Hut 8 Corporation (HUT)

[chestnut42]

Good news this morning from HUT. HUT is buying more mining rigs, without having any dilution of shares. They have 30 million US., but not for mining BTC. Diversifying by mining other crypto currency.

TORONTO, March 26, 2021 /CNW/ - Hut 8 Mining Corp. (TSX: HUT) ("Hut 8") has executed on a purchase of $30 million USD of NVIDIA CMPs, which will be delivered starting in May 2021, with full deployment expected to be completed this summer.

Hut 8 Mining Corp Logo (CNW Group/Hut 8 Mining Corp)
Hut 8 Mining Corp Logo (CNW Group/Hut 8 Mining Corp)
The addition of the NVIDIA CMPs is set to dramatically increase Hut 8's aggregate operating rate by approximately 1600 Gigahash. Hut 8 will use the NVIDIA CMPs to mine alternative blockchain networks and expand its mining business while maintaining the benefit of payouts in Bitcoin.

With this bold move, Hut 8 now has the opportunity to pursue additional computationally intensive applications in the high-performance computing space. This transaction serves to strengthen Hut 8's initiative to increase revenue diversification and drive immediate short- and long-term revenue growth objectives forward in FY 2021.

"The adoption and the development of applications interacting with various blockchain networks have never been stronger, opening many possibilities across a variety of industries," said Jaime Leverton, CEO of Hut 8. "We are incredibly excited to have these high performance CMPs in our fleet. We believe mining with CMPs will open up new opportunities for Hut 8 and will allow us to continue to execute on our long- and short-term plans for increased and diversified revenue streams."