The Vancouver company Hut 8 Mining Corp plans to create the largest data center for mining bitcoin in North America. The ambitious project will be implemented in partnership with Bitfury, which will provide equipment, software and maintenance. Under the condition of attracting the necessary funding, the deal is expected to be completed in 2018.
In yesterday’s statement, Hut 8 revealed the details of a phased exit of the company to American industry of cryptocurrency. The first phase of the project begins with the acquisition of 22 data centers with the capacity of the hash at 24.2 MW/165 PH/s. The second stage will be held 35 data centers with a total capacity of 38.5 MW.
General Director of Hut 8 Sean Clarke said:
“Share Bitfury on the market, unsurpassed processing power and the ability to scale in conjunction with the Board of Directors of Hut 8, which agreed to join former Manager of a hedge Fund Mike Novogratz and the famous venture capitalist bill tai, will provide the company an incredible advantage in this competitive market.”
On the rights of the partnership with Bitfury, a canadian company has the option to purchase data centers, i.e. mining farm solely from Bitfury. While Hut 8 is not enough funds to complete the project, so the company intends to raise additional financing through the placement of 13.2 million shares to GMP Securities LP for a total of $26 million on the Canadian securities exchange.
Subject to the completion of the transaction Hut 8 will be the largest bitcoin miner in North America, share of which will exceed 60 MW.
Bitfury is the world leader in the field of mining. In addition, the company produces chips for ASIC miners and mining farms. Thus, the company has developed a Blockbox – mobile farm for mining cryptocurrency.
Blockbox – mobile farm for mining cryptocurrency
It should be noted that this event attests to how far mining has come from those days when mining cryptocurrencies was involved in a small mining-pools and regular users on their home computers. With the creation of such sites in Russia, Northern Europe and North America, the role of China in the mining market of bitcoin will gradually weaken.