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    IOT in E-Commerce Market Is Going to Boom | Major Giants Amazon,Alibaba,eBay

    IOT in E-Commerce Market Is Going to Boom | Major Giants Amazon,Alibaba,eBay

    Enhancing Security in Online Gambling with Blockchain Technology

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    How to Play Treeverse: Beginner’s Guide to Gameplay, NFTs, and Tokenomics

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    GameFi Q1 2025 Report: User Growth, Chain Activity, and Revenue Trends

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    Experience to Earn: Everdome's Metaverse Frontier

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    Exploring NetVRk: What Is Behind This AI-Driven Virtual Universe?

    Council of Europe Highlights Metaverse's Impact on Privacy and Democracy

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    Meta Cancels Next-Gen Headset Amidst Changing Market Landscape

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    Hype fades as NFT platforms lose users

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    Donald Trump Had Said, ‘The US Government Will Not Sell Cryptocurrency From Now On,’ But Something Strange Is Going On — Onchain Data Shows…

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    ETH Daddy Discusses Ethereum and AI

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  • Guides
    What is Spot Trading in Crypto? A Beginner’s Guide to How It Works

    What is Spot Trading in Crypto? A Beginner’s Guide to How It Works

    How It Works and What to Watch Out For

    How It Works and What to Watch Out For

    Crypto Risk Management Strategies for Trading (2025)

    Crypto Risk Management Strategies for Trading (2025)

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    What is Dollar-Cost Averaging (DCA) in Crypto? A Beginner’s Guide

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    What Is Liquid Staking? How It Works & Why It Matters in Crypto

    A Full Comparison of Layer 2 Solutions

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    A Full Comparison of Layer 2 Solutions

    A Full Comparison of Layer 2 Solutions

    What are Optimistic Rollups? How They Work and Why They Matter

    What are Optimistic Rollups? How They Work and Why They Matter

  • Analysis
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    Bitcoin Sees Historic Rise in Shark and Whale BTC Wallets, Records New High: Santiment

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    An SBF Testimony Could Add ‘Decades’ to His Prison Sentence, According to Lawyer – Here’s Why

    Solana, XRP and One Ethereum Rival Leading Institutional Inflows in 2023: CoinShares Data

    Solana, XRP and One Ethereum Rival Leading Institutional Inflows in 2023: CoinShares Data

    Estate of Bankrupt Crypto Exchange FTX Abruptly Stakes Over $144 Million in Solana (SOL)

    Estate of Bankrupt Crypto Exchange FTX Abruptly Stakes Over $144 Million in Solana (SOL)

    Dogecoin Bull run

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    Benjamin Cowen Warns Majority of Altcoins Will Never See New All-Time Highs Again Amid ‘Serious Declines’

    Benjamin Cowen Warns Majority of Altcoins Will Never See New All-Time Highs Again Amid ‘Serious Declines’

    SEC Chair Gary Gensler Standing in the Way of Bitcoin ETFs, Says ARK Invest’s Cathie Wood

    SEC Chair Gary Gensler Standing in the Way of Bitcoin ETFs, Says ARK Invest’s Cathie Wood

    Top Trader Sees Bitcoin Skyrocketing 570% in Next Bull Market Amid Soaring US Debt Levels

    Top Trader Sees Bitcoin Skyrocketing 570% in Next Bull Market Amid Soaring US Debt Levels

    The #1 CopyTrading Exchange-Bitget Turns 5, $100 Bonus for Newcomers

    The #1 CopyTrading Exchange-Bitget Turns 5, $100 Bonus for Newcomers

  • Coin Marketcaps
  • Home
  • Crypto
    • Bitcoin
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  • Web 3
    IOT in E-Commerce Market Is Going to Boom | Major Giants Amazon,Alibaba,eBay

    IOT in E-Commerce Market Is Going to Boom | Major Giants Amazon,Alibaba,eBay

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    Enhancing Security in Online Gambling with Blockchain Technology

    Blushush by Sahil Gandhi and Ohh My Brand by Bhavik Sarkhedi Partner to Revolutionize Brand Strategy and Personal Branding

    Blushush by Sahil Gandhi and Ohh My Brand by Bhavik Sarkhedi Partner to Revolutionize Brand Strategy and Personal Branding

    How to Play Treeverse: Beginner’s Guide to Gameplay, NFTs, and Tokenomics

    How to Play Treeverse: Beginner’s Guide to Gameplay, NFTs, and Tokenomics

    Intellivix Targets Global AI Surveillance Market with ‘False Alarm Elimination’ Gen AMS

    Intellivix Targets Global AI Surveillance Market with ‘False Alarm Elimination’ Gen AMS

    The Future of Gambling: How Casino Sites Are Leveraging Web3

    The Future of Gambling: How Casino Sites Are Leveraging Web3

    The most potentially profitable investment method in 2025 is through PairMiner crypto cloud mining, earning passive income daily.

    The most potentially profitable investment method in 2025 is through PairMiner crypto cloud mining, earning passive income daily.

    GameFi Q1 2025 Report: User Growth, Chain Activity, and Revenue Trends

    GameFi Q1 2025 Report: User Growth, Chain Activity, and Revenue Trends

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    Brain-Computer Interface Market Value, Trends, and Demand Insights | Scope By 2032

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    Meta Cancels Next-Gen Headset Amidst Changing Market Landscape

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    Carrieverse and Disney Ink Content Deal

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    SYKY Bridges Digital and Physical Fashion with Apple Vision Pro

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    Somnia Launches Playground App to Empower Metaverse Creators

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    Why a ‘Mobile-First’ Mentality Drove OpenSea’s Latest Acquisition

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    Boxed Memecoins as Collectible Toys

    Hype fades as NFT platforms lose users

    Hype fades as NFT platforms lose users

    OpenSea Revolutionizes Mobile Trading with Rally Wallet Acquisition

    OpenSea Revolutionizes Mobile Trading with Rally Wallet Acquisition

    Donald Trump Had Said, ‘The US Government Will Not Sell Cryptocurrency From Now On,’ But Something Strange Is Going On — Onchain Data Shows…

    Donald Trump Had Said, ‘The US Government Will Not Sell Cryptocurrency From Now On,’ But Something Strange Is Going On — Onchain Data Shows…

    What are Floki’s Flokitars?

    What are Floki’s Flokitars?

    Top NFTs Trending Today, Courtyard Leading the Pack

    Top NFTs Trending Today, Courtyard Leading the Pack

    NFT Market Sees Recovery, Records 17.23% in Weekly Sales, Guild of Guardians Leads Sales with $29.61 Million

    NFT Market Sees Recovery, Records 17.23% in Weekly Sales, Guild of Guardians Leads Sales with $29.61 Million

    Chimpers Expands Into NFT-Linked Blind Box Collectibles

    Chimpers Expands Into NFT-Linked Blind Box Collectibles

  • Gaming
    Floki’s Valhalla Surpasses 100K Veras Minted Within Days of Launch

    Floki’s Valhalla Surpasses 100K Veras Minted Within Days of Launch

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    Gear Runner Integrates with Meta Arena to Deliver Gamified Real-World Activity and Move to Earn for GameFi Fans

    Less Hype, More Utility: 5 Ways NFTs Are Rebuilding in 2025

    Less Hype, More Utility: 5 Ways NFTs Are Rebuilding in 2025

    ‘OpenSeason’ Crypto Game Goes Offline as Devs Pivot to Gambling on Nudity

    ‘OpenSeason’ Crypto Game Goes Offline as Devs Pivot to Gambling on Nudity

    Off The Grid studio unveils Solana cofounder-inspired skin

    Off The Grid studio unveils Solana cofounder-inspired skin

    Web3 Powerhouses Fabwelt and LoveBit Unite to Drive Purpose-Driven GameFi

    Web3 Powerhouses Fabwelt and LoveBit Unite to Drive Purpose-Driven GameFi

    Could ‘Reaper Actual’ be the breakout crypto shooter?

    Could ‘Reaper Actual’ be the breakout crypto shooter?

    ‘Off the Grid’ GUN Token Expanding From Avalanche to Solana—Here’s Why

    ‘Off the Grid’ GUN Token Expanding From Avalanche to Solana—Here’s Why

    Lamborghini to Launch Digital Temerario GT3 in Wilder World Metaverse

    Lamborghini to Launch Digital Temerario GT3 in Wilder World Metaverse

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    Capturing the Growth of Asset-Backed Finance via Blockchain-Enabled Opportunities

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    MetaMask Users Can Now Link Binance and OKX Accounts to Their Portfolio Dashboard

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    How It Works and What to Watch Out For

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    What are Optimistic Rollups? How They Work and Why They Matter

    What are Optimistic Rollups? How They Work and Why They Matter

  • Analysis
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Home Mining

Bitcoin miner Hut 8 doubles down on diversification, discipline around halving

April 1, 2024
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Bitcoin miner Hut 8 doubles down on diversification, discipline around halving
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Hut 8 looks to deploy its large stack of bitcoin holdings with “discipline” heading into the bitcoin halving while further diversifying its revenue streams, the company’s chief executive said.

READ ALSO

Astounding Ascent as Russell Index Inclusion Fuels Bitcoin Cloud Mining Growth

Publicly Traded Mining Firms Face Pressures While Bitmine Shares Surge

The company, which completed a merger of equals with US Bitcoin Corp last year, tallied $60.6 million in revenue during the second half of 2023. Net income was $6.2 million over that span.

Nearly 70% of that revenue comes from crypto mining, CEO Asher Genoot said during the company’s earnings call Thursday.

But Hut 8 seeks to further diversify its revenue streams across its managed services business, the CEO noted — as well as boost its standing in the high-performance computing (HPC) and AI realms.

Read more: Hut 8 switches CEOs as it eyes ‘new strategic direction’ after merger

The company jumped into the HPC space by buying wireless connectivity company TerraGo in January 2022. It signed an agreement last year to offer colocation HPC services to Canadian health authority Interior Health.

It is not the only one looking into the segment. Hive Digital Technologies rebranded last July as part of a pivot to HPC. Core Scientific said earlier this month it would lease up to 16 megawatts of capacity in its Austin data center to cloud provider CoreWeave.

Hut 8’s HPC business is “sub-scale today,” Genoot acknowledged. He added that the HPC business will need more investment to be equipped to handle AI machines.

See also  This Bitcoin halving cycle, miners need a new energy strategy

“But we are excited about that business because we see it as a foundation to be able to grow, especially when you look at GPUs, AI and data centers and look at the different parts of the value chain in that ecosystem,” he said on the call.

Seeking out growth, with discipline

Hut 8 held 9,110 bitcoin (BTC), as of Feb. 29 — valued at roughly $650 million Thursday morning.

The miner is set to use its bitcoin reserves to take advantage of growth opportunities around the Bitcoin halving — expected on or around April 20. At that point per-block mining rewards are set to drop from 6.25 BTC to 3.125 BTC, putting financial pressure on the segment’s participants.

Read more: The Bitcoin halving is just weeks away — here’s how miners have prepared

Hut 8 is considering various M&A opportunities like buying sites and properties, as well as machine purchases. But Genoot previously told Blockworks that Hut 8 would not seek out growth at all costs — adding that it would look to not overpay for sites, for example, when possible to develop its infrastructure for less.

Executives noted during the Thursday call that it would be closely monitoring the prices of mining machines, adding the company may choose to wait until after the halving, or when newer-generation machines are available.

Similarly, Core Scientific CEO Adam Sullivan recently told Blockworks his company would look to buy machines — at lower prices — from struggling miners unable to afford parts of their existing orders.

See also  Bitcoin developer Luke Dashjr raises concerns over centralization in Bitcoin mining

It is also set to continue nixing inefficiencies, like retiring old machines — as it did upon shuttering operations at its Drumheller facility in Alberta, Canada earlier this month.

Read more: Miners continue money-conscious moves ahead of the Bitcoin halving

“You’ll see us continuing to be creative in how we maximize the value of every machine, whether that is done at the end of life, finding a better home for them in terms of generating the most amount of profit or under-clocking a certain percentage of them to increase efficiency,” Genoot said.

Hut 8’s stock price was up about 21% on the day, as of 12 pm ET Thursday.

Tags: BitcoindisciplinediversificationDoublesHalvingHutminer

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