Canadian Bitcoin miners HUT, BITF unveil November data
16:16, 2 December 2021
Two of Canada’s pure-play cryptocurrency miners reported production data for the month of November.
Hut 8 Mining said it mined 265 bitcoin (BTC) during the month at an average production rate of 8.83 BTC per day.
All of the self-mined bitcoin was deposited into custody, Hut 8 Mining said, resulting in a total reserve balance of 5,242 BTC as of 30 November.
HUT down 11%
As of 10:40 EST (UTC-5), Hut 8 Mining stock was down 11% on the Nasdaq at $10.47.
The company also said it completed the deployment of high-performance NVIDIA chips at its Medicine Hat, Alberta mining facility, equivalent to an additional 1.8 to 2 BTC per day.
The installed hashrate, a standard measure of computational workrate, is approximately 1.7 EH/s, Hut 8 said. 1 EH/s is one quintillion hashes per second.
“Given the low power intensity of these chips, our cost per bitcoin of approximately $3,000 (£2,254) means we are achieving unit margins in excess of 95%,” Hut 8’s head of technology Jason Zaluski said.
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Bitfarms
Fellow Canadian miner Bitfarms (BITF) said it mined 339 BTC in November and achieved a hash rate of 2.1 EH/s.
On average, Bitfarms said it mined over 11 BTC per day over the month, equivalent to about $649,000 per day based on a BTC price of $59,000 on 30 November.
“Even with an increase in network difficulty, our BTC production level held steady in November, and we ended the month with nearly 3,000 bitcoin valued at $175m at current market prices,” Bitfarms founder and CEO Emiliano Grodzki said.
Bitcoin custody
Bitfarms said 2,973 BTC was deposited into custody for the year to 30 November, representing approximately 96% of the company’s 2021 production and a total value of approximately $175m based on a BTC price of $59,000.
As of 10:40 EST (UTC-5), Bitfarms stock was down 6% at $7.11.
The company also said that during the month it contractually secured 1,200 Bitmain S19 XP mining rigs for delivery in 2022 – at 140 terahash per second these are the most powerful and efficient miners available in the market.
During the month, Bitfarms said it received 3,588 Bitmain S19j Pro miners and 400 MicroBT M30S miners with the remaining 702 Bitmain S19j Pro mining rigs scheduled for delivery in the first half of December.
Read more: Fidelity launches first direct-hold Bitcoin funds in Canada
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