Digital asset miner Hut 8 Mining Corp. has reported a significant increase in its bitcoin reserves and outlined plans for expansion through asset acquisitions, according to recent reports. The North American company mined an average of 3.6 bitcoins per day in October 2023, accumulating a total of 112 bitcoins for the month. By the end of October, Hut 8’s bitcoin reserve had reached 9,113, of which 7,016 were unencumbered.
During the same period, the company sold 365 bitcoins, generating CAD$14.6 million (USD1 = CAD1.3642) at an average price of CAD$39,980 per bitcoin. Mining operations were conducted at the company’s facilities in Alberta, which had an installed ASIC hashrate capacity of 2.6 EH/s and achieved a production efficiency of 43.1 BTC/EH.
In addition to its mining activities, Hut 8 is also looking to expand through strategic acquisitions. The company has received approval from the Ontario Superior Court of Justice for its stalking-horse bid to acquire four natural gas power plants in Ontario and a bitcoin mine in North Bay from Validus Power Corp. If this acquisition is successful, Hut 8 will establish a new subsidiary in Ontario to manage these assets. Macquarie Equipment Finance Ltd. is expected to hold a minority interest of approximately 20% in this new subsidiary.
CEO Jaime Leverton has expressed the company’s commitment to building an infrastructure-first business that diversifies its revenue streams. This includes a proposed merger with US Bitcoin Corp and the development of computing infrastructure across its portfolio of seven locations. These sites power not only bitcoin mining, but also high-performance computing and traditional data centers. They also support emerging technologies such as artificial intelligence and machine learning.
Known for its unique treasury strategy, Hut 8 holds one of the largest inventories of self-mined bitcoin among publicly traded companies. The company operates five high-performance computing data centers in British Columbia and Ontario, and two bitcoin mining sites in Alberta.
