Hut 8 Reports Double-Digit Decline in Bitcoins Mined in June

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Bitcoin mining company Hut 8 released
its production and operations update for the month of June today (Thursday) . In the report, the company
disclosed that it mined 120 Bitcoins, a production rate equivalent to 4 Bitcoins per day.</p><p>During the period, the
Canadian-based miner sold 217 bitcoins, comprising all the crypto assets mined
in May, and 70 from what was mined in June. Currently, the number of Bitcoins in the
reserves of the miner is 9,139, 8,289 of which are free from debt, the report disclosed.</p><p>Hut 8 Reports Declining
Production</p><p>The amount of Bitcoins mined by <a href="https://www.financemagnates.com/tag/hut-8/" target="_blank" rel="follow">Hut 8</a> in June represents a decline of 18% from 147 mined in the previous month. Additionally, the amount dropped by 63%
from 328 bitcoins reported in the same period last year. The
decline underscores the impact that crypto winter has had on the <a href="https://www.financemagnates.com/terms/b/bitcoin/">Bitcoin</a> miners.</p><p>In the Thursday's report,
Hut 8 said it was continuing with the repairs and the restoration of the mining equipment
at Drumheller, Alberta, and that it repaired more than 3,700 equipment in
June. The installed ASIC hash rate capacity for the facilities in
Alberta was 2.6 EH/s as at the end of the month.</p><p><a href="https://www.financemagnates.com/" target="_blank" rel="follow">Finance Magnates</a>
reported a week ago that Hut 8 had <a href="https://www.financemagnates.com/institutional-forex/bitcoin-miner-hut-8-secures-50m-credit-facility-from-coinbase/" target="_blank" rel="follow">secured
a credit facility</a> worth
$50 million from Coinbase and was planning to use the funds for the general corporate
purposes. Additionally, Hut 8's Chief Executive Officer, Jaime Leverton, said
the funds would give miners "additional financial flexibility" ahead
of Bitcoin <a href="https://www.financemagnates.com/terms/h/halving/">halving</a>.</p><p>USBTC Merge</p><p>"June was very
productive, with key developments across our mining and high-performance
computing operations business and progress on obtaining key regulatory
approvals related to the merger with USBTC," commented Leverton. "We
are committed to keeping that momentum going as we work diligently at closing
the transaction with US Bitcoin (USBTC)."</p><p>Hut
8 <a href="https://www.financemagnates.com/cryptocurrency/hut-8-merges-with-us-bitcoin-to-fight-crypto-winter/" target="_blank" rel="follow">merged
with USBTC</a> in February,
resulting in a large-scale publicly-listed cryptocurrency miner named Hut 8
Corp. The combined entity was reported to have a potential mining capacity of
7.5 EH/s, ranking among the largest mining firms in North America. </p><p>During the
unveiling of the merger, the companies stated that the goal of the undertaking was
to diversify revenues, provide cheaper mining, and promote positive
environmental governance and social practices.</p>

This article was written by Jared Kirui at www.financemagnates.com.