Publicly traded Hut 8 has seen its Bitcoin mining production increase by 50 percent in the wake of China’s crackdown on its domestic industry.
Hut 8 Mining, one of North America’s largest Bitcoin mining operations, revealed Wednesday it produced 300 bitcoin, or an average of 9.7 BTC per day, this July.
All told, the figures were up 50 percent from previous months, an increase Hut 8 said was the result of the “ongoing prohibition on cryptocurrency mining in China.”
The first publicly traded miner on the Toronto Stock Exchange and the first Canadian miner to be listed on The Nasdaq Global Select Market, the company’s monthly filings offer a window into how North American operations are benefitting from the reduction in market competition.
During the month of July, for example, Hut 8 received and installed 920 new mining rigs, adding 73 peta hashes per second its production rate. This pushed the firm’s total computational power to nearly 2.5 exahashes per second.
Notably, all of the bitcoin the company mined last month were put into cold storage, signaling Hut 8 believes its holdings will appreciate long term.
As of July 31, Hut 8 now holds 4,123 bitcoin worth over $150 million in reserve.