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

The 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, which is a production rate equivalent to 4 Bitcoins per day.

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 held by the miner in reserves is 9,139. From that number, 8,289 have not been used as security for debt.

Hut 8 Reports Declining Production

The amount of Bitcoins mined by Hut 8 in June represents a decline of 18% from 147 mined in the previous month. Additionally, the amount dropped 63% from 328 bitcoins reported in the same period last year. The decline underscores the impact that the crypto winter has had on Bitcoin miners.

In a report on Thursday, Hut 8 said it was continuing with the repairs and the restoration of the mining equipment at Drumheller, Alberta, and that it had repaired more than 3,700 mining equipment in June. The installed ASIC hash rate capacity for the facilities in Alberta was 2.6 EH/s at the end of the month.

Finance Magnates reported a week ago that Hut 8 had secured a credit facility worth $50 million from Coinbase and was planning to use the funds for general corporate purposes. Additionally, Hut 8's Chief Executive Officer, Jaime Leverton, said the funds would give miners "additional financial flexibility" ahead of Bitcoin halving.

USBTC Merge

"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)."

Hut 8 merged with USBTC 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.

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.