Crypto min­ing com­pany makes $13 mil­lion USD ac­qui­si­tion for Star­land fa­cil­ity

The Drumheller Mail - - FRONT PAGE - Kyle Smylie The Drumheller Mail

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.

mailphoto by Kyle Smylie

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.

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