Hut 8 Completes $11.8M Financing for New Bitcoin Mining Machines

Publicly traded bitcoin mining company Hut 8https://hashrateindex.com/stocks/hut-ct (HUT) announced $11.8 million in financing for 5,400 machines from MicroBT.

• Full payment of the order also includes a $2.9 million deposit in addition to the loan, provided by New York-based mining company Foundry. (Foundry is a sister company of CoinDesk.)
• Delivery of Hut 8's 5,400 Whatsminer M30S machines are scheduled to start before February and continue through June.
• After full deployment of new machines and removal of old ones, Hut 8's total hash power is expected to reach 1,300 petahashes per second (PH/s), the company told CoinDesk. Hut 8 currently controls roughly 1,007 PH/s.
• Shares of the Toronto-based firm have gained over 190% in the past year, but lately are down over 40% from their peak near $8.50 in early January along with a similar drop in the price of bitcoin.

Update (Jan. 27, 14:59 UTC): Third bullet updated to clarify Hut 8's current and expected hashrates.