Hut 8 Mining Corp. (NASDAQ: HUT), one of North America's largest, innovation-focused digital asset mining pioneers, supporting open and decentralized systems since 2018, announced its intention to release its results for the quarter ended June 30, and to host a conference call on Thursday, August 12.
Meanwhile, this coming Wednesday, CEO Jaime Leverton, will join the conference to present a Company overview along with the latest updates from Hut 8 Mining.
Last week brought with it an update of the company’s production figures.
300 bitcoin was mined, resulting in average production of 9.7 Bitcoin per day; 100% of self-mined Bitcoin were deposited into custody as at July 31 , consistent with Hut 8's ongoing commitment to holding Bitcoin in reserve
Total Bitcoin balance held in reserve: 4,123 as of July 31; The compamy received and installed 920 net new machines, adding 73 PH/s to production rate
The sharp decline in global hash rate stemming from the ongoing prohibition on cryptocurrency mining in China , and the resultant downward Bitcoin network difficulty adjustments, has resulted in Hut 8 producing significantly higher quantities of Bitcoin at a lower cost per Bitcoin produced. The average production for Hut 8 increased by approximately 50%, from 6 – 6.5 Bitcoin per day in late June 2021 , to approximately 9.5 – 10 Bitcoin per day in late July 2021 .
Based on current mining conditions and installed hash rate, Hut 8 projects to mine approximately 910 Bitcoin in the third quarter of 2021, which would bring the Company's self-mined Bitcoin balance to approximately 4,733 as of September 30.
HUT gained 32 cents, or 5.4%, to $6.24.
