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.