North America’s Largest Cryptocurrency Mining Farm Planned By Hut 8, Bitfury

Announcements, Blockchain, News | December 7, 2017 By:

Bitcoin mining company Hut 8 has announced a plan to build the largest cryptocurrency mining farm in North America.

Hut 8 will be partnering with blockchain infrastructure provider BitFury to provide a full package of mining services, including a proprietary mix of hardware, software, installation and operational services. The plan is to scale rapidly throughout 2018, with installed capacity expected to exceed 60 MW.

The project will start with the acquisition of 22 bitcoin mining datacenters operating at 24.2 MW / 165 PH/s. The second phase will involve a public listing on a Canadian stock exchange, together with extending Hut 8’s control to an additional 35 data centers operating at 38.5 MW / 262.5 PH/s.

To fund the phase I of project, Hut 8 is offering approximately 13,200,000 shares on a private placement basis through GMP Securities LP, equal to approximately CAN$33,000,000. The company said investors have the option of purchasing shares in this private placement round with bitcoin.

“This partnership signifies the growing demand for access to bitcoin investment opportunities across North America,” said Sean Clark, CEO of Hut 8. “Bitfury’s market share, unmatched computing power, and ability to scale, in combination with a Board of Directors that former hedge fund manager Michael Novogratz and renowned venture capitalist Bill Tai have both agreed to serve on, offers Hut 8 an extreme advantage in a competitive marketplace.”

“We are excited to partner with Hut 8 to expand our activities in the strategic North America market,” said Bitfury CEO Valery Vavilov. “We believe there is a tremendous opportunity to establish North America as one of the most important cryptocurrency mining hubs in the world.”