Assets, Bitcoin

How Much Bitcoin Does Hut 8 Have?

Hut 8 is a Bitcoin mining company that operates out of Alberta, Canada. The company is one of the largest Bitcoin miners in the world and has a large facility in Drumheller, Alberta.

Hut 8 was founded in 2017 by Andrew Kiguel and Pierre-Luc Quimper. The company has been growing rapidly since its inception and now has a market cap of over $1 billion.

Hut 8 operates two main types of mining rigs: ASICs and GPUs. ASICs are designed specifically for mining Bitcoin and are much more efficient than GPUs.

Hut 8 has a total of 12,000 ASIC miners.

GPUs can be used for mining other cryptocurrencies like Ethereum and Zcash. Hut 8 has a total of 1,500 GPUs.

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In total, Hut 8 has 13,500 miners. That means that the company has a lot of hashing power and is able to mine a lot of Bitcoin.

At current prices, each Bitcoin mined by Hut 8 is worth about $8,000. That means that the company is generating about $104 million worth of Bitcoin every month.

Hut 8 plans to expand its operations in the future and is currently building another facility in Medicine Hat, Alberta. Once completed, the Medicine Hat facility will have a total of 24,000 ASIC miners.

The company is also considering expanding to other countries with low electricity costs like Iceland and Norway. Hut 8 plans to eventually have over 100,000 miners operational all around the world.

All told, Hut 8 could be generating over $800 million worth of Bitcoin every month once all its planned expansion is complete. That would put the company’s total value at over $9 billion.

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