Hut 8 reveals plan to become fully focused on in-house mining after deal to buy ASICs

Canada-based crypto mining firm Hut 8 has closed a deal that will see the company become fully focused on self-mining.

The publicly-traded company is buying all 960 Whatsminer M31S+ machines from hosting client TAAL, according to an announcement on Tuesday.

The ASIC machines are currently installed in the company’s facility in Medicine Hat, Canada. And effective May 1 Hut 8 will no longer act as a host.

The move will add 81 petahash per second (PH/s) to Hut 8’s collective mining power, bringing the total to 2.62 exahash per second.

"The incremental capacity will deliver an immediate hashrate benefit as ASIC miners are already on-site, installed and hashing," said Hut 8 CEO Jaime Leverton.

Hut 8's stock is up 4 percent from the open, according to Nasdaq data, trading at about $4.51 as of the time of writing.