The bitcoin mining company Hut 8 presented this week the update of its activities for the month of May 2023. It seems that the working conditions are still difficult, due to the various technical problems that arise on its Drumheller site. However, the company is investing in solving these problems in order to optimize its results.
147 bitcoins removed in the last month
Hut 8 Mining Corp is a Canadian based company, specializing in digital asset mining. It is led by a team of technologists interested in bitcoin, blockchain and Web 3.0 issues. It has two digital asset mining sites in southern Alberta.
The bitcoin (BTC) mining company has recently been facing massive operational issues that it has been reporting since March of this year. However, these problems do not prevent him from carrying out his activities, even if the working conditions are not optimal.
In fact, the company’s May balance sheet reported mining 147 bitcoins, at an average production rate of about 4.7 bitcoins per day. Bitcoin sales for this period amounted to 179 bitcoins with total proceeds of $6.8 million.
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Persisting teams despite the difficulties that society is facing at the moment
Contrary to the announcement made by Hut 8 on Thursday June 8th, the refurbishment of the Eagle Drum location in Alberta will not take effect in 12 weeks. The company’s equipment has been damaged and is still being repaired.
In order to make his business profitable, Hut 8 installed custom firmware on his miner models. However, efforts to bring the equipment online have been delayed which affects hashrate production and bitcoin mining.
Despite all their difficulties, Hut 8 teams continue to work to achieve better performance. Jaime Leverton, the company’s Chief Executive, said, “Although it has been difficult to revive the revival of Drumhøleáin, our team continues to show courage and perseverance and they are moving forward. »
In addition, the many difficulties that Hut 8 currently faces do not prevent it from achieving success. The company’s HPC team signed a five-year deal with a government client and Leverton was quick to congratulate them:
“In addition to thanking our mining team for their hard work and dedication, I also want to congratulate our HPC team for securing a major five-year customer contract at our main data center in Kelowna. »