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Hut 8 in Deal to Become 100% Self-Mining Company
The digital asset miner will buy out all hosted rigs at its Medicine Hat mining facility in Alberta.
Canadian crypto miner Hut 8 (HUT) has inked an agreement to purchase all 960 Whatsminer M31S+ rigs from hosting client Taal.
- The purchase of the machines will increase Hut 8’s total hashrate by 81 petahash per second (PH/s) to 2.62 exahash per second (EH/s), said the company in a press release.
- The deal is expected to close on May 1, and will make Hut 8 an owner of the mining rigs, rather than having to pay rent for their usage to Taal.
- “The incremental capacity will deliver an immediate hashrate benefit as ASIC miners are already on-site, installed and hashing," said Hut 8’s CEO Jaime Leverton in the press release. The company on April 5 said it was mining an average of 11.1 bitcoins per day in March, and held 6,460 bitcoins on its balance sheet.
- Mining peer Argo Blockchain (ARB) in March made a similar move to become 100% self-mining with a deal for a swap of mining rigs with its hosting client, Core Scientific.
- Hut 8's stock is up about 3% on Tuesday morning, inline with its mining peers as bitcoin (BTC) gained more than 5% to $41,660.
Aoyon Ashraf
Aoyon Ashraf is CoinDesk's managing editor for Breaking News. He spent almost a decade at Bloomberg covering equities, commodities and tech. Prior to that, he spent several years on the sellside, financing small-cap companies. Aoyon graduated from University of Toronto with a degree in mining engineering. He holds ETH and BTC, as well as ALGO, ADA, SOL, OP and some other altcoins which are below CoinDesk's disclosure threshold of $1,000.
