tl;dr
Hut 8, a major Bitcoin mining company in North America, reported a 36% reduction in Bitcoin production in April. This drop was attributed to the Bitcoin halving event and the relocation of mining operations to Texas, resulting in an output of 148 Bitcoin compared to March. The company's hashrate als...
Hut 8, a major Bitcoin mining company in North America, reported a 36% reduction in Bitcoin production in April. This drop was attributed to the Bitcoin halving event and the relocation of mining operations to Texas, resulting in an output of 148 Bitcoin compared to March. The company's hashrate also decreased by 51% since its peak in December. Despite expanding its mining capacity, Hut 8's shares plummeted by 7.46% after the announcement.
In contrast, GoMining raised $3 million through a direct investment from Bitscale Capital.
This decline was predominantly due to the shift of its mining hardware from the Kearney and Granbury locations to Texas. This site, situated in Salt Creek with a robust 63-megawatt capacity, was energized over three months after construction began. This transition is part of a broader strategy to consolidate Hut 8’s mining operations within a single, more efficient location.
Further enhancing its capabilities, Hut 8 has expanded its overall mining, hosting, and managed power capacity to over one gigawatt. This includes the partial activation of a new 215-megawatt site in Ward County, Texas, dedicated to Ionic Digital.
On the other hand, Hut 8 shares plummeted 7.46% after the announcement to stand at $8.19, since before its report, it had a drop of just 0.98%. Hut 8 is one of the smallest mining companies on the market, with a market capitalization of $732.8 million.
On another note, GoMining has raised $3 million through a direct investment from Bitscale Capital, a top international VC fund. The agreement will see Bitscale Capital acquire equity worth $3 million in the shape of GOMINING, the native cryptocurrency token.
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