Hut 8 ends in 2021 with 5,518 BTC in reserve and secures a $ 30 million mortgage

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  • Hut 8 mined 276 BTC in December, up from 265 in the previous month.
  • The miner deposited all mined bitcoins in custody according to his “Hodl” strategy.
  • Hut 8 now holds 5,518 BTC in reserve, a 97% increase from December 2020.

Hut 8, a publicly traded Bitcoin mining company, mined an average of 8.9 BTC per day in December, making total production of 276 Bitcoin per month, the company said in a statement on Wednesday.

Following its “Hodl” strategy, Hut 8 stated that it would hold all Bitcoins produced during this period in custody, and its Bitcoin holdings now amount to 5,518 BTC, an increase of 97% compared to the end of the previous year.

“2021 was a year of transformation for Hut 8, with the focus not only on rebuilding and modernization, but also on securing the future of our operations,” said Jaime Leverton, CEO of Hut 8, in a statement.

Hut 8 said that on Dec. 30, through its wholly owned subsidiary Hut 8 Holdings Inc., it secured a $ 30 million loan from Trinity Capital Inc. to fund equipment to gain access to non-dilutive growth capital . The structure of the deal limits collateral support to a number of MicroBT machines deployed on the miner’s Medicine Hat, Alberta, farm, Hut 8 said.

“This leverage allows us to expand our capital structure and overall liquidity while achieving an attractive cost of capital with limited security in a traditional equipment finance,” said Shane Downey, CFO of Hut 8, in a statement.

The December production of the public miner exceeded the previous month’s output by about 4%. Hut 8 mined 265 BTC in November when it used Luxor Technologies’ pooling services to grow its daily bitcoin revenue by switching computing power between blockchains while always receiving payouts in bitcoin.

Hut 8 stated that it currently has two exahashes per second (EH / s) of installed hash rate capacity installed, an increase of 125% from the end of 2020. In November, the company announced that it had a hash rate capacity of 1.7 EH / s.


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