Hut 8 Mining Group, upheld by Bitfury, mined 828 BTC within the first three months of 2018. Hut 8 owns Bitcoin mining datacenters called BlockBoxes that are purchased from the Bitfury Group.
During the release of the finance results for the first quarter of 2018, the firm managed to amass a whopping 70 million Canadian Dollars, which will be redirected toward the acquisition of additional mining equipment. Furthermore, the Hut 8 has designated 11 million CAD to fund the establishment of a new mining facility within Canada. The CEO, Andrew Kiguel, expressed his optimism in the company’s future progress, given that it started operating towards the end of last year.
The company began mining in December 2017 at the all-time high value of Bitcoin. Despite the subsequent loss of market cap, CEO Andrew Kiguel has said that he’s pleased with how things have been going so far. The company raised $54 million USD recently to continue investing in the mining hardware they need to expand their operation.
The company has mined a total of 1,300 Bitcoins since December and are now seeking to construct a data center that will increase the mining capacity of the company by more than threefold. The facility is due to open in September 2018 in the City of Medicine Hat.
Once completed, this new facility is expected to increase the mining capabilities of Hut 8 by over three times compared to the current capacity.
The new facility will launch production in September, he said, adding:
“The City of Medicine Hat site will consist of an additional 40 BlockBoxes. Once operational, Hut 8 will own 57 BlockBoxes, representing a 335 percent increase from current mining capacity, securing our position as one of the largest publicly traded Bitcoin miners in the world, with a total of 66.7 MW of power capacity and 448 PH/s. With this increase in BlockBoxes from 17 to 57, we expect that our daily mining production will increase significantly. We believe our City of Medicine Hat Facility will represent operational excellence and set a new global benchmark for industrial scale cryptocurrency mining operations.”