Canadian miner Hut 8 has seen its Bitcoin holdings pass the 8000 Bitcoin (BTC) mark as it continues to amass its holdings through lower crypto market conditions.
Hut 8 released its latest mining report for August 2022, which showed that it increased its Bitcoin holdings by 375 BTC for the month bringing its total reserves to 8,111 BTC. The miner reported that it mined 12.1 BTC per day at a rate of 125.8 BTC per exhash for the month.
While other mining operators have been forced to sell off bits of their BTC holdings amid an ongoing crypto bear market, Hut 8 has managed to continue its “long-term HODL strategy” and still holds all of the BTC mined.
Hut 8 also announced that it has installed 180 Nvidia GPUs in its main data center in Kelowna, Canada. The center is currently mining Ether (ETH) but as the merger begins in September 2022, GPU mining equipment will be used to provide artificial intelligence, machine learning or visual effects rendering services.
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Hut 8 also continued to increase its mining capacity through the acquisition of Chinese ASIC MicroBT miners. The company paid $58.7 million for 12,000 MicroBT M30S, M30S+, and M30S++ miners in October 2021 and received orders of 1,000 per month through 2022.
Industry experts have warned of the potential effects of the Ethereum consolidation on other cryptocurrencies that run on Proof of Work (PoW) consensus algorithms. Once Ethereum moves to the Proof of Stake Beacon Chain, many of the miners who have secured the Ethereum blockchain will look to other PoW chains to continue mining.
Ethereum Classic (ETC) saw its token value increase by more than 10% in early September as blockchain explorer and mining pool operator BTC.com launched an ETC pool featuring zero-fee mining for three months.