According to reports, Bitcoin mining company Hut8 announced its operations in May 2022. Hut8 mined 309 Bitcoins in May, and its Ethereum mining output paid in Bitcoin accounted for about 14% of the total output for the month. As of May 31, 2022, Hut8 held 7,078 bitcoins, with a total computing power of 2.64EH/s.