Share this article
Bitfury-Backed Bitcoin Miner Secures Canadian Land Deal
Bitfury-backed Hut 8 Mining Corp has secured a new headquarters in Canada's Alberta province.
By Nikhilesh De
Updated Dec 10, 2022, 9:16 p.m. Published Mar 22, 2018, 8:45 p.m.
Bitcoin mining firm Hut 8 is officially setting up shop in Alberta, Canada.
The Bitfury-backed company announced Monday that it had secured a deal with the city of Medicine Hat to both lease land and receive 42 megawatts of electrical power for a new mining facility. In turn, Hut 8 will inject $100 million into the local community by way of a construction project.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
The new building is fully funded, the company announced in a press release,https://www.hut8mining.com/hut-8-mining-corp-announces-electricity-supply-agreement-city-medicine-hat/ and the facility will join Hut 8's existing, smaller building in Drumheller, which uses 18.7 megawatts to power its array of machines.
The contract between Hut 8 and the City will last 10 years, and will begin after several regulatory agencies sign off on the company's work.
Bill Tai, chair of Hut 8's Board of Directors, said the agreement is a key step in the company's plans to start using its BlockBox Data Centers.
"CMH offers stable cost-competitive utility rates and has been very welcoming and supportive of Hut 8's fast paced growth plans," he said in a statement. "We're excited to work with the City of Medicine Hat to introduce a new industry, with new revenue channels for the City and its residents."
To build out its facilities, Hut 8 will hire some 100 workers, with 42 employees set to be hired full-time in order to run the mine. Hut 8 will recruit from the local community, according to the press release.
The land deal comes after the company announced it would be listed on the Toronto-based TSX Venture Exchange, where its shares are now publicly traded.
Construction image via Shutterstock
More For You
알아야 할 것:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Bitcoin Rebounds to $93K From Post-Fed Lows, but Altcoins Remain Under Pressure
Downward pressure on bitcoin is losing steam, with the market stabilizing but not yet out of the woods, said one analyst.
알아야 할 것:
- Bitcoin rebounded from a sharp early selloff on Thursday to trade above $93,000 shortly after the close of U.S. stocks.
- The late-day gain in bitcoin came alongside a rebound in the Nasdaq from big morning losses; the tech index closed with just a 0.25% loss.
- Downward pressure on bitcoin is losing steam, said one analyst, but the market is not yet out of the woods.
Top Stories
