HUT:CC - Hut 8 Mining produced 120 BTC as Marathon mined 979 in June
2023-07-06 07:17:13 ET
Hut 8 Mining (TSE: HUT), a leading Bitcoin mining company, announced that it had produced 120 Bitcoins in June, averaging 4 coins per day. At the current price, these coins were worth over $3.6 million.
The production in June was lower than the 147 that it mined in the previous month. In a statement, the firm attributed the decline to its repair and restoration in its Alberta site. It is now focusing on reinstalling the repaired mining.
Hut 8 Mining sold 217 Bitcoins in June, raising $7.9 million. It now has 9,316 coins, which are now valued at more than $279 million. In a statement, the company’s CEO said :
“June was very productive, with key developments across our mining and high-performance computing operations businesses, and progress on obtaining key regulatory approvals related to the merger with USBTC.”
Hut 8 Mining produced far less coins than Marathon Digital. In its report, Marathon said that it produced 979 BTC in June, which was about 21% lower than what it produced in the previous month. The figure was almost 600% higher than what it produced in the same month last year. Marathon Digital now holds 12,538 Bitcoins valued at over $360 million.
Cipher Mining, on the other hand, produced 360 BTC coins in June and ended the quarter with about 417 coins in its balance sheet.
Bitcoin mining companies are having a great year, with most of their shares climbing by more than 120%. This rally happened because of the soaring Bitcoin prices, with the coin soaring by almost 100% this year.
These companies are also bracing for the next Bitcoin halving event that will slash their block rewards by half.
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