Hut 8 Completes $11.8M Financing for New Bitcoin Mining Machines

Zack Voell
·1 min read

Publicly traded bitcoin mining company Hut 8 (HUT) announced $11.8 million in financing for 5,400 machines from MicroBT.

  • Full payment of the order also includes a $2.9 million deposit in addition to the loan, provided by New York-based mining company Foundry. (Foundry is a sister company of CoinDesk.)

  • Delivery of Hut 8’s 5,400 Whatsminer M30S machines are scheduled to start before February and continue through June.

  • After full deployment, Hut 8’s total hash power is expected to reach 1,300 petahashes per second (PH/s), the company told CoinDesk. Hut 8 currently controls roughly 825 PH/s.

  • Shares of the Toronto-based firm have gained over 190% in the past year, but lately are down over 40% from their peak near $8.50 in early January along with a similar drop in the price of bitcoin.

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