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By Adriano Marchese
Hut 8 Mining Corp. said on Monday that it plans to increase self-mined bitcoin held in its balance sheet by 31% by the end of 2022 due to the expansion of hashrate in the near term.
The Canadian bitcoin mining company said it expects the installed hashrate to expand to around 6 exahash from its current hashrate of around 1.2 exahash. By 2021, the company expects the expansion to initially be between 2.5 exahash and 3 exahash.
The bitcoin hash rate is the rate at which computers on the network can hash data to verify transactions and perform the encryption that secures the bitcoin network.
The company said that following the expansion, it expects its balance sheet-held self-mined bitcoin to reach around 5,000 by the end of 2022, up from around 3,806 as of June 27.
“Given the current dynamics of the bitcoin network, these hashrate installations are expected to increase average production from 6.2 to 7.3 bitcoin per day at [between] 8 and 10 bitcoins a day, ”the company said.
Write to Adriano Marchese at [email protected]
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