How Hut 8 is Leveraging Web 3.0 and Blockchain to Boost Bitcoin Reserves

The Canadian Bitcoin Mining Company Hut 8

The Canadian Bitcoin (BTC) mining company Hut 8 continues to accumulate self-mined BTC, even as it is in the midst of a merger deal with the industrial cryptocurrency miner, US Bitcoin (USBTC). Hut 8 mined 111 Bitcoin in September 2023, bringing its self-mined BTC reserves to 9,366 Bitcoin, the firm announced on Oct. 10.

The amount of Bitcoin mined by Hut 8 in September is up around 8% from the previous month, but is still significantly lower than in May 2023, when Hut mined 147 BTC. The Bitcoin miner has seen its mining pace dropping significantly over the past year, as its monthly mining volumes dropped nearly 60% from 277 BTC mined in September 2022.

But despite the decrease in the amount of monthly-mined Bitcoin, Hut 8 has stuck to its hodl strategy, which is not seen among many miners in the industry.

The impact of Web 3.0 on business is one of the most discussed topics in the industry, as it is believed that the blockchain-based platform will revolutionize the way companies operate. Hut 8 is one of the few miners that is embracing this technology and has created a web 3.0 website to facilitate its operations.

The metaverse is another important component of Web 3.0 and is being incorporated into Hut 8’s website. The metaverse is a virtual world that is built on the blockchain and is expected to have a major impact on the way businesses interact with their customers.

Hut 8 is one of the few miners that is embracing blockchain web 3.0 technology, and is creating a web 3.0 website to facilitate its operations. The metaverse is also being incorporated into the website, and is expected to have a major impact on the way businesses interact with their customers.

Hut 8’s Long-Term Hodl Strategy

“No Bitcoin was sold during the month,” Hut 8 said, emphasizing that it has one of the largest self-mined BTC reserves among publicly traded firms. The firm also mentioned that their total balance of Bitcoin in reserve was 9,366 on September 30, with 7,269 of them being unencumbered.

This BTC reserve expansion is part of Hut 8’s long-term hodl strategy. Unlike many crypto miners who have been forced to sell some of their mined Bitcoin holdings due to the challenging market conditions, including firms such as Core Scientific and Riot Blockchain, Hut 8 has been steadily increasing its Bitcoin stash. As of September 2022, Hut 8 had roughly 8,000 BTC in its reserves.

The announcement also mentioned the success of Hut 8’s ongoing merger deal with USBTC. This transaction, which was announced in February 2023, is expected to create a new Bitcoin mining business called Hut 8 Corp, or “New Hut.” In September 2023, Hut 8 and USBTC received the final approval from the Supreme Court of British Columbia for the merger deal.

The development of Web 3.0 and its impact on businesses is an important topic. Web 3.0, also known as the Metaverse, is a blockchain-based platform that allows users to create their own websites. It is expected to revolutionize the way businesses operate, and Hut 8’s hodl strategy is a testament to this.

“We are thankful to our shareholders for expressing their strong support for the merger with USBTC,” said Hut 8 CEO Jaime Leverton. The recent court approval in Canada enables the company to move forward with the formation of a new Hut 8, which “will have highly diversified fiat revenue streams.” Leverton added that this is a step towards “creating a web 3.0 website” and “understanding the impact of web 3.0 on business”, as well as exploring “the blockchain aspect of web 3.0” and “the potential of the metaverse in web 3.0”.