Wednesday, July 24, 2024

Hut 8 Mining opens third site despite downtrend in crypto market.

Despite the downtrend in the crypto market, Hut 8 Mining has gone ahead and opened its third site in North Bay, Ontario in Canada. It began operating on June 2 on 15 megawatts. The new facility has added about 400 petahashes per second to Hut 8’s operating capacity.

Jamie Leverton, Hut 8 CEO, said they are adding both miners and capacity on-site and are working to significantly increase production. The Canadian company wants to reach 30 MW of power at the North Bay operation. Hut 8 has two sites in southern Alberta. It mined 309 Bitcoins in May – bringing the total Bitcoins in its reserve to 7,078 with a current operating capacity of 2.64 exahashes per second. The company’s monthly total was the same as its output in April. But the production was below its March output. Hut 8 had to limit its consumption at the Drumheller facility because of the power spike.

Leverton said that the company keeps everything it mines and 100% of its stack is unencumbered. This means that besides operating efficiently and taking a strategic approach to equipment purchases, Hut 8 has a level of flexibility that sets the company apart from its competitors. Hut 8’s third facility follows the acquisition of wireless connectivity company TerraGo at the end of January for $30 million. This boosted Hut 8 with five data centers.

Sue Ennis, the vice president of investor and corporate development, highlighted that Hut 8 is looking to set up scalable cloud services that provide an alternative to cloud computing companies like Google Cloud and Amazon Web Services. Leverton said the data centers have empowered Hut 8 Mining with a monthly recurring revenue stream from 400 enterprise-grade customers.

Cryptured Team
Cryptured Team
The writers team at is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.

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