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Crypto mining firm Hut 8 announced plans to increase its holdings of self-mined Bitcoin (BTC). The Toronto-based company also added that it expects to increase its hash rate by more than double by the end of the year and up to four times by next year.
With China’s crackdown disrupting the crypto mining landscape, North American firms such as Hut 8 are busy beefing up their mining capacity. “The Company anticipates expansion of current installed hashrate of approximately 1.2 Exahash ("EH") to approximately 2.5 – 3.0 EH by the end of 2021 and to approximately 6 EH by mid-2022,” Hut 8 said in a press release.
The company also expects to increase its self-mined Bitcoin stash this year by around 40 percent. “As a result of near-term hashrate expansion, self-mined Bitcoin held on balance sheet is expected to grow from approximately 3,806, as of June 27, 2021 to approximately 5,000 Bitcoin by the end of 2021,” Hut 8 added.
Hut 8 Chief Executive Officer Jaime Leverton is confident of the company’s ability to increase shareholder value in the long run. “Our capital raise and concurrent listing on Nasdaq, completed on June 15, 2021, were transformative milestones for Hut 8,” Leverton said. “The strength of our balance sheet and our conservative approach to capital management has set the stage for our ongoing success and ability to drive long-term shareholder value.”
Proceeds of its recent listing will be used to fund several objectives. For instance, Hut 8 revealed that it will go ahead with its previously announced investment in Nvidia crypto mining processors and Dell server infrastructure.
The mining firm will also invest in 5,400 MicroBT units. The remaining funds will be used as a down payment for the 100MW Alberta mining facility as well as for the power purchase agreement ("PPA") with Validus Power Corp.
With the installation and deployment of 2,400 of the 5,400 units of Whatsminer M30S Bitcoin miners, the company currently has a mining capacity of 1.218 EH. “We now have 1.2 Exahash in production and ongoing installation of new equipment puts us on a near-term trajectory to produce an additional 2 – 3 Bitcoin per day by the end of August, on top of our current production rate of 6.2 – 7.3 Bitcoin per day,” Leverton said.
