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