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.

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Catarina is a reporter for The Block based in New York City. Before joining the team, she covered local news at Patch.com and at the New York Daily News. She started her career in Lisbon, Portugal, where she worked for publications such as Público and Sábado. She graduated from NYU with a MA in Journalism. Feel free to email any comments or tips to [email protected] or to reach out on Twitter (@catarinalsm).