Mining crypto

Crypto Miner Hut 8 Launches New Facility in Ontario, Bitcoin Mining Production Remains Robust

On Monday, Hut 8 Mining Corp, a Bitcoin mining company, released its Bitcoin (“BTC”) Production and miner installation updates for May 2022.

According to the latest report from Hut 8 Mining Corp, cryptocurrency mining is a good investment. It is obvious that most miners seem to be solidly profitable.

Hut 8 improved its bitcoin holdings in the period ending May 31. Last week, on Thursday, the mining company announced that it had started operations at its third mining facility at its North Bay site in Ontario, Canada. In late May, the company began testing its North Bay facility and began operating with 15 MW of power on June 2, adding approximately 400 PH/s to its operating capacity.

According to the report, Hut 8 mined 309 Bitcoins in May, reaching an average production rate of 10 Bitcoins per day. The company has decided to keep all of its self-mined Bitcoins in line with its long-standing HODL strategy.

As of May 31, Hut 8 reported having a total of 7,078 BTC held in its balance sheet and installed operating capacity of 2.64 exahash per second. Its Ethereum mining constituted about 14% of its total output, the company said.

According to the company’s statement, as electricity costs continued to fluctuate throughout the month, the company had to limit consumption at its facility in Drumheller (a city in Canada) as the price at counting electricity was increasing.

Hut 8 said it continued to add miners and increase its power supply throughout June and expects the North Bay mine to have a significant impact on its production results at the end of June. ‘coming.

Jaime Leverton, CEO of Hut 8, spoke about the development and said, “We are thrilled that our most powerful and efficient machines are now mining Bitcoin at our North Bay site. Over the next few weeks, our team will continue to install and bring live miners online, supplementing production from our Medicine Hat and Drumheller facilities.

Investors see attractive opportunities in miners

The latest Hut 8 development is a testament that crypto mining companies are providing a compelling investment alternative compared to other forms of direct and indirect exposure to cryptocurrencies.

Mining is still very profitable and gross margins remain very healthy despite the sharp drop in crypto prices and the increase in network hashrate.

Leading bitcoin mining companies such as Marathon Digital, Hut 8, Bitfarms, Hut 8, Argo Blockchain and Bit Digital have continued to build cost leadership and production scale, providing better investment opportunities than volatile cryptocurrencies.

They have become a popular means by which many investors seek to invest indirectly in the underlying asset.

Image source: Shutterstock