Business
Hut 8 Announces Purchase of M30S Equipment from Foundry
TORONTO, Dec. 7, 2021 /PRNewswire/ - Hut 8 Mining Corp. (NASDAQ-NMS: HUT) (TSX: HUT) ("Hut 8" or "the Company"), one of North America's largest,
About this update from Hut 8 Corp.
[{"type":"text","content":"TORONTO, Dec. 7, 2021 /PRNewswire/ - Hut 8 Mining Corp. (NASDAQ-NMS: HUT) (TSX: HUT) (\"Hut 8\" or \"the Company\"), one of North America's largest, innovation-focused digital asset mining pioneers, supporting open and decentralized systems since 2018, is pleased to provide the following corporate update. \n\n \n \n \n \n \n \n\n \nOn November 30, 2021, Hut 8 signed an agreement with Foundry Digital LLC (\"Foundry\"), to purchase 2,505 MicroBT M30S machines that are currently installed at the Company's site in Medicine Hat, Alberta, under a hosting arrangement between Hut 8 and Foundry. The purchase transaction is expected to close on December 15, 2021 and will provide immediate incremental hashrate of 228 PH/s. This fleet of miners was owned by Foundry, one of the Company's hosting clients, and will boost Hut 8's self-mining operating capacity, including the NVIDIA GPUs, to approximately 1.94 EH/s.\n\"We are excited to add incremental capacity stemming from the Foundry purchase to our self-mining operation, especially given the fact that the equipment is already on-site and hashing,\" commented Jaime Leverton, Chief Executive Officer of Hut 8. \"The combination of the recently deployed NVIDIA CMPs and the MicroBT M30S miners from Foundry serves to enhance both the scale and efficiency of our self-mining operations and adds momentum to our machine installations. We value our ongoing strategic relationship with Foundry and will continue to explore new partnership opportunities with them going forward.\"\nAbout Hut 8:\nHut 8 is one of North America's largest innovation-focused digital asset miners, supporting open and decentralized systems since 2018. With two locations in energy rich Alberta, Canada and third site under development in North Bay, Ontario, Hut 8 has one of the highest installed capacity rates in the industry and holds more self-mined Bitcoin than any crypto miner or publicly traded company globally. Hut 8 is executing on its commitment to mining and holding Bitcoin and has a diversified business and revenue strategy to grow and protect shareholder value regardless of Bitcoin's market direction. The Company's multi-pronged business strategy includes profitable digital asset mining, white-label high-performance compute hosting, as well as yield & income programs leveraging its Bitcoin held in reserve. Having demonstr...