Bitcoin miner credits Medicine Hat start for new international success

The deal is the largest merger and acquisition transaction that’s ever taken place in the crypto mining industry, according to Hut 8 CEO Jaime Leverton

“This business combination is the largest M&A transaction that has ever transpired within our industry and represents a highly strategic union of two organizations with complementary strengths,” Leverton said in a statement.

“We are excited to move forward and continue growing,” he added.

Hut 8 will go from managing 109 megawatts of power to handing one gigawatt of power across North America, according to company representatives.

When Hut 8 launched in 2018, it signed a 10-year electricity supply agreement and land lease in Medicine Hat.

Sue Ennis, head of investor relations at Hut 8, credited the company’s success to those southeast Alberta roots.

“Without Medicine Hat, we wouldn’t have been able to build these operations to a point where it made sense for us to grow and go south of the border,” Ennis told CHAT News on Wednesday.

Sue Ennis is the head of investor relations at Hut 8. (CHAT News)

Hut 8 first launched in 2018 with facilities in Medicine Hat and Drumheller where servers mine for the Bitcoin cryptocurrency.

Bitcoin is a decentralized digital currency that enables peer-to-peer transactions on a blockchain, eliminating the need for a central authority or intermediary.

Ennis said Hut 8 doesn’t forsee any changes to its Medicine Hat operation, which employees about 30 people.

by Eli J. Ridder | @EliRidder

Bitcoin miner credits Medicine Hat start for new international success

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