Bitcoin Mining Company Hut 8 Acquires 9 Datacenters From Bitfury For $7 Million

Hut 8 Mining Corp a Canadian crypto mining company has completed the set up of its mining farm at Drumheller after purchasing 9 data centers from Bitfury for $7 million.

Andrew Kiguel, Chief Executive Officer of Hut 8 believed the purchase would allow the Drumhekker facility to be fully functional and provide the full ownership of the firm to Hut 8. He said,

“This upgrade allows Hut 8 to take 100% ownership of the Drumheller facility, which will bring further cost savings. This upgrade was funded from Hut 8’s balance sheet, which remains strong after this transaction and prior debt repayments.”

The latest acquisition has increased the overall capacity of Hut 8 by 16 percent, where its operating capacity has risen to approximately 110 MW and 963 PH/s.

The Canadian mining facility has been operational since December 2017 when it was launched in partnership with the Bitfury group. As per its last quarter report submitted in September, the film has mined a total of 12,305 BItcoins. The firm was also the first blockchain company to get listed on the Toronto Stock Exchange.

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Silvia A
Silvia A
Though relatively new to the cryptocurrency and blockchain space, Silvia has a strong interest in the field and a love of writing as well. She brings an interesting take to current happenings in the industry and enjoys introducing the latest developments to cryptocurrency and blockchain enthusiasts alike. She’s excited to promote a vibrant and fresh discussion as the industry continues to develop and move forward.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

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