- Hut 8 mined 276 BTC in December, up from 265 in the previous month.
- The miner deposited all bitcoin mined into custody, as per its “hodl” strategy.
- Hut 8 now holds 5,518 BTC in reserve, a 97% increase from December 2020.
Hut 8, a publicly-listed bitcoin mining company, mined 8.9 BTC per day on average in December, totaling 276 bitcoin produced in the month, the company said in a statement Wednesday.
Following on its “hodl” strategy, Hut 8 said it deposited all bitcoin produced in the period into custody, and its bitcoin holdings now amount to 5,518 BTC, a 97% increase from the previous year-end.
Hut 8 said it also secured a $30 million equipment financing loan with Trinity Capital Inc. on December 30 through its wholly-owned subsidiary Hut 8 Holdings Inc. to access non-dilutive growth capital. The deal’s structure limits collateral support to a set of MicroBT machines being deployed to the miner’s Medicine Hat, Alberta, farm, Hut 8 said.
“This debt financing allows us to expand our capital structure and overall liquidity, while achieving an attractive cost of capital with limited security, in a traditional equipment financing arrangement,” Hut 8 CFO Shane Downey said in a statement.
The public miner’s December production outpaced its previous month’s performance by about 4%. Hut 8 mined 265 BTC in