Bitcoin miner Hut 8’s mined BTC declined 30% during the first quarter as its production fell to 131 BTC in March from 188 BTC recorded in January.

According to theminermag data, the BTC miner produced 475 BTC during the quarter. Its realized hashrate also fell from 1.72 to 1.44.

Hut 8 said it sold 240 BTC — all the BTC it produced in February and part of the 131 BTC it mined in March — according to an April 5 press statement.

In March, the BTC miner said it produced an average of 4.2 BTC per day and 50.38 BTC/EH despite mining difficulty increasing by 10.67% month over month. The firm noted that the increasing difficulty showed “the growing demand and strength of the Bitcoin network.”

Despite selling some of its BTC, Hut8 said it holds the largest amount — 9,133 BTC — of self-mined Bitcoin in reserve of any publicly-traded company.

(by Oluwapelumi Adejumo)