Crypto miner Hut 8 begins operations at new Canada location

Bitcoin • June 6, 2022, 11:51AM EDT
the block

Hut 8 began mining last Thursday at its new location in Ontario, Canada.

So far, the company is operating on 15 megawatts of power, which has added roughly 400 petahashes per second to Hut 8’s operating capacity, according to an announcement Monday.

“We are thrilled that our most powerful and efficient machines are now mining Bitcoin at our North Bay site,” said Hut 8 CEO Jaime Leverton. "Over the next several weeks, our team will continue to install and bring miners online in real-time."

The Canada-based company also released a May production update, stating that in the past month it mined 309 BTC and decided to hold on to all self-mined bitcoin — in line with its "longstanding HODL strategy."

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Other bitcoin miners such as Riot recently shifted to selling some of their mined bitcoin.

As of May 31, Hut 8 had a total of 7,078 BTC, as well as an operating capacity of 2.64 exahash per second. The company produced on average 10 BTC per day in May.

Ethereum mining made up about 14% of Hut 8's total production.

Per the company's statement, it had to limit consumption at one of its facilities in May (Drumheller) as the spot price for power spiked.

About Author

Catarina is a reporter for The Block based in New York City. Before joining the team, she covered local news at Patch.com and at the New York Daily News. She started her career in Lisbon, Portugal, where she worked for publications such as Público and Sábado. She graduated from NYU with a MA in Journalism. Feel free to email any comments or tips to [email protected] or to reach out on Twitter (@catarinalsm).