- Fresh mining report of August 2022 issued by Hut 8.
- GPU mining instruments will be utilized to supply artificial intelligence, machine understanding, or VFX-providing services.
Hut 8, one of the world’s largest crypto miners from Canada, witnessed its Bitcoin holdings cross the 8,000 Bitcoin (BTC) bar as it carries on to collect self-mined holdings in a troubled crypto market state.
Hut 8 issued its fresh mining report for August 2022, which revealed that it had grown its Bitcoin Holdings by 375 BTC in August, which took its entire stock to 8,111 BTC. the mining company said that t had mined 12.1 BTC every day at a scale of 125.8 BTC every exahash for August 2022.
When other mining traders have been pressurized to sell shares of their bitcoin holdings in between the continuously going crypto market downturn, Hut 8 has handled to carry on its self-reported “long-standing HODL strategy” and holds its entire mined Bitcoin even now.
Hut 8 also publicized that it had placed 180 Nvidia GPUs at its prime data center in Kelowna, Canada. At present, the center mines Ethereum (ETH) but with the new upgrade Merge ready to launch in September 2022, its GPU mining instruments will be utilized to supply artificial intelligence, machine understanding, or VFX providing services.
Hut 8 has also carried on enhancing its mining capability with the purchase of Chinese ASIC MicroBT miners. The company paid $58.7 million for 12,000 fresh MicroBT M30S, M30S+, and M30S++ miners in October of the last year and has got orders of 1000 machines every month by 2022.
The warning
The analyst of the Industry has alerted the potential inference of Ethereum’s Merge on other cryptos that operates on a proof-of-work (PoW) consensus mechanism. One time, Ethereum conversion to the proof-of-stake managed Beacon Chain, most of the miners that safeguarded the Ethereum blockchain will be seeking other PoW chains to resume mining.
Ethereum Classic (ETC) witnessed its token value grow by over 10% at the beginning of September as blockchain explorer and mining pool operator BTC.com introduced an Ethereum pool representing zero-fee mining for more than a period of three-month.
Source: https://www.thecoinrepublic.com/2022/09/07/hut-8-crosses-the-8000-bitcoin-bar-as-it-carries-on-to-hodl/