Hut 8 Mining began to mine less bitcoins

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Hut 8 Mining mined 277 BTC in September against 375 BTC in August. At the end of the month, the Canadian mining company accumulated 8388 BTC ($168.5 million at the current exchange rate).

The average throughput was ~9.2 BTC per day. The company left all coins on the balance sheet.

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As of September 30, Hut 8 Mining hashrate reached 3.07 EH/s.

The company cited warm weather and fluctuations in electricity prices during September as the reason for the decline in production.

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According to the results of the second quarter, Hut 8 Mining recorded a loss of $69.2 million against $55.7 million in net profit in January-March.

Analysts at Arcane Research concluded that the vast majority of public miners were affected by the crypto winter. Hut 8 Mining was on the list of firms with retained losses ranging from $137 million to $1.3 billion.

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Source: Cryptocurrency

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