Hut 8 and Bitfury to set up largest bitcoin mining center ter North America

Hut 8 Mining Corp. today announced it is partnering with the Bitfury Group to acquire, install, maintain and operate a North American bitcoin mining datacenter, reported to be one of the largest, if not the largest on the continent. Bitfury, a leading full-service blockchain technology company, will exclusively provide to Hut 8 a bitcoin mining solution comprised of a proprietary mix of hardware, software, installation and operational services.

“This partnership indicates the growing request for access to bitcoin investment opportunities across North America,” said Sean Clark, CEO of Hut 8. “Bitfury’s market share, unmatched computing power, and capability to scale, ter combination with a Houtvezelplaat 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 ter a competitive marketplace.”

“We are excited to playmate with Hut 8 to expand our activities ter the strategic North America market,” said Bitfury CEO, Valery Vavilov. “We believe there is a tremendous chance to establish North America spil one of the most significant cryptocurrency mining hubs ter the world.”

Bitfury develops and supplies both the software and the hardware solutions necessary for businesses, governments, organizations, and individuals to securely budge an asset across the blockchain. The group last launched a major project recently with Exonum, a custom-made Bitcoin-anchored blockchain framework that helps individuals, businesses, and governments securely and lightly bring their ideas and solutions to life. The Exonum blockchain enhances security by relying on strong, cryptographically proven systems.

Background

Bitfury manufactures its own Application Specific Integrated Circuit (ASIC) chips, which both eliminates reliance on third parties and increases spectacle and translates to lower costs, less space, and quieter operations. Bitfury’s portable, containerized gegevens center product, BlockBox AC, permits for significantly shortened set-up time required to establish effective bitcoin mining on a commercial scale.

Upon completion of the partnership, Hut 8 will own and operate what is believed to be the largest cryptocurrency mining farm te North America. Te phase I, Hut 8 will build up instant control overheen 22 bitcoin mining datacenters operating at 24.Two MW / 165 PH/s. Te Q1 of 2018, a public listing on a Canadian stock exchange is expected and phase II of the overeenkomst is scheduled to be finished, enlargening control to an extra 35 datacenters operating at 38.Five MW / 262.Five PH/s.

Through a combination of existing Bitfury sites and fresh installations, Hut 8 intends to scale rapidly across 2018 with installed capacity set to exceed 60 MW. Hut 8 also maintains the special option to acquire extra datacenters from Bitfury ter North America.

From today, Hut 8 is suggesting approximately 13,200,000 shares on a private placement voet through GMP Securities L.P., equal to approximately CAN$33,000,000, the proceeds from which will be applied towards the funding of phase I of the transaction described above. Investors, if they want, have the option of purchasing shares ter this private placement round with bitcoin.

Who is Hut 8?

Hut 8 is a bitcoin mining company led by CEO Sean Clark that gives shareholders access to the price appreciation of bitcoin and the emerging blockchain economy. The following individuals have consented to act spil the directors of Hut 8: Michael Novogratz, George Kikvadze, Bill Tai, Marc van der Chijs and Valery Vavilov.

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