Copy link
Increase text size
Decrease text size
Link copied

Crypto mining firm Hut to increase Bitcoin holdings to 5K BTCs as it quadruples its hashrate to 6 EH by mid-2022

With China’s crackdown disrupting the crypto mining landscape, North American firms such as Hut 8 are busy beefing up their mining capacity.

Image by Aaron Olson from Pixabay

Tue, 29 Jun 2021, 07:22 am UTC

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.

TokenPost | [email protected]

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
  • USA4
  • 2021.07.22 08:28:19
DO YOU NEED A PERSONAL/BUSINESS/INVESTMENT LOAN? CONTACT US TODAY VIA WhatsApp +19292227023 Email [email protected]

HELLO

Loan Offer Alert For Everyone! Are you financially down and you need an urgent credit/financial assistance? Or are you in need of a loan to start-up/increase your business or buy your dream house. GET YOUR INSTANT LOAN APPROVAL 100% GUARANTEED TODAY NO MATTER YOUR CREDIT SCORE. WhatsApp:+19292227023 Email: [email protected]

Capital Managements Inc Website: https://capitalmanage-inc.com/
  • 0
  • ·
  • 0
  • susu
  • 2021.06.29 23:24:34
hi guys, when it comes to recovery of funds either from binary options, crypto, forex and ponzi schemes . [email protected] are the best recovery agent around. they have recovered my funds and also funds of my friends , colleagues who were in similar situation as i was...

WHATSAPP; +18135730887
  • 0
  • ·
  • 0
More
  • Bitcoin (btc) $38,902.00 (+2.42%)
  • Ethereum (eth) $2,684.77 (+7.80%)
  • Tether (usdt) $1.00 (+0.05%)
  • Binance Coin (bnb) $330.20 (+2.33%)
  • Cardano (ada) $1.37 (+2.22%)
  • Bitcoin (btc) $38,902.00 (+2.42%)
Jul 15, 2021 (Thursday)
13:30
BTC Surges by 1.16% Within 5 Mins, Marking 31,824.01 USDT
12:06
BTC Surges by 1.12% Within 5 Mins, Marking 32,104.8 USDT
10:25
BTC Drops by 1.03% Within 5 Mins, Marking 32,171.88 USDT
02:13
TriumphX Scouts 'MINAMCOMPANY' CEO Woo-Seong Lee As Creative Director
02:00
ETH Tops List Of Crypto Net Inflow With $298.96 Mln In Past 10 Hours
Jul 14, 2021 (Wednesday)
13:14
BTC Surges by 1.03% Within 5 Mins, Marking 32,738.08 USDT
09:03
BTC Surges by 1.01% Within 5 Mins, Marking 31,899 USDT
02:30
Crypto Market Sentiment On Jul 14: Market In "Extreme Fear"
02:00
ETH Tops List Of Crypto Net Outflow With $224.97 Mln In Past 10 Hours
Jul 13, 2021 (Tuesday)
02:30
Crypto Market Sentiment On Jul 13: Market In "Extreme Fear"
02:00
ETH Tops List Of Crypto Net Outflow With $178.61 Mln In Past 10 Hours
Jul 12, 2021 (Monday)
02:30
Crypto Market Sentiment On Jul 12: Market In "Extreme Fear"
02:00
BTC Tops List Of Crypto Net Inflow With $164.82 Mln In Past 10 Hours
Jul 11, 2021 (Sunday)
21:31
BTC Surges by 1.02% Within 5 Mins, Marking 34,475.6 USDT
10:00
ETH Tops List Of Crypto Net Inflow With $122.76 Mln In Past 18 Hours
06:17
SOBA Listed On LATOKEN
02:30
Crypto Market Sentiment On Jul 11: Market In "Extreme Fear"
02:00
BTC Tops List Of Crypto Net Outflow With $87.56 Mln In Past 10 Hours
Jul 9, 2021 (Friday)
21:40
BTC Surges by 1.08% Within 5 Mins, Marking 33,911.8 USDT
02:30
Crypto Market Sentiment On Jul 09: Market In "Extreme Fear"
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft