Canadian mining agency Hut 8 noticed its Bitcoin holdings surpass the 8,000 Bitcoin (BTC) mark because it continues to build up self-mined holdings by way of depressed cryptocurrency market circumstances.

Hut 8 releasedits newest mining report for August 2022, which confirmed that it had elevated its Bitcoin holdings by 375 BTC for the month to take its complete reserves to eight,111 BTC. The mining agency a reported that it had mined 12.1 BTC per day at a fee of 125.8 BTC per exahash for the month.

Whereas different mining operators have been compelled to promote parts of their BTC holdings amid the continuing cryptocurrency bear market, Hut 8 has managed to proceed its self-described “long-standing HODL technique” and nonetheless holds all of its mined BTC.

Hut 8 additionally introduced that it had put in 180 Nvidia GPUs at its most important knowledge middle in Kelowna, Canada. The middle at the moment mines Ether (ETH) however withthe Mergeset to happen in September 2022, its GPU mining gear might be used to offer synthetic intelligence, machine studying or VFX rendering companies.

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Hut 8 has additionally continued growing its mining capability with the acquisition of Chinese language ASIC MicroBT miners. The agency paid $58.7 million for 12,000 new MicroBT M30S, M30S+ and M30S++ miners in October 2021 and has acquired orders of 1000 machines month-to-month by way of 2022.

Business consultants have warned of the potential implications of Ethereum’s Merge on different cryptocurrencies that run on proof-of-work (PoW) consensus algorithms. As soon as Ethereum transitions to the proof-of-stake operated Beacon Chain, many miners that secured the Ethereum blockchain might be trying to different PoW chains to proceed mining.

Ethereum Basic (ETC) noticed its token worth enhance by greater than 10% in early September as blockchain explorer and mining pool operator BTC.com launched an ETC pool that includes zero-fee mining over a three-month interval.