Bitcoin miner spends millions in BTC on compute as treasury recovery lags

A Bitcoin mining company is using millions of dollars’ worth of BTC to purchase computing capacity, while newly mined coins have yet to fully rebuild its treasury. Cloud customers generated approximately 74% of the company’s increase in production during August, highlighting the growing contribution of its cloud-computing business to overall output. The company’s BTC holdings recovered only part of the decline recorded in July, indicating that production growth did not translate into a complete restoration of its reserves. The figures point to a shift in the company’s operating mix, with cloud demand accounting for most of the monthly production improvement while Bitcoin is being used to fund additional compute capacity. The information was reported by CryptoSlate. No further details on the company’s total holdings, the amount spent, or the production figures were provided in the source material.