Hut 8’s BTC Reserves Increase to 9,274 BTC

Canadian mining company Hut 8 Mining mined 188 BTC last month and brought the volume of its reserves in BTC to 9,274 BTC.

However, the company plans to sell the coins generated during the month to finance operating expenses.

The company announced on February 7 a merger with US Bitcoin on the principle of parity. The combined structure, called Hut 8 Corp, will be based in the US.

As part of the deal, the Canadian firm agreed to provide the partner with bridge financing in the range of $6-6.5 million for a transitional period.

Hut 8 CEO Jamie Leverton said:

“I am confident that selling products while we focus on the merger is the right approach as we look to implement strong self-hosted mining, hosting and managed HPC infrastructure in the long term.”