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.

AccessTimeIconJan 22, 2021 at 12:30 p.m. UTC
Updated Dec 11, 2022 at 7:37 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global event for everything crypto, blockchain and Web3.Register Now

Publicly traded bitcoin mining company Hut 8 (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.

Update (Jan. 27, 14:59 UTC): Third bullet updated to clarify Hut 8's current and expected hashrates.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to to register and buy your pass now.