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Hut 8 to Partner with Bitfury to Operate North America’s Largest Bitcoin Mining Data Centers

 
Dec 4, 2017
by Josh Anderson

VANCOUVER, BRITISH COLUMBIA — Hut 8 Mining Corporation will partner with the Bitfury Group to acquire, install, maintain and operate the largest bitcoin mining datacenters in North America.

Bitfury is known for being the leading full-service blockchain technology firm in the game and the largest miner outside of China (boasting 11% of marketshare). Hut 8 gives shareholders access to the price appreciation of bitcoin and the emerging blockchain economy. Bitfury develops and delivers both the software and the hardware solutions necessary for businesses, governments, organizations and individuals to securely move an asset across the Blockchain

This deal will ensure that Bitfury exclusively provides Hut 8 with a bitcoin mining solution comprised of a proprietary mix of hardware, software, installation and operational services to Hut 8.

This partnership signifies the growing demand for access to Bitcoin investment opportunities across North America. Bitfury’s market share, unmatched computing power, and ability to scale, in combination with a Board of Directors that former hedge fund manager Michael Novogratz and renowned venture capitalist Bill Tai have both agreed to serve on, offers Hut 8 an extreme advantage in a competitive marketplace,” Hut 8’s CEO Sean Clark said in a press release.

“We are excited to partner with Hut 8 to expand our activities in the strategic North America market. We believe there is a tremendous opportunity to establish North America as one of the most important crypto-currency mining hubs in the world,” added Valery Vavilov, CEO of BitFury.

The deal will have two key phases:

  • Phase I of this deal will see Hut 8 gain immediate control over 22 bitcoin mining datacenters operating at 24.2 MW / 165 PH/s.
  • Phase II will complete in Q1 of 2018, when a public listing on a Canadian stock exchange is expected. This will increase control to an additional 35 datacenters operating at 38.5 MW / 262.5 PH/s.

“Through a combination of existing Bitfury sites and new installations, Hut 8 intends to scale rapidly throughout 2018 with installed capacity set to exceed 60 MW. Hut 8 also maintains the exclusive option to acquire additional datacenters from Bitfury in North America,” reports an official Press Release on BusinessWire.com. “From today, Hut 8 is offering approximately 13,200,000 shares on a private placement basis through GMP Securities L.P., equal to approximately CAN$33,000,000, the proceeds from which will be applied towards the funding of phase I of the transaction described above. Investors have the option of purchasing shares in this private placement round with bitcoin.”

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