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Hut 8 and Bitfury Partnership Establishes Largest Bitcoin Mining Datacenter in North America

19 december 2017, 19:06

     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.

 

Hut 8 and Bitfury Partnership Establishes Largest Bitcoin Mining Datacenter in North America

 

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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