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Canadian Bitcoin miners HUT, BITF unveil November data

By Joyanta Acharjee

16:16, 2 December 2021

A cryptocurrency miner holds a physical bitcoin
Bitcoin mining at scale is highly profitable – Photo: Shutterstock

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.

BTC/USD

65,285.70 Price
+0.840% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 106.00

BCH/USD

385.05 Price
-0.760% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 2.50

XRP/USD

0.62 Price
+5.870% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 0.01168

ETH/USD

3,489.46 Price
+1.350% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 6.00

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

Markets in this article

BTC/USD
Bitcoin / USD
65285.70 USD
544.05 +0.840%

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The difference between trading assets and CFDs
The main difference between CFD trading and trading assets, such as commodities and stocks, is that you don’t own the underlying asset when you trade on a CFD.
You can still benefit if the market moves in your favour, or make a loss if it moves against you. However, with traditional trading you enter a contract to exchange the legal ownership of the individual shares or the commodities for money, and you own this until you sell it again.
CFDs are leveraged products, which means that you only need to deposit a percentage of the full value of the CFD trade in order to open a position. But with traditional trading, you buy the assets for the full amount. In the UK, there is no stamp duty on CFD trading, but there is when you buy stocks, for example.
CFDs attract overnight costs to hold the trades (unless you use 1-1 leverage), which makes them more suited to short-term trading opportunities. Stocks and commodities are more normally bought and held for longer. You might also pay a broker commission or fees when buying and selling assets direct and you’d need somewhere to store them safely.
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