Bitcoin Mining Firm Hut 8 To Be Listed On Toronto-Based TSX Venture Exchangebr>
Bitcoin mining company Hut 8 is set to become publicly listed later this month in Canada.
In December 2017, Hut 8 announced its plan to build the largest cryptocurrency mining farm in North America. At the time, Hut 8 said it was 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 company spent the last two months raising capital and ramping up its operations to open its mining facilities, and is now poised to launch on the TSX Venture Exchange in Toronto later this month.
Hut 8 will be 49% owned by Bitfury with the other share being divided between various insiders and private investors. Bitfury claimed that it already has 172 megawatts of data centers around the world and are responsible for mining over a million BTC. Mike Novogratz, the former hedge fund manager-turned-crypto evangelist, is also backing the venture.
“Hut 8 is a proxy for Bitfury in North America, that’s all it is,” said Hut 8 CEO Sean Clark in a report. “The listing is about access to capital and scale. We found a perfect vehicle to capitalize incredibly quickly. Bitfury now is going to rebalance the global network.”
By mid-2018, Hut 8 will have acquired 60 megawatts of Bitfury’s mining farms in Canada and have an exclusive agreement with Bitfury to develop new data centers in the US, Canada and Mexico
Clark also said that the listing won’t be deterred by recent market turmoil, including bitcoin’s plunge to a nearly three-month low last week. He added that they are long-term bullish on the price of bitcoin so they expect volatility like this to occur.