Canadian cryptocurrency mining company Hut 8 has announced a major hosting agreement with Bitmain that is expected to generate $125 million annually. Under the agreement, Hut 8 will deploy Bitmain's ASIC miners at its Texas-based site, potentially increasing its self-mining hash rate from 4.7 EH/s to 19.7 EH/s. The next-generation miners are expected to triple computing power and offer significant efficiency improvements. The deal also includes an option for Hut 8 to purchase all deployed rigs at a competitive price. Analysts view the partnership positively and expect Hut 8's profitability to improve despite Bitcoin price fluctuations. Hut 8's stock increased by 3.7% following the news.
- Content Editor ( crypto.news )
- 2024-09-20
Analysts reiterate ‘buy’ rating as Hut 8 inks $125m deal