Hut 8 forecasts fivefold growth in its own hashrate

The hashrate of Hut 8 Mining, listed on Nasdaq, is forecast to rise by year-end from the current 1.2 EH/s to 2.5-3 EH/s, and by mid-2022 to 6 EH/s. Such estimates are laid out in the mining company’s updated production plan.

UPDATE⚡️: HUT 8 GOALS
?5,000 Self Mined #BTC by end of Q4 2021
?2.5-3.0 E/H by end of 2021
?6.0 E/H by mid 2022
?Opportunistic deals directly with mining hardware vendors
?Build out of 100 MW facility @ $C:0.027/kwh all inclusive. @Hut8Mining #BTC https://t.co/CmaqSY4Ojk

— Hut 8 Mining (@Hut8Mining) June 28, 2021

“Capital raising and listing on Nasdaq became important milestones and laid the groundwork for the execution of production plans», — said Hut 8 CEO Jamie Leverton.

The company aims to bring the number of bitcoins mined on its balance sheet to 5,000 BTC by year-end 2021. As of June 27, this figure stood at 3,806 BTC. Consequently, daily output would rise from 6.2-7.3 BTC to 8-10 BTC. Hut 8 estimated the all-in cost of mining a bitcoin at $3,000.

Also among the key objectives is the completion of a 100 MW facility in the Canadian province of Alberta. To this end, the company has agreed to purchase electricity from Validus Power Corp.

Hut 8 plans to strike direct deals with ASIC equipment manufacturers. In particular, further purchases GPUs for the Nvidia CMP mining series from Nvidia and a collaboration with Foundry Digital, Barry Silbert’s.

According to the document, Hut 8’s Ethereum hashrate currently reached 1.218 EH/s. The firm has installed 2,400 of 5,400 Whatsminer M30S devices, purchased in January 2021.

Earlier, Hut 8’s head of corporate development, Sue Ennis, said the company “doing everything possible” to attract Chinese miners.

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