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Hut 8 works with Bitfury Group to create North America's largest Bitcoin data center

December 5, 2017 - The Hut 8 Mining Company ("Hut 8") announced that it will cooperate with the Bitfury Group ("Bitfury") to acquire, establish, maintain and operate the largest bitcoin mining facility in North America data center.

Bitfury, the world's leading blockchain technology services company, will be the only bitcoin mining solution that offers Hut 8 exclusive hardware, software, installed and operational services.

For this cooperation, Hut 8 CEO Sean Clark said:

"Our cooperation shows that North American market demand for Bitcoin mining investment opportunities is growing.Bitfury's market share and strong computing capacity expansion, as well as former hedge fund manager Michael Novogratz and well-known venture capitalist Bill Tai , The leadership of the board members will undoubtedly give Hut 8 unparalleled advantages in market competition. "
Valery Vavilov, Bitfury CEO, said:

"We are very pleased to have partnered with Hut 8 to continue expanding our business presence in this strategic North American market and we believe that turning North America into one of the world's major cryptocurrencies mining centers will unlock its tremendous potential and opportunity."
Founded in 2011, Bitfury is the world's leading Bitcoin mining company with approximately 11% market share in Bitcoin blockchain. Bitfury independently developed and produced ASIC (Application Specific Integrated Circuit) chip, not only without having to rely on a third party, but also with high performance, low cost, and the advantages of small footprint and quieter operation. Bitfury's BlockBox AC, a portable, containerized data center product, dramatically reduces assembly time required for efficient bitcoin mining built for commercial use.

Through this partnership, Hut 8 will own and operate the largest cryptocurrency mine in North America. In the first phase, Hut 8 will have immediate control over more than 22 bitcoin mining data centers that consume 24.2 megawatts (MW) / 165 PH / s in real time. In the first quarter of 2018, Hut 8 is expected to be listed on the Canadian Stock Exchange and the second phase of the partnership is also expected to be completed, when Hut 8 will be responsible for the management of another 35 units of 38.5 MW / 262.5 PH / s center.

By combining Bitfury's existing site with the new configuration, Hut 8 is expected to grow rapidly by 2018 with an installed capacity of 60 MW. Hut 8 also has an exclusive option to get Bitfury's other North American data centers.

Starting December 4, Hut 8 will issue approximately 13.2 million private equity shares in GMP equities valued at 33 million Canadian dollars and the proceeds will finance the first phase of the above transaction.

About Hut 8

Hut 8, a bitcoin mining company with CEO Sean Clark as CEO, offers shareholders access to price appreciation in bitcoin and emerging blockchain economies. Its members are: Michael Novogratz, a former Castle Investment Group hedge fund manager; George Kikvadze, vice president of the Bitfury Group; Bill Tai, chairman of the Strategic Committee of the Bitfury Group; and famous venture capitalist Bill Tai; Canadian cryptocurrency investor and former co-founder of potatoes Marc van der Chijs and Valery Vavilov, CEO of Bitfury Group.

About Bitfury Group

Bitfury Group, a leading full-scale blockchain technology services company, is also one of the largest private infrastructure providers in the blockchain ecosystem. Bitfury Group develops and delivers blockchain-related software and hardware solutions to ensure the safe transfer of assets across the blockchain to businesses, governments, institutions and individuals. The Bitfury Group guarantees successful, easy, fast, secure and cost-effective linkages to the blockchain. Its global team consists of experts from all fields of technology, business, communications, security and civil society. Bitfury has previously announced Exonum, a blockchain custom technology framework that helps individuals, businesses and governments safely and easily implement their ideas and solutions for blockchain.