Realized Hashrate of USBTC+HUT8
New filing shows 3EH/s as of March
U.S. Bitcoin Corp (USBTC) recently made headlines with its participation in the Fahrenheit joint venture that won a bid in the Celsius bankruptcy auction and its merger plan with Hut8 Mining.
According to a new filing last week, the combined self-mining capacity of USBTC and Hut8 after the deal will be 7.5 EH/s, up from the previous expectation of 7 EH/s. The filing also disclosed USBTC’s financial data up to March 31.
TheMinerMag’s analysis of the production data released by USBTC shows the company’s realized hashrate combined with that of Hut8 Mining declined in March to 3EH/s, which accounted for 56.4% of their combined installed hashrate. That would make the new Hut8 the eighth largest public bitcoin mining company by self-mining production as of Q1’23.
The filing also shows how the balance sheets of the two groups are perhaps complementary to each other for future growth. Hut8 Mining has a healthy working capital and negative net debts, and didn’t have an aggressive expansion plan for its self-mining segment. USBTC, on the other hand, has taken leverage over the past years and placed purchase orders for more than 70,000 units of the latest generation of miners – although it has exchanged a portion of the miners to pay off the equipment financing loans owed to NYDIG. The firm also scooped mining assets from the Celsius bankruptcy protection case.
It will be interesting to see how the new Hut8 will be positioned for the bitcoin halving. TheMinerMag’s analysis shows the cost of bitcoin production of USBTC and Hut8 Mining in Q1 was interestingly on each side of the range among its most notable public peers.
Finance News
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Corporate News
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Hardware & Infrastructure
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Feature
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