Plugged in – Invest Medicine Hat

Plugged in

News / Real Estate / Start-up Culture

Hut 8’s new cryptocurrency mining facility is complete

July 18, 2018

Hut 8 Mining Corp. completed construction of its bitcoin mining facility in Medicine Hat.

The company operates 40 BlackBox datacentres at the facility, representing 48 megawatts of operating power. Each datacentre has 1.2 megawatts of power capacity.

“As a result of our employees’ hard work, our partners at the Bitfury Group and the cooperation from the City of Medicine Hat, our construction is complete – ahead of schedule and on budget,” says Andrew Kiguel, Hut 8’s president and chief executive officer.

“We are pleased to have surpassed our September 2018 completion target.”

With 66.7 megawatts of aggregate operating capacity, Hut 8 may be the largest cryptocurrency miner in Canada and the largest publicly traded cryptocurrency miner by operating capacity in the world. The company is actively pursuing more opportunities for its investors.

Hut 8 made headlines in mid-March when it announced an agreement with the City of Medicine Hat to purchase 42 megawatts of electricity and lease 11 acres of land from the City of Medicine Hat for 10 years.

“As a utility owner, City of Medicine Hat provides a sustainable, competitive advantage with low cost and reliable service that is attractive to our customers,” said Mayor Ted Clugston.

“We’re committed to growing and diversifying our economy and welcome Hut 8 as a new customer and business in our community.”

All told, Hut 8 is investing approximately $100 million into the Medicine Hat cryptocurrency mining facility.

Once fully operational, the company expects to employ 42 people.