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Hut 8 Mining set to venture into cloud computing business

Hut 8 Mining set to venture into cloud computing business

Hut 8 Mining, one of North America’s largest bitcoin miners, is looking to venture into the cloud computing business. It recently announced a multi-year partnership deal with Enthusiast Gaming. Hut 8 will host Enthusiast Gaming content in its data centers in exchange for the gaming company incorporating its content in its gaming communities.

Adrian Montgomery, the CEO of Gaming Enthusiast, acknowledged that Hut 8 has established itself as an innovative leader by linking digital asset mining with the traditional data center industry. He highlighted that Hut 8 is serving both traditional high-performance applications and applications in the gaming and blockchain space.

Sue Ennis, the vice president of investor and corporate development at Hut 8, said the partnership between the two entities will enhance Hut 8’s visibility to Enthusiast Gaming’s 300 million Gen-Z and millennial viewers. She believes it will help gamers get deeper ties and more attention to the company and its work. Hut 8 hopes the partnership will give more visibility to its stock in the market as the company is now where a lot of its retail investors are.

Ennis revealed that Hut 8 also has global ambitions. It is keen on acquisitions in Dubai and around Asia. However, she feels 2022 will be a bit volatile and a period of consolidation. Furthermore, the company has concluded its purchase of TerraGo, a wireless connectivity company at January-end for $23.7 million. Now, Hut 8 has five Canadian TerraGo data centers under its wing. With this acquisition, the company wants to set up scalable cloud services and to be an alternative to Amazon Web Services, Google Cloud, and Switch.

Ennis said they are doubling down on Amazon Web Services for Web 3 and blockchain gaming. Mining will remain Hut 8’s core business but, it’s now looking to build out.

Hut 8 mined 289 bitcoins in February and held 6,115 bitcoins on its balance sheet as of February 28. The company has more than 35,000 mining machines and 109 megawatts of power.



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