Bitfury's North American Mining Proxy Hut 8 to List on TSX This Month
Canada appears poised to become a new global hub for bitcoin miners. Already known to be attracting Chinese miners diversifying away from their home market with its cheap hydro-power electricity and cold climate, the country’s latest draw is easy access to capital. Firms such as Hut 8 are set to tap its welcoming market for early stage ventures.
It is planned that by mid of the year, Hut 8 will acquired 60 megawatts of Bitfury's mining power in Canada and have an exclusive agreement with the parent company to develop new farms in all of North America, according to its investor presentation. Hedge fund mogul Mike Novogratz is also said to be financing the deal.
Bitfury reportedly has 172 megawatts of hashing power, mined over a million coins, and its yearly revenue was an estimated $350 million. And Chief Executive Officer Valery Vavilov puts the company's market share at about 10 to 12 percent.
The Canadian Connection
Sean Clark, chief executive officer of Hut 8, commented: "This is about access to capital and scale. We found a perfect vehicle to capitalize incredibly quickly. Bitfury now is going to rebalance the global network.” He added that: "If the capital markets react as we expect them to, there's the opportunity to vend in other parts of Bitfury. Potentially all of Bitfury – piece by piece.”
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