significantly lower than the peak in May 2023 when Hut 8 mined 147 BTC. Over the past year, Hut 8's monthly mining volumes have decreased by nearly 60% from 277 BTC mined in September 2022. The company's long-term strategy is to accumulate Bitcoin, and it did not sell any during the month, even as its mining pace has dropped. Hut 8 holds one of the largest self-mined BTC reserves among publicly traded firms, with 7,269 BTC unencumbered out of the 9,366 BTC in reserve.
Hut 8's approach stands out as many miners have been forced to sell portions of their Bitcoin holdings due to challenging market conditions. The ongoing merger deal with USBTC is expected to create a new Bitcoin mining business known as Hut 8 Corp or "New Hut." The merger received final approval from the Supreme Court of British Columbia in September 2023. The merger is progressing as planned, and the new entity aims to have "highly diversified fiat revenue streams," which should provide resilience in the face of market fluctuations.
