Hut Hut 8's digital asset mining operations to be 100 per cent self-mined
The company is purchasing all 960 Whatsminer M31S+ machines from hosting client TAAL effective May 1
TORONTO, April 19, 2022 /CNW/ - Hut 8 Mining Corp. (NASDAQ: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, today announced that it has entered into an agreement with TAAL to conclude its hosting relationship and purchase 960 MicroBT Whatsminer M31S+ effective May 1, 2022. The ASIC miners are currently installed and running at the company's mining facility in Medicine Hat on behalf of TAAL.
The machines are expected to provide an immediate incremental hashrate of 81 PH/s, bringing Hut 8's total hashrate to 2.62 EH/s.
"The incremental capacity will deliver an immediate hashrate benefit as ASIC miners are already on-site, installed and hashing," said Jaime Leverton, Chief Executive Officer of Hut 8. "Over the past 18 months, we have pursued a strategy that is unique among our peer group: in addition to digital asset mining, we support clients with high performance computing, cloud hosting, and collocation services at our five Canadian data centres so they can succeed in the burgeoning Blockchain and Web 3.0 industries."
Once the acquisition is complete, Hut 8's operations at all mining sites will be 100% allocated to self-mining.