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Crypto Miner Hut 8 Buys 12,000 New MicroBT Miners for $58.7M

The company expects to start taking delivery in January 2022.

Updated May 11, 2023, 7:01 p.m. Published Oct 21, 2021, 12:21 p.m.

Canadian crypto miner Hut 8 Mining (Nasdaq: HUT) has bought 12,000 new MicroBT M30S, M30S+ and M30S++ miners from Inchigle Technology Hong Kong Ltd.

The miner bought the units for $58.7 million, a cost of around $50/terahash, with aggregate incremental production of 1.17 exahash per second.
Delivery is expected to start in January 2022 at a rate of about 1,000 machines a month, with full deployment by December 2022.
The full deployment of the new miners will bring Hut 8′s total contracted capacity to approximately 3.57 EH/s.
The new miners, along with the previous announced buys, will be deployed at the company’s two sites in Alberta and a third site, which is under development.
In June, Hut 8 announced that it holds “approximately 3,806″ bitcoin on its balance sheet, which it expects to increase to 5,000 by the end of the year.

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Parikshit Mishra

Parikshit Mishra is CoinDesk's Regional Head of Asia, managing the editorial team in the region. Before joining CoinDesk, he was the EMEA Editor at Acuris (Mergermarket), where he dealt with copies related to private equity and the startup ecosystem. He has also worked as an Senior Analyst for CRISIL, covering the European markets and global economies. His most notable tenure was with Reuters, where he worked as a correspondent and an editor for various teams. He does not have any crypto holdings.