Crypto mining company makes $13 million USD acquisition for Starland facility
The world’s largest publicly traded cryptocurrency mining company is increasing its operating capacity with the acquisition of more powerful computer processors at their facility near Drumheller.
Hut 8 Mining, which operates a facility just north of Drumheller, announced the purchase of the bitcoin mining data centers from associated company BitFury, which will increase their mining capabilities by 20 per cent.
The acquisition, subject to approval, will see $13 million USD transferred to BitFury.
Hut 8 will have 85 BlockBoxes at their facilities in Drumheller, Three Hills, and Medicine Hat.
“Our goal is to be the largest bitcoin miner in the world,” said Hut 8 president and CEO Andrew Kiguel.
The operation works by using hundreds of thousands of computer processors to solve mathematical problems which earn BitCoins, digital currency exchanged online.
Since beginning its mining operations in December 2017, Hut 8 has mined over 4,400 bitcoins, which are cur- rently valued at around $5,500 each. The Starland facility’s 45 BlockBoxes use 42 MW of electricity and the facility employs about two dozen people.
Hut 8 Mining Corp is headquartered in Toronto.
Hut 8, which has a facility just north of Drumheller, will increase its bitcoin mining capacity by 20 per cent with the $13 million USD acquisition from associated company BitFury.