Hut 8 Opens 2nd Mining Facility; Becomes “Largest Publicly-Traded” Operator
Hut 8 Completes Second Mining Facility in Canada, Claims That It Is “Largest Publicly-Traded” Operator By Capacity
Hut 8 is one of the many Bitcoin mining companies in Canada, along with Vogogo and Dominion. However, after completing the construction of their second mining facility in the country a few days ago, they are now claiming to be the ““largest publicly-traded” operator by capacity.
In their press release, Hut 8 discussed the early completion of their Medicine Hat farm. Though the deadline was not until September, the facility in Drumheller is already done, giving them yet another surge of confidence. Hut 8 decided to collaborate with BitFury to help them mine approximately 1,900 Bitcoin in the last seven months, which is likely due to the impressive access that BitFury has to mining hardware.
The joint success of these two companies adds new competition to the Bitcoin mining market. Unfortunately, it does not seem to be enough to push Bitmain out of the top spot. In a statement from Hut 8 CEO and President, Andrew Kiguel, he said,
“With 66.7 MW of aggregate operating capacity, we believe we are the largest cryptocurrency miner in Canada and the largest publicly-traded cryptocurrency miner by operating capacity in the world.”
Right now, Hut 8 has only managed a share price of $2.45, which is almost half of the initial price ($4.70). However, insiders that are familiar with their upcoming plans believe that the platform will still be able to reach their goal of $7.85 as the price tag.
Even though Canada is growing in the number of miners participating, it still seems to be a challenge for crypto miners that want a more expansive range to mine from. The local politicians, specifically in Quebec, seem like they are largely to blame, citing the lack of value that they expect to filter back into the economy as a result of the mining.