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

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.

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. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

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.