Bitfury North American Mining Proxy Hut 8 to List on TSX

After its debut, Hut 8 will be 49 percent owned by the parent group, and the remaining stock in the hands of insiders and private placement investors
15 February 2018   236

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.
 

Sean Clark 

CEO, Hut 8

It looks like Canada can become new Bitcoin mining hub. 

Cheap Hydropower in Oregon Attracts Miners

During few months, a few bitcoin miners have been heading to regions in North America
23 February 2018   95

According to the local press, miners are starting operations in the area because of concentrations of cheap electricity.

In the state, there are roughly 12 more mining operations. For instance, in a small town called Dalles located the biggest mining operation in the state called Oregonmines, which is operated by Terrence Thurber. It is an industrial-sized operation with over 2,750 mining rigs in a warehouse with no windows. Robert McCullough of Portland General Electric (PGE) stated that more companies are on the way. He is not impressed by the mining movement in Oregon. In his opinion, Oregon may become the center of crypto-mining in the world.

We may find our burgeoning surplus of energy will make us quite a capital for useless servers solving useless puzzles. It’s not as if we have a huge amount of employment attached. It’s not as if you’re going to have a big staff and a lot of smart people working on it.

Robert McCullough

Portland General Electric consultant 

One of the biggest reasons miners are attracted to Oregon is because of the Columbia River hydropower system. The hydro-powered electricity costs 3 to 4 cents per kilowatt-hour. It is almost the lowest price in the U.S.

According to the Oregonmines founder, the location is also helpful because the facility is close to a major metro, and weather patterns are favorable.