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Hut 8 Completes $11.8M Financing for New Bitcoin Mining Machines
The new machines will add 475 PH/s to Hut 8's hash power.
Publicly traded bitcoin mining company Hut 8https://hashrateindex.com/stocks/hut-ct (HUT) announced $11.8 million in financing for 5,400 machines from MicroBT.
- Full payment of the order also includes a $2.9 million deposit in addition to the loan, provided by New York-based mining company Foundry. (Foundry is a sister company of CoinDesk.)
- Delivery of Hut 8's 5,400 Whatsminer M30S machines are scheduled to start before February and continue through June.
- After full deployment of new machines and removal of old ones, Hut 8's total hash power is expected to reach 1,300 petahashes per second (PH/s), the company told CoinDesk. Hut 8 currently controls roughly 1,007 PH/s.
- Shares of the Toronto-based firm have gained over 190% in the past year, but lately are down over 40% from their peak near $8.50 in early January along with a similar drop in the price of bitcoin.
STORY CONTINUES BELOW
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Update (Jan. 27, 14:59 UTC): Third bullet updated to clarify Hut 8's current and expected hashrates.
Zack Voell
Zack Voell is a financial writer with extensive experience in cryptocurrency research and technical writing. He has previously worked with leading cryptocurrency data and technology firms, including Messari and Blockstream. His work (and tweets) has appeared in The New York Times, Financial Times, The Independent and more. He owns bitcoin.
