Hut 8 Mining Adds 16 BlockBoxes To Become World’s Biggest Public Crypto Mining Firm
Hut 8 Mining Corp, became the world’ leading crypto mining firm with the addition of 16 BlockBoxes, which are high-performing data centers. The company also revealed that they have been installed at its mining facility in Alberta, Canada.
With the installation of the 16 BlockBoxes, it now extends the virtual currency mining firm’s capacity to 19.2MW. BlockBoxes will also definitely add 144PHs-1 (Petahashes per second) to the mining rig. The addition of these BlockBoxes will leave the mining rig with a total operating capacity of 85.9MWs. Indeed, that power represents about 632PHs-1 of operating capacity.
Hut 8 Adds 16 Bitcoin Mining BlockBoxes to Medicine Hat Facility. The additional 16 BlockBoxes, installed in August 2018, increases Hut 8’s bitcoin mining capacity by 19.2 MW and approximately 144 petahashes per second (PH/s). https://t.co/SdeoUHtpf3 pic.twitter.com/ZrElVJ4uWJ
— Hut 8 Mining (@Hut8Mining) September 7, 2018
“We look forward to ramping up to 16 BlockBoxes“, says Andrew Kiguel, President and CEO of Hut 8. In fact, they are liaising with Medicine Hat city officials to see how they can achieve it soon. Medicine Hat is a city in southeast Alberta, Canada located along the South Saskatchewan River.
CEO Kiguel says that they hope to see that happen in a matter of weeks.
“Without interrupting the residents’ power, we are committed to increasing our capacity.”,
the chief executive says.
Of the development, the City of Medicine Hat mayor, Ted Clugston, expresses his excitement. Mayor Clugston says that his team will continue to tightly cooperate with the interest of the city in mind. He says that he is excited that Hut 8 is keying into that drive.
“By employing two scores of locals and engaging 30 local contracts, it shows they value the city“,
the Mayor added.
The BlockBoxes cost $950,000 USD per BlockBox. Merchant bank Galaxy Digital Lending has issued a loan to the tune of $16M USD to finance it. That’s not all; Hut 8 also agreed to a vendor-take-back condition from Bitcoin blockchain infrastructure provider Bitfury. Agreement documents available in the public domain show that Bitfury accepted a 40% of the selling price at $3.75 USD per Hut 8 shares.