Stocks

Company Description

Hut 8 is a Bitcoin mining company in Canada. Hut 8 used to have an exclusive relationship with Bitfury for equipment in Canada but in 2020 renegotiated the agreement, lowering their operating costs, and giving them autonomy to purchase from other manufacturers. Hut 8 runs Bitfury BlockBoxes and Whatsminer equipment representing 107 MW of operating capacity in Drumheller and Medicine Hat, Alberta. They have historically partnered with Genesis Global Capital for debt funding. Hut 8 uses smart response systems to turn off low-efficiency machines during times of lower mining profitability. In Jan-2018 the company became public on the Toronto Stock Exchange through a reverse merger.