Crypto Miner Hut 8 Buys 12,000 New MicroBT Miners for $58.7M

The company expects to start taking delivery in January 2022.

Oct 21, 2021 at 12:21 p.m. UTC
Updated Oct 21, 2021 at 2:58 p.m. UTC

Canadian crypto miner Hut 8 Mining (Nasdaq: HUT) has bought 12,000 new MicroBT M30S, M30S+ and M30S++ miners from Inchigle Technology Hong Kong Ltd.

  • The miner bought the units for $58.7 million, a cost of around $50/terahash, with aggregate incremental production of 1.17 exahash per second.
  • Delivery is expected to start in January 2022 at a rate of about 1,000 machines a month, with full deployment by December 2022.
  • The full deployment of the new miners will bring Hut 8′s total contracted capacity to approximately 3.57 EH/s.
  • The new miners, along with the previous announced buys, will be deployed at the company’s two sites in Alberta and a third site, which is under development.
  • In June, Hut 8 announced that it holds “approximately 3,806″ bitcoin on its balance sheet, which it expects to increase to 5,000 by the end of the year.

DISCLOSURE

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

Parikshit Mishra is the news editor for CoinDesk during the mid Asia and early European hours. He does not have any crypto holdings.