Cryptocurrency Miner Hut 8 Makes TSX Venture Exchange Debut

Today marks the first day of trading for Hut 8 Mining Corp. on the TSX Venture Exchange as it seeks to boost bitcoin mining operations across North America.

Backed by billionaire investor Mike Novogratz, Hut 8 is currently the world’s largest publicly traded cryptocurrency mining company based on funded and under-construction computing capacity.

The company is partially owned by chip maker Bitfury Group and raised more than $100 million in private placements ahead of its listing through the reverse takeover of Oriana Resources Corp.

The Bitfury Group is the world’s leading full-service Blockchain technology company and one of the largest private infrastructure providers in the Blockchain ecosystem.

Commenting on the listing, Sean Clark, Interim CEO of Hut 8, noted, “Today’s listing on the TSXV is a milestone for Canadian investors, who can now access one of the world’s largest publicly traded crypto-mines without purchasing the underlying cryptocurrency.

“In crypto-mining, scale is what determines success in the short term, but is also what allows mines to weather any volatility over the long term. Our exclusive partnership with Bitfury, one of the world’s leading full-service Blockchain companies, facilitates the kind of scale that will allow us to deliver ongoing value to investors,” Clark continued.

“Listing on the TSX Venture Exchange is a milestone for the growth of Blockchain and cryptocurrency companies,” said Valery Vavilov, Chief Executive Officer of The Bitfury Group and a member of the board of directors of Hut 8. “We look forward to continuing our work with Hut 8 as we advance this technology and its value in North America.”

Hut 8 currently operates a total of approximately 100,000 machines, representing 18.7 MW of capacity and 127.5 petahashes per second (“PH/s”) of computing power. Based on current purchase indications, construction plans and the success of our recent private placement financings (which raised in excess of $100 million), Hut 8 expects to operate a total of approximately 320,000 machines within six months, representing 62.7 MW of capacity and 427.5 PH/s of computing power. As of March 5, 2018, Hut 8 has mined a total of 645 Bitcoins.

Hut 8 has also reserved both ASIC and GPU chips from Bitfury to fulfill up to an additional 157 MW of capacity in 2018. Hut 8’s facilities currently operate on power secured at an average price of 3.5 cents (USD) per kWh.

The board of directors of Hut 8 will be led by Bill Tai, a veteran venture capitalist and leading world figure in Blockchain, along with Jeffrey Mason, Gerri Sinclair, Dennis Mills, Michael Novogratz and Valery Vavilov.