Hut 8 Mining, a Canadian bitcoin mining company, has joined forces with the US-based blockchain technology firm Bitfury Group to create the largest cryptocurrency mining farm in North America with an installed capacity of over 60MW.
The project involves Hut 8 acquiring datacentres exclusively from Bitfury, which will offer Hut 8 hardware, software, installation and operational services for the initiative.
Phase one of the project will start with Hut 8’s acquisition of 22 datacentres operating at 24.2MW. In order to fund the first phase, Hut 8 will raise CAD33m by offering around 13 million shares on a private placement basis.
In 2018, the firm expects to make a public listing on the Canadian stock exchange and wrap up the second phase of the project. In the second phase, Hut 8 will acquire an additional 35 data centres operating at 38.5MW.
Hut 8 CEO Sean Clark said: “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.”