In July, Hut 8 continued its BTC “HODL approach” despite miner capitulation.

Other Bitcoin miners have decreased their BTC holdings during the bad market, including Core Scientific, Argo Blockchain, and Riot Blockchain.

Hut 8 Mining Corp., a Canadian Bitcoin (BTC) miner, increased its enormous BTC reserves in July while maintaining its long-term “HODL strategy” in the face of market turbulence.

The firm, which has its headquarters in Alberta, produced 330 Bitcoin in July at an average rate of 10.61 BTC per day, bringing its total supply to 7,736 BTC. According to information released by the business on Friday, it produced 113.01 BTC per exahash on a monthly basis.

According to market statistics, Hut 8, which trades on the Nasdaq and Toronto stock markets, is one among the biggest public Bitcoin holders.

Hut 8 deposed all of its self-mined Bitcoin into custody as part of its continuous HODL policy, defying a rising industry trend wherein miners sell a portion of their holdings during the bad market. Core Scientific, a Texas-based miner, sold 7,202 BTC in June for an average price of $23,000 in order to pay for servers and pay off debt. After boosting its mining production by 10% the next month, the firm earned back 1,221 BTC.

Argo Blockchain, a mining company, decreased its holdings in July by 887 BTC to pay off a loan arrangement with Galaxy Digital and to support its operations. Separately, in order to generate money for its operations, Riot Blockchain reduced its Bitcoin holdings for a third straight month in June.

Since the average profit per bitcoin mined in 2021 was more than four times greater than the average in the previous year, mining bitcoin was a very profitable enterprise. Miners that are in the red have been forced to sell into a deteriorating market due to the collapse in Bitcoin values in 2022.

HUT 8’s shares increased 3.5 percent on Friday to close at $2.38. The stock has lost approximately 70% of its value so far this year and 80% of its value since its high on November 8, 2021, when Bitcoin was selling at about $70,000.

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