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 According to Hut 8 CEO Jaime Leverton, the new merged mining business will have “highly diversified fiat revenue streams.”
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<div class="cointelegraph">
 The Canadian Bitcoin (BTC) mining company Hut 8 continues to accumulate self<a rel="noopener noreferrer nofollow" title="-mined" href="https://thebittimes.com/tag/mined.html">-mined</a> BTC amid the ongoing <a rel="noopener noreferrer nofollow" title="merger" href="https://thebittimes.com/tag/merger.html">merger</a> deal with the industrial cryptocurrency miner, US Bitcoin (USBTC).
 Hut 8 mined 111 Bitcoin in September 2023, bringing its self-mined BTC reserves to 9,366 Bitcoin, the firm announced on Oct. 10.
 The amount of Bitcoin <a rel="noopener noreferrer nofollow" title="mined" href="https://thebittimes.com/tag/mined.html">mined</a> by Hut 8 in September is up around 8% from the previous month, but is still significantly lower than in May 2023, when Hut <a rel="noopener noreferrer nofollow" title="mined" href="https://thebittimes.com/tag/mined.html">mined</a> 147 BTC. The Bitcoin miner has seen its mining pace dropping significantly over the past year, as its monthly mining volumes dropped nearly 60% from 277 BTC <a rel="noopener noreferrer nofollow" title="mined" href="https://thebittimes.com/tag/mined.html">mined</a> in September 2022.
 But despite seeing a notable decline in the amount of monthly<a rel="noopener noreferrer nofollow" title="-mined" href="https://thebittimes.com/tag/mined.html">-mined</a> Bitcoin, Hut 8 has remained committed to its hodl strategy, which has not been seen among too many miners in the industry.
 “No Bitcoin was sold during the month,” Hut 8 said, stressing that the company owns one of the largest self-mined BTC reserves among publicly traded firms. “Total balance of Bitcoin in reserve was 9,366 on September 30 — 7,269 of which were unencumbered,” the firm added.
 Hut 8’s latest BTC reserve expansion comes in line with the company’s long-term hodl strategy. Unlike many crypto miners&nbsp;forced to sell at least part of their mined Bitcoin holdings amid tough market conditions, including firms like Core Scientific and Riot Blockchain, Hut 8 has continued to steadily increase its Bitcoin stash. As of September 2022, Hut 8 had about 8,000 BTC in its reserves.
 In the announcement, Hut 8 also mentioned the success of its ongoing merger deal with USBTC. Announced in February 2023, the transaction is expected to create a new Bitcoin mining business called Hut 8 Corp, or “New Hut.”
 Related: Bitfarms increases mining pace, generates 411 BTC in September
 In September 2023, Hut 8 and USBTC obtained final approval from the Supreme Court of British Columbia for the <a rel="noopener noreferrer nofollow" title="merger" href="https://thebittimes.com/tag/merger.html">merger</a> deal.
 “Progress toward completing our transaction with USBTC continues, and we're grateful to our shareholders who demonstrated their overwhelming support by voting in favor of the merger," Hut 8 CEO Jaime Leverton said. He added that the recent approval from the Canadian court allows the firm to “continue to advance us toward a new Hut 8,” which will have “highly diversified fiat revenue streams.”
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Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/hut-8-boosts-self-mined-bitcoin-reserves-to-9-4k-amid-usbtc-merger-tbt65801.html">https://thebittimes.com/hut-8-boosts-self-mined-bitcoin-reserves-to-9-4k-amid-usbtc-merger-tbt65801.html</a>

Hut 8 boosts self-mined Bitcoin reserves to 9.4K amid USBTC merger

TheBitTimes

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