Saturday, May 31, 2025

Latest

Hut 8 Targets Hashrate Of 2.5 – 3.0 EH By Year End, 6.0 EH By Mid 2022

Hut 8 Mining Corp. (TSX: HUT) announced today its planned expansion to increase installed hashrate to approximately 2.5 – 3.0 EH by the end of 2021 and to 6.0 EH by mid 2022. The company currently operates at 1.2 EH.

As a result, Hut 8 expects to increase average production from 6.2 – 7.3 bitcoin to 8 – 10 bitcoin per day. Assisting this production increase, as noted by the company, is a decrease in network difficulty due to the ongoing crackdown on miners in China, with miners in that region slowly dropping from the network. The company also expects self-mined bitcoin held to grow from 3,806 bitcoin to 5,000 bitcoin by the end of 2022.

The company expects this hashrate upgrade as a result of a number of capital investments: the installation and deployment of the first 2,400 of the 5,400 Whatsminer M30S bitcoin mining machines purchased via Foundry Digital, and the ongoing installation of 10,000 NVIDIA cryptocurrency mining processors that are expected to add 1,600 GH hashrate.

Hut 8 also relayed that the proceeds from its recently closed $115.0 million bought-deal offering will fund the remaining investment in the previously announced power purchase agreement with Validus Power, as well as the downpayment for the planned 100 MW-facility in Alberta. The agreement includes a $25.0 million paydown investment, $15.0 million of which was already paid in April 2021.

The company also intends to use the proceeds to fund the remaining investment in the US$30.0 million NVIDIA cryptocurrency mining processors purchase, the associated Dell server infrastructure, and the delivery of the remaining bitcoin mining machines

Hut 8 Mining Corp. last traded at $4.53 on the TSX.


Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Leave a Reply

Video Articles

How To Profit From $3300 Gold? An Inside Look At A Massive 300,000 Oz Project | Martino De Ciccio

We’re At The Start of a Great Silver Boom | Ross McElroy & Andy Bowering – Apollo Silver Corp

Equinox Gold Q1 Earnings: When Everything Goes Wrong

Recommended

ESGold Begins Concentration Tests Ahead Of First Production

Sterling Metals Hits 0.21% Copper Over 482.8 Metres In First Drilling At Soo Copper project

Related News

Hut 8 Mining To Combine With US Bitcoin Corp, Abandons HODL Strategy

Consolidation is getting underway in the bitcoin mining space. Hut 8 Mining (TSX: HUT) has...

Tuesday, February 7, 2023, 08:17:11 AM

Hut 8 Mining Announces $100 Million Bought Deal

Hut 8 Mining (TSX: HUT) this morning announced that it is looking to raise significant...

Friday, June 11, 2021, 07:22:16 AM

Hut 8 Mining Beats Estimates With $50.3 Million In Revenue For Q3 2021

Hut 8 Mining Corp. (TSX: HUT) released its Q3 2021 financial results this morning, highlighting...

Thursday, November 11, 2021, 09:33:00 AM

Hut 8 Mining Announces US$65 Million ATM Financing Months After US$173 Million Raise

Hut 8 Mining (TSX: HUT) last night attempted to quietly announce that it will be...

Saturday, February 12, 2022, 11:51:34 AM

Hut 8 Mining Sees Revenues Decline For Third Straight Quarter

Hut 8 Mining (TSX: HUT) is beginning to feel the impact of the weak crypto...

Thursday, November 10, 2022, 08:57:24 AM