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Hut 8 Mining Shares Drop 15% After Mining 265 Bitcoin in November

By Chris Wack

 

Hut 8 Mining Corp. shares were down 15% to $10.07 after the company said it mined 265 bitcoin in November.

The company said its average production rate was 8.83 bitcoin per day in November.

Hut 8 said 100% of the self-mined bitcoin for November were deposited into custody, consistent with Hut 8's Hodl strategy. Total bitcoin balance held in reserve is 5,242 as Tuesday.

During November, the company completed the deployment of high-performance Nvidia chips at its site in Medicine Hat, Alberta. Based on current mining economics this equates to 1.8 to 2.0 additional bitcoin per day. Hut 8 currently has an installed hashrate of 1.7 EH/s.

 

Write to Chris Wack at chris.wack@wsj.com

 

(END) Dow Jones Newswires

December 02, 2021 14:07 ET (19:07 GMT)

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