Hut 8 and Bitfury Partnership Establishes Largest Bitcoin Mining Datacenter in North America
Cryptocurrency mining is reshaping business partnership across the globe as Hut 8 Mining Corp. announced its partnership move with the world's leading full-service blockchain technology company, Bitfury Group.
Bitfury Group, with a share of 11% in the bitcoin mining industry, has the largest bitcoin mining operation in the blockchain ecosystem outside China. Established in 2011, Bitfury started up as a bitcoin mining operation before expanding its services to include other blockchain based software. The company has projected that it will be generating well over $585 million in revenue by 2021.
The current status quo of Bitfury's market share, its unrivaled computing power, mining operation scale and future prospects are among the new advantages Hut 8 would be leveraging. North America has been targeted to be the next site for basing the world's largest cryptocurrency mining farm with Hut 8 at the helm of affairs.
Bitfury has thrown its weight behind the partnership in a statement issued by its CEO, Valery Vavilov. "We are excited to partner with Hut 8 to expand our activities in the strategic North American market… We believe there is a tremendous opportunity to establish North America as one of the most important cryptocurrency mining hubs in the world ".
Hut 8 CEO, Sean Clark, affirmed the partnership, saying “This partnership signifies the growing demand for access to bitcoin investment opportunities across North America"
Hut 8 mining company has an open-ended policy towards bitcoin threshold prices and the entirety of the emerging blockchain economy with regards to its investors.
This project development will be divided into two phases:
Phase I will grant Hut 8 full access and control over 22 bitcoin mining datacenters currently operating at a current capacity of 24.2 MW / 165 PH/s. The funds to facilitate this phase will be generated from 13,200,000 shares that will be privately distributed through GMP Securities L. P. to investors to raise an estimated $33,000,000 Canadian Dollar. Investors have been given the opportunity to buy these shares using bitcoin.
Phase II is expected to follow and be completed before the first quarter of 2018, with a public listing on Canadian Stock Exchange towards the tail end of the phase.
Hut 8 will be able to control an additional set of 35 datacenters currently operating at a mining capacity of 38.5 MW / 262.5 PH/s. Hut 8 Mining Corp. aims to utilize existing Bitfury sites and infrastructures to scale-up mining operations and exceed a capacity of 60 MW in the coming year 2018. They have also retained the exclusive privileges of acquiring other datacenters from Bitfury sites in North America.
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