The Canadian miner the term “miner” can refer to both the person doing the mining and the device that is used to mine crypto. did not sell bitcoins during June, nor does it plan to do so in the future. In addition, it is increasing its production.
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- Hut 8 has over 7,000 BTC on its balance sheet and does not plan to sell.
- Other miners contributors to a blockchain taking part in the process of mining. They can be professional miners or organizations with large-scale operations, or hobbyists who set up mining rigs at home or in the office. sell amid bear someone who believes that prices in a given market will decline over an extended period. Such a person might be referred to as “bearish.” market.
- CleanSpark sold 328 BTC in June, almost all of what it mined.
Hut 8 the Canada-based cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. company, has expressed confidence in its strategy to retain Bitcoin the biggest and most popular cryptocurrency in the world. It is a decentralized digital currency that enables users to make trustless peer-to-peer transactions. even as their peers in the industry are selling their currencies to keep their operations going amid the turbulence in the market.
The publicly traded mining a process where blocks are added to a blockchain, verifying transactions. It is also the process through which new bitcoin or some altcoins are created. giant reported on Wednesday that it increased its reserves of Bitcoin (BTC) during the month of June, having generated 328 BTC at an average mining rate of 10.9 coins per day. The figure brought the company’s balance sheet to a total of 7,406 BTC. bitcoins with all coins sent to the reserves.
“ 100% of self-mined Bitcoin in June was deposited into escrow, in line with our long-standing HODL a type of passive investment strategy where you hold an investment for a long period of time, regardless of any changes in the price or markets. The term first became famous due to a typo made in a Bitcoin forum, and the term is now commonly expanded to stand for “Hold On for Dear Life.” strategy. “, dijo Hut 8 in a informe publicado este miércoles.
Hut 8 does HODL and swims against the tide
In addition to pledging to continue to pursue its strategy to maintain Bitcoin in the long a situation where you buy a cryptocurrency with the expectation of selling it at a higher price for profit later. term, it also showed confidence in its growth plans. In its statement today, the miner reported that, over the past month, it significantly increased its production after adding 5,800 mining rigs of bitcoins to your fleet.
The new equipment, which was added to the North Bay, Ontario, facility, operates at 20 megawatts of power (MW), providing an operating capacity of 2.78 exhash per second (EH/s). ” The team had a successful month in North Bay and will continue to climb over the next few weeks “commented the CEO of Hut 8 Jamie Leverton, who added:
We are confident that our HODL strategy, coupled with the non-correlated recurring revenue from our high performance computing business, will enable us to continue to successfully navigate today’s market.
The movement of Hut 8 from that of other mining companies that have been selling off their bitcoins to cover operating expenses and reduce its debts. As reported by DiarioBitcoin In the last few weeks several cryptocurrency miners have been seeing a reduction in their balances of Bitcoin as the bear market an area or arena, online or offline, in which commercial dealings are conducted. extends.
Miners have seen their incomes dwindle as the price of Bitcoin has been significantly reduced in the last month. Some also face margin calls on debt issued during bullish times, as the value of their collateral, which is typically at Bitcoin or mining rigs, has also declined, as has the explains CoinDesk .
CleanSpark joins the list of miners selling
The miner ofBitcoin CleanSpark has become the latest to opt to sell its coins. According to a report cited byThe Block a file containing information on transactions completed during a given time period. Blocks are the constituent parts of a blockchain.the company sold 328 bitcoins en junio which accounted for almost all of the BTC it mined during the month (a total of 339 BTC).
CleanSpark which increased its production during June, said it had raised approximately USD $8.4 million from the sale of the bitcoins at an average of USD $25,644 per coin. While it still holds some 561 bitcoins in its balance sheet, quite unlike Hut 8 The miner does not plan to pursue a strategy to “hodle” the flagship cryptocurrency.
“ We won’t blindly hoard bitcoins at the cost of diluting our shareholders and taking on unnecessary debt “, CEO Zach Bradford had commented during an earnings call in early May, as he recalled.The Block.
Yesterday we had already reported that Core Scientific one of the largest public cryptocurrencies,había vendido 7.202 bitcoins during June, which reduced its reserves to 1,959 BTC. Bitfarms another Canadian mining company, announced two weeks ago the sale of 3,000 bitcoins to reduce their debt and increase their liquidity. A report by Arcane Research suggests that they are not the only ones, as several major publicly traded miners have been selling more bitcoins of those who produce in recent weeks.
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Article by Hannah Estefania Perez / DiarioBitcoin
Imagen de Depositphotos
