Hut 8 Mines 265 Bitcoin In November 2021

Hut 8 Mining Corp. (TSX: HUT) reported today its production results for the month of November 2021. The firm mined 265 bitcoin for the month, averaging at 8.83 bitcoin per day.

The crypto firm also completed the deployment of NVIDIA cryptocurrency mining processors “to mine the Ethereum network via Luxor pool.” Consistent with its hodl strategy, it is receiving payouts in bitcoin and this deployment is expected to add approximately 1.8 – 2.0 bitcoin per day.

All of the company’s self-mined bitcoin for the month were deposited into custody. Total bitcoin balance at the end of the month came in at 5,242 bitcoin, valuing the reserve assets at $380.5 million as of this writing.

The company also relayed that it currently has an installed hashrate of approximately 1.7 EH/s.

The blockchain firm recently announced its Q3 2021 results, highlighting $50.3 million in revenue and surpassing its 5,000 self-mined bitcoin target for the year.

Hut 8 Mining Corp. last traded at $15.05 on the TSX.

Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

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