The Canadian mine operator managed to HODL in tough market conditions, while other miners sold their holdings to manage operating costs.

Canadian mining company Hut 8 saw its bitcoin holdings exceed 8,000 bitcoins.

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It continues to accumulate its own mining assets amid a depressed cryptocurrency market.

Hut 8 has released its latest mining report for August 2022 showing that it has increased its Bitcoin holdings by 375 BTC in one month, bringing its total holdings to 8,111 BTC. The mining company reported that it mined 12.1 BTC per day at a rate of 125.8 BTC per exahash during the month.

While other mining operators had to sell some of their BTC holdings amid the ongoing crypto bear market, Hut 8 has managed to keep up with its self-proclaimed “long-standing HODL strategy” and still hold all the BTC mined.

Hut 8 also announced the installation of 180 Nvidia GPUs in its main data center in Kelowna, Canada. Currently, the center is engaged in the production of ether.

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however, since the merger will take place in September 2022, GPU mining hardware will be used to provide artificial intelligence, machine learning or visual effects rendering services.

Related: Repurposing Heat for Bitcoin Mining Could Solve Global Energy Crisis: Hidden

Hut 8 also continues to expand its mining capacity with the acquisition of Chinese ASIC MicroBT miners. In October 2021, the firm paid $58.7 million for 12,000 new MicroBT M30S, M30S+, and M30S++ miners and received 1,000 machine orders per month through 2022.

Industry experts are warning of the potential impact of the Ethereum merger on other cryptocurrencies working on proof-of-work (PoW) consensus algorithms. When Ethereum switches to the Proof-of-Stake Token Chain, many miners securing the Ethereum blockchain will look for other PoW chains to continue mining.

In early September, the value of the Ethereum Classic (ETC) token rose more than 10% when blockchain researcher and mining pool operator launched an ETC pool with zero mining fees for three months.

Source: CoinTelegraph