- Hut 8 Mining Corp. (TSX:HUT) provided a production and operations update for March 2023
- The company mined 131 Bitcoin in the period ending March 31, resulting in an average production rate of approximately 4.2 Bitcoin per day
- The difficulty level for mining Bitcoin increased by 10.67 per cent month over month making it more difficult and expensive to mine new blocks and highlighting the growing demand and strength of the Bitcoin network
- Hut 8 Mining (HUT) shares were up 6.2 per cent in Monday trading, trading at a $0.005 gain. The company’s stock opened trading at C$2.39 per share
One of Canada’s largest digital asset miners was a top gainer by percentage on the Toronto Stock Exchange to start the trading week.
Traders were drawn to a recent production and operations update from Hut 8 Mining Corp. (TSX:HUT) for March 2023.
Hut 8 (HUT) mined 131 Bitcoin in the period ending March 31, resulting in an average production rate of approximately 4.2 Bitcoin per day.
Highlights for March 2023:
- 240 Bitcoin – all of those produced in February, and part of March – were sold in March
- Total Bitcoin balance held in reserve was 9,133
- Installed ASIC hash rate (EH/s) capacity among Alberta facilities was 2.6
- 50.38 BTC/EH produced in March
- The difficulty level for mining Bitcoin increased by 10.67 per cent month over month making it more challenging and expensive to mine new blocks and highlighting the growing demand and strength of the Bitcoin network
Operational highlights:
- Remediation testing began at the Drumheller, Alberta site
- An all-time operating high of 1.72 EH/s was achieved at the Medicine Hat site after energizing approximately 1,000 additional miners transferred from the North Bay site
The company’s CEO, Jaime Leverton stated that while the team met key operational milestones in Medicine Hat in March, everyone continues to focus on two things.
“The entire management team is committed to both remediating the challenges at our Drumheller site, and closing the transaction with USBTC, which remains on track.”
Hut 8 is one of North America’s largest digital asset miners. Its main focuses include Bitcoin, blockchain, Web 3.0 and high-performance computing.
Hut 8 Mining (HUT) shares were up 6.2 per cent in Monday trading, trading at a $0.005 gain. The company’s stock opened trading at C$2.39 per share.