Canadian bitcoin (BTC) miner Hut 8 Mining Corp. increased its massive BTC holdings in July as the firm stuck to its long-term “HODL strategy” in the face of market volatility.

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The Alberta-based company produced 330 bitcoins in July at an average output of 10.61 BTC per day, bringing its total reserves to 7,736 BTC. Its monthly output was equivalent to 113.01 BTC per exahash, according to the company. disclosed Friday.

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Hut 8, which is listed on the Nasdaq and Toronto stock exchanges, is one of the largest public holders of Bitcoin. according to industry data.

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As part of its current HODL strategy, Hut 8 has placed all of its self-mined bitcoins in safekeeping, countering the growing industry trend of miners selling off some of their reserves during a bear market. As Cryptooshala reported, Texas miner Core Scientific sold 7,202 BTC in June at an average price of $23,000 to pay for servers and pay off debt. The following month, the company returned 1,221 BTC after a 10% increase in mining.

Meanwhile, mining arm Argo Blockchain cut its holdings by 887 BTC in July to settle a loan agreement with Galaxy Digital and fund its business. Separately, Riot Blockchain reduced its bitcoin holdings for the third straight month in June to raise capital for its operations.

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Bitcoin mining has been a very profitable business in 2021 as the average income from BTC mined was more than four times higher than the previous year’s average. Due to the fall in Bitcoin prices in 2022, underwater miners were forced to sell in a falling market environment.

Hut 8 (HUT) shares have reflected the behavior of bitcoin over the past year. Source: TradingView.

Shares of HUT 8 rose 3.5% on Friday to $2.38. Shares are down nearly 70% year-to-date and 80% down from their November 8, 2021 peak when bitcoin traded around $70,000.