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With the Chinese government crackdown obliterating the country’s Bitcoin mining industry, North American firms are in a race to expand their capacity to meet demand. For instance, Canadian crypto mining firm Hut 8 is beefing up capacity and projects to mine up to 22 BTCs by the fourth quarter this year.
The Toronto, Ontario-based company expects to mine between 14 and 16 Bitcoins per daily by the third quarter, according to a presentation on its website. Output is expected to rise even further by the fourth quarter with Hut 8 predicting production of between 20 and 22 BTCs daily.
From its existing 109 MW of existing power capacity, which exceeds any other publicly traded mining company, the company will add another 100 MW in capacity. Hut 8 projects its power capacity to rise to 144 MW by the end of the year and to 209 MW by 2022.
With this addition, Hut 8’s Bitcoin hashrate is expected to increase to 2.5-3.0 E/H by the fourth quarter of 2021 and 6.0 E/H by mid-2022. Meanwhile, it projects its ETH mining hashrate to rise to 1,600 GH/s.
“Hut 8 currently has an installed hashrate of 1.37 exahash ("E/H"),” the company said in a press release. “Given pending orders, we have additional contracted hashrate of 1.3 E/H (including 1,600 gigahash equivalent), bringing contracted hashrate to approximately 2.7 E/H. Based on current network dynamics, we anticipate daily settlement once all contracted equipment is hashing will equate to 20 – 25 Bitcoin per day.”
Hut 8 reported total revenue of $33.5 million, which is significantly higher than the $9.2 million it reported during the same period in 2020. The figure is also slightly higher than the 2021 first quarter’s $32.5 million.
The company announced that it mined 553 Bitcoin in Q2 2021, which is higher than the 539 BTC it mined in the first quarter. “Hut 8 continues to strategically emphasize its ‘hodl’ strategy, taking active steps to generate Canadian and US dollars to help fund operating expenses, so as to avoid selling Bitcoin,” the company said.
“During Q2-2021, 100% of self- mined Bitcoin was deposited into custody,” Hut 8 added. The company has a total Bitcoin balance of 3,824 valued at around $166 million as of June 30.
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