Bitcoin

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 <p>Bitcoin mining company Hut 8 released a new update this Tuesday, October 10, unveiling details of its BTC production for the past month.</p>
 <p>However, with the details of BTC production, the company also decided to halt BTC sales in anticipation of the halving. The report said that Hut 8 managed to mine 111 BTC in September 2023 and claimed it did not sell a single satoshi during this period.</p>
 <h2 id="hut-8-is-bullish-on-btc-price-in-the-long-term">Hut 8 is Bullish on BTC Price in the Long Term</h2>
 <p>Bitcoin halving — the event after every 210,000 blocks are created and cut the mining rewards in half — is commonly believed to be the main force behind every significant bull run.</p>
 <p>While halvings are generally bad for miners, since the amount of BTC gets halved, the surge in the coin’s following price usually makes up for the reward drop.</p>
 <p>Hut 8 said it is bullish on the coin’s long-term price and currently doesn’t need to sell any newly mined BTC to finance operations.</p>
 <p>Erin Dermer, Hut 8’s senior VP of communications states:</p>
 <blockquote>
  <p>We are fortunate that, unlike some single-threaded miners, we do not need to sell our Bitcoin production to finance operations.</p>
 </blockquote>
 <h2 id="miners-anticipate-a-post-halving-bull-run">Miners Anticipate a Post-Halving Bull Run</h2>
 <p>With halving on the horizon, most BTC mining firms are likely to ramp up production as much as possible and reduce their BTC sales in anticipation of the price increase.</p>
 <p>Historically, the coin’s price tends to grow as the halving approaches, only to see a sharp drop after it happens. Typically, six to twelve months after that, Bitcoin experiences a bull run that takes it to a new all-time high.</p>
 <p>At least, this is how things have worked out in the past. While it is important to note that this is not a certainty, many seem to believe the situation will play out similarly moving forward.</p>
 <p>After the halving, Hut may experience revenue challenges, as it will still cut the miners’ rates in half. However, it, as well as other companies, are bullish on Bitcoin’s long-term price.</p>
 <p>“We believe that post-halving, some miners will face headwinds as efficiency becomes paramount, the difficulty increases, and block rewards are reduced by half. Hut 8 has long been a HODLer of Bitcoin, as we are bullish that it will increase in value over time,” Dermer said.</p>
 <h3 id="related">Related</h3>
 <ul>
  <li>How you can mine crypto from your phone</li>
  <li>Riot’s Power Strategy Boosts Q2 Earnings Amidst Bitcoin Price Fluctuations</li>
  <li>China’s Bitcoin Mining Industry Could Derail Climate Targets</li>
 </ul>
 <p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/bitcoin-miner-hut-8-stopped-selling-btc-in-anticipation-of-the-halving-tbt65925.html">https://thebittimes.com/bitcoin-miner-hut-8-stopped-selling-btc-in-anticipation-of-the-halving-tbt65925.html</a></p>
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Bitcoin Miner Hut 8 Stopped Selling BTC in Anticipation of the Halving

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TheBitTimes

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