Hut 8 Mining, a Canadian bitcoin mining company, has joined forces with the US-based blockchain technology firm Bitfury Group to create the largest cryptocurrency mining farm in North America with an installed capacity of over 60MW.
The project involves Hut 8 acquiring datacentres exclusively from Bitfury, which will offer Hut 8 hardware, software, installation and operational services for the initiative.
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Phase one of the project will start with Hut 8’s acquisition of 22 datacentres operating at 24.2MW. In order to fund the first phase, Hut 8 will raise CAD33m by offering around 13 million shares on a private placement basis.
In 2018, the firm expects to make a public listing on the Canadian stock exchange and wrap up the second phase of the project. In the second phase, Hut 8 will acquire an additional 35 data centres operating at 38.5MW.
Hut 8 CEO Sean Clark said: “This partnership signifies the growing demand for access to Bitcoin investment opportunities across North America. Bitfury’s market share, unmatched computing power, and ability to scale, in combination with a Board of Directors that former hedge fund manager Michael Novogratz and renowned venture capitalist Bill Tai have both agreed to serve on, offers Hut 8 an extreme advantage in a competitive marketplace.”
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