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.

AccessTimeIconApr 19, 2022 at 2:18 p.m. UTC
Updated May 11, 2023 at 7:11 p.m. UTC

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.
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