Crypto Mining Company Hut 8’s Reserves Exceed 5,000 BTC
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At the end of the third quarter, Canadian crypto mining company Hut 8 accumulated a total of 5,053 BTC (valued at $325 million). It must be noted this is a huge milestone considering Hut 8 planned to reach the 5,000 BTC barrier by the end of the year. The company CFO Shane Downey said:

"We are thrilled to have reported our third consecutive record-breaking quarterly results and to have already surpassed our goal of 5,000 Bitcoin held in reserve."

During the quarter, Hut 8 mined a total of 905 BTC, which it held in reserves.

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The net income for the third quarter amounted to approximately $40 million. Hosting services have generated about $2 million of that amount.

On November 10, the company's hashrate reached approximately 1.7 EH/s, including the power of the NVIDIA chips. The aggregate hashrate of the devices located at Hut 8's facilities is 4.5 EH/s.

Hut 8 has received the full batch of 10,000 GPUs from the hardware maker the company ordered back in March. 91% of the devices are already mining Ethereum through the Luxor pool. In accordance with its own strategy, the company receives payouts in Bitcoin. Hut 8's press release states:

"Based on current mining economics this equates to approximately 1.8 – 2.0 Bitcoin per day, with an average cost to mine each Bitcoin of less than $3,000, making this NVIDIA GPU fleet the most profitable portion of Hut 8's self-mining operation."

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