Hut 8 is a cryptocurrency mining company that operates out of Alberta, Canada. The company is one of the largest bitcoin miners in North America and currently has 26% of the continent’s hash power.
Hut 8 went public on the Toronto Stock Exchange in early 2018, becoming the first cryptocurrency mining firm to do so.
As of March 2018, Hut 8 had mined approximately 4,000 bitcoins. The company plans to expand its operations and increase its hash power to 5,000 petahashes by the end of the year.
This would give Hut 8 a total of 30% of North America’s hash power and make it the largest bitcoin miner in the world.
The current value of 4,000 bitcoins is approximately US$32 million. However, the value of bitcoins mined by Hut 8 will continue to increase as the price of bitcoin increases.
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If the price of bitcoin doubles by the end of the year, the value of Hut 8’s mined bitcoins will increase to over US$64 million.
Hut 8 is able to mine bitcoins at a lower cost than most other miners due to its efficient operations and access to cheap electricity. The company has a long-term contract with Bitfarms, one of Canada’s largest bitcoin mining firms, to use its excess electricity.
This allows Hut 8 to mine bitcoins for as little as $3,000 per coin, which is significantly lower than the current market price of over $9,000 per coin.
In conclusion, Hut 8 Mining currently has 4,000 Bitcoins which are worth approximately 32 million dollars US. The company plans to expand its operations and increase its hash power which would give them a total 30% of North America’s hash power by year’s end.
The current value of 4,000 Bitcoins will continue to increase as the price per coin goes up making Hut 8 one of the most profitable Bitcoin miners in North America.
10 Related Question Answers Found
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.
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