Hut 8 Mining Corp. from Vancouver, a part of the Bitfury Group, is going to be listed on the TSX Venture Exchange in Toronto this month. After listing, Hut 8 will be 49 percent owned by the parent group, and the remaining stock in the hands of insiders and private placement investors. This is reported by News Bitcoin Com.
As planned, to the mid 2018, Hut 8 will acquired 60 megawatts of Bitfury’s mining power in Canada and also will have exclusive agreement with the parent company to develop new mining facilities of North America. Mike Novogratz also will finance the deal.
According to reports, Bitfury has 172 megawatts of hashing power, mined over a million coins, and its yearly revenue was an estimated $350 million. And Chief Executive Officer Valery Vavilov puts the company’s market share at about 10 to 12 percent.
This is about access to capital and scale. We found a perfect vehicle to capitalize incredibly quickly. Bitfury now is going to rebalance the global network. If the capital markets react as we expect them to, there’s the opportunity to vend in other parts of Bitfury. Potentially all of Bitfury – piece by piece.
CEO, Hut 8
It looks like Canada can become new Bitcoin mining hub.