Hut 8's Bitcoin Output Holds Steady in October, Defying Decline in Industry Production

<p>Hut 8 Mining Corp. mined 112 Bitcoins in October
amid recent developments, including the merger with US Bitcoin Corp. The mining firm's output in the period was equal to a
daily production rate of around 3.6 Bitcoins.</p><p>During October, Hut 8 sold 365 Bitcoins for CAD$14.6 million. This translates to an average selling price of
approximately CAD$39,980 per Bitcoin. As a result, Hut 8 maintains a
significant Bitcoin reserve of 9,113,
according to the statement released by the company yesterday (Monday). </p><p><a href="https://www.financemagnates.com/tag/hut-8/" target="_blank" rel="follow">Hut 8</a> installed an ASIC hash rate capacity of 2.6
EH/s in its Alberta facilities by the end of October. According to the company,
this resulted in a production rate of 43.1 BTC/EH.</p><p>Hut 8 Expands Operations </p><p>Besides that, during the period, Hut 8 secured
approval from the Ontario Superior Court of Justice for a bid to acquire four
natural gas power plants in Ontario, totaling approximately 310 MW. This
<a href="https://www.financemagnates.com/terms/a/acquisition/">acquisition</a> includes a Bitcoin mine in North Bay. Hut 8 anticipates that this
move, coupled with its proposed business combination with US Bitcoin Corp., will strengthen its operations. </p><p>Jaime Leverton, the CEO of Hut 8, mentioned: "While
our mining results remained steady month over month, we made meaningful
progress toward building an infrastructure-first, diversified operation that we
believe will be the first in our industry. Between being granted approval to
submit a stalking horse bid for approximately 310 MW of natural gas power plant
assets in Ontario, including our former North Bay site, and our work to close
our proposed business combination with US Bitcoin Corp., we are making headway
toward creating a new Hut 8."</p><blockquote><p lang="en" dir="ltr">October 2023 Production Update Highlights: