Canada Claims Bitcoin Mining Stake As Well

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Last Updated on 5 July 2021 by CryptoTips.eu

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The Canadian crypto mining giant, Hut 8, is increasing its production capacities and now wants to HODL 5,000 self-mined Bitcoins by the end of 2021. Given the forced exodus of many miners until recently established in China, Canadian and US miners are seeing cheap material become available as well as the personnel looking to work in a new and exciting industry.

China’s crackdown is shaking up the cryptocurrency mining industry, forcing even companies like Bitmain to make a drastic move to influence the price of second-hand devices. American miners, for their part, can thank Chinese authorities for offering them an easy windfall, as the difficulty of Bitcoin mining lowers and benefits grow.

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Nasdaq listing

One of the clear winners is Canadian bitcoin mining giant Hut 8, which recently saw its shares listed on the US tech market Nasdaq.

Our capital raise and concurrent listing on Nasdaq, completed on June 15, 2021, were transformative milestones for Hut 8

CEO Jaime Leverton explained.

The strength of our balance sheet and our conservative approach to capital management has set the stage for our ongoing success and ability to drive long-term shareholder value.  We now have 1.2 Exahash in production and ongoing installation of new equipment puts us on a near-term trajectory to produce an additional 2 – 3 Bitcoin per day by the end of August, on top of our current production rate of 6.2 – 7.3 Bitcoin per day.

Nvidia graphic cards

Although the Canadian company remains primarily focused on Bitcoin, they are also diversifying their crypto portfolio this year. To do so, Hut 8 said in March it purchased $30 million worth of Nvidia’s crypto-focused graphics card to mine ether, along with several other cryptocurrencies, which it aims to HODL.