Bitfury & Vancouver’s Hut 8 Mining Partner In Canada Bitcoin Mining Operation

The mining corp, Vancouver’s Hut has announced their plans to create the largest North American, Bitcoin Mining Datacenter. The bold action will place the Canadian firm partner with mining specialist, Bitfury who will provide the building of the datacenter.

They will also supply all needed hardware, software and maintenance. The deal is projected to be completed in 2018 depending on how fast funds can be raised.

Largest Mining Operation in America Now Underway

Hut 8 announced the details of the multi-level building of the data-center, designed to absolutely dominate the American Cryptocurrency mining industry. The project is said to start with the purchase of twenty-two datacenters that will be used to supply the Vancouver firm over 24 MW of hashing power.

The second part of the process will then see another thirty-five datacenters being setup, each supplying another 38.5 MW of power. Hut 8’s success is basically dependent on their public listing on the Canadian stock exchange.

Bitfury’s market share give computing power that cannot be rivaled. It will give the ability to scale. Two of the members of the Board of Directors also offers a powerful advantage. Michael Novogratz, former hedge fund manager and highly-regarded venture capitalist Bill Tai both agree to serve, and they apparently bring a lot to the table.

The True Cost of Mining Digital Gold

After the deal was set with Bitfury, Hut 8 gained the ability and option to start buying datacenters at an amazing rate. Hut 8 apparently is short on the needed funds to complete the project and bring their vision to fruition. As of now, they are offering their 13.2 million shares through GMP Securities. The shares are valued at more than $26 million dollars.

As long as the projected deal is completed, which should happen in 2018, Hut 8 will be able to lay stake to operating the largest operation in North America. They will have a total output of more than 60MW.

Bitfury is well known for it’s mining rigs and live testing Bitcoin transactions on the Lightning Network. They are also the company that mined the first 1mb+ segwit block, are the creators of Blockbox which is a mobile unit for mining Bitcoin. And they are considered one of the best companies when it comes constructing data centers and semiconductors.

The news now illustrates how far cryptocurrency mining has come when it was just a small-scale operation for hobbyists and micro, mining pools. Bitfury and Hut 8’s partnership puts a geographical shift in power. Farms have been sprouting up all over the world in places like Russia and Europe and North America. China currently has the grip on mining, but it looks as though that will be fading soon.

The questions are, will China actually lose its grip on mining or do these type or partnerships increase centralization due to massive mining farms and even hardware manufacturing. It’s going to be interesting to see how much this partnership will effect the industry next year.

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

Avatar
Bitcoin Exchange Guide News Team
B.E.G. Editorial Team is a gracious group of giving cryptocurrency advocates and blockchain believers who want to ensure we do our part in spreading digital currency awareness and adoption. We are a team of over forty individuals all working as a collective whole to produce around the clock daily news, reviews and insights regarding all major coin updates, token announcements and new releases. Make sure to read our editorial policies and follow us on Twitter, Join us in Telegram. Stay tuned. #bitcoin

[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

LEAVE A REPLY

Please enter your comment!
Please enter your name here

3,472FansLike
2,795FollowersFollow
4,197FollowersFollow

Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

Is It Time for Chainlink (LINK) to Retract or Is There Still A Lot to Fuel This Fire

The 12th largest cryptocurrency by market cap has been hitting new all-time highs almost every day this week. The new peak is $6.53, and...

89% of Hodlers Are Worried About Their Crypto, But Only 23% Have A Plan For After Death: Report

An online research report by "after-life" investment experts firm, Cremation Institute, found out nearly 90% of cryptocurrency investors worry about losing their funds...

Real Risk: Circle-Coinbase Consortium Blacklists Ethereum Address Holding $100k Worth of USDC

The CENTRE consortium formed by Circle and Coinbase has blacklisted an Ethereum address holding $100k worth of USDC stablecoin. The transaction on Etherscan shows that...

Brazilians Are Moving Towards Dollar-Pegged Stablecoins As Alternatives to the Ailing Economy

Brazil is moving to dollar-backed stablecoins as the country's economy continues to ail coupled with the looming uncertainty on its increasing COVID-19 cases. According...

Bitcoin Moves: Options Market Indicate Bullish Price Outlook

This week, bitcoin is making its way upwards, albeit at an extremely slow pace. Yesterday, we went to nearly $9,500 but are currently trading...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today