Hut 8 Mining Corp (NASDAQ: HUT) (TSX: HUT) this morning issued a production update for the month of July. The company, as previously guided, has seen its monthly production increase to 9.7 bitcoin per day.
The production rate translates to 300 bitcoin mined during the month of July. The significantly improved production on a month over month basis is attributed to political actions in China related to cryptocurrencies, rather than improved computing power.
In connection with this, the firms bitcoin balance has grown to 4,123 as of July 31, which is inline with the firms stated goal of holding 5,000 bitcoin by the end of the year. The company is currently projecting that it will produce a total of 910 bitcoin in the third quarter.
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The company also indicated that it continues to add mining capacity to its network, with a total of 920 net new machines added during the month. This reportedly translates to 73 PH/s of additional computing power.
Hut 8 Mining last traded at $6.07 on the TSX.
Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
