Hut 8 Sticks to Bitcoin Mining Despite Revenue Drop and Industry Diversification
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Bitcoin mining firm Hut 8 released an update detailing its Bitcoin (BTC) production efficiency.
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In September, Hut 8 netted 111 BTC but didn't sell any.
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Hut 8 says it doesn't need to sell BTC to finance operations unlike other miners.
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Many miners are diversifying into high-performance computing, more profitable per energy unit than mining.
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Hut 8 revenue dropped in Q2 2022 due to mining difficulty increases and equipment failures.