Andrew Kiguel, CEO of Hut 8 Mining talks about their company that provides direct exposure to bitcoin.
“Hut 8 Mining mines, stores and provides a safe and secure way for people to get exposure to Bitcoin without the complexities of buying the underlying cryptocurrency.
We has an exclusive partnership with the Bitfury Group, the world’s leading full service blockchain technology company. They manage the assets on our behalf and utilize their eight year expertise and efficiencies for mining production.
We have Bitfury block boxes in Alberta Canada. It’s a 40 foot shipping container that is a self-contained data center. Each one contains over one hundred thousand ASIC chips and consumes 1.2 megawatts of electricity. Those allow us to be one of the most efficient bitcoin miners in the world.
Medicine Hat provides us access to low cost electricity and a long term supply agreement. What that does is it creates the long term viability of Hut 8 by making sure that we have access to electricity which is by far the largest component for us as cryptocurrency miners.
All of our assets have been fully funded and paid for. Nobody else in Canada has been able to build anything of the same size and scale as us. We are the largest industrial bitcoin miner in Canada and that’s a significant achievement.” – Andrew Kiguel, CEO of Hut 8 Mining
About Hut 8
Hut 8 is the largest publicly traded cryptocurrency mining company in the world. Hut 8 has an exclusive North American partnership with the Bitfury Group, the world’s leading full-service blockchain technology company.
They provide investors with direct exposure to bitcoin without the technical complexity of purchasing the underlying cryptocurrency.
Investors avoid the need to create online wallets, wire money offshore and safely store their bitcoin. Hut 8 provides a secure and simple way to invest.
● Globally fungible – a bitcoin is the same everywhere in the world
● Low transaction costs
● Unlike physical commodities, there is little to no fee to transport bitcoin anywhere in the world
● Low to zero storage costs – custodians charge low fees to store bitcoin, ideal storage of value
● Non-sovereign and controlled by mathematical algorithm that makes it not prone to inflation
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