Bitcoin mining company Hut 8 to build facility in Medicine Hat, Canada

Hut 8, a Bitcoin mining company supported by Bitfury, has reached an agreement with the city of Medicine Hat, Canada, to open a mining plant there. The city will provide it with the site needed to build the plant and the electricity needed for future operations. Hut 8 said it would inject new vitality into the city's economic development through its own construction projects, so that this cooperation will bring the greatest benefits to both parties.

Translation: Ina

Bitcoin mining company Hut 8 will officially open a mine in Alberta, Canada.

The Bitfury-backed company announced Monday that it had reached an agreement with the City of Medicine Hat to secure land and power for its new mine, while Hut 8 will inject $100 million into the local community through a construction project.

The company said in a news release that the new mine is fully funded and joins its existing small mine in Drumheller, which requires 18.7 million watts of electricity to run its array of machines.

The agreement between Hut 8 and the City of Medicine Hat will last for 10 years and will take effect once various regulatory agencies sign off on Hut 8's operations.

Bill Tai, chairman of Hut 8’s board of directors, said the agreement was a key step in its plans to begin using BlockBox data centers.

He said in a statement:

“The City of Medicine Hat provides us with competitive utility rates and has been very welcoming and supportive of Hut 8’s rapid growth plans. We are excited to be working with the City to introduce a new industry that will generate new revenue streams for the City and its residents.”

To build the mine, Hut 8 will hire about 100 employees, 42 of whom will be full-time employees to operate the mine. According to the press release, Hut 8 will recruit employees from the local community.

The company previously announced that it would list its shares on the TSX Venture Exchange in Toronto, a process that has now been completed.