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.

Jan 22, 2021 at 12:30 p.m. UTC
Updated Sep 14, 2021 at 11:00 a.m. UTC

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.

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