A mining company backed by Bitfury is set to become publicly listed later this month in Canada.
reports that Hut 8 Mining Corp will appear on the TSX Venture Exchange, headquartered in Toronto, later this month. Back in December, Hut 8 announced that it was with Bitfury in order to “acquire, install, maintain and operate North America’s largest bitcoin mining datacenters.” The listing will occur by way of a reverse takeover, through which a company acquires another that is already publicly listed.
At the time, the partnership details indicated that Bitfury would provide a suite of hardware and software tools, as well as logistical support, to fuel Hut 8’s North American expansion plans.
Indeed, Sean Clark, who leads Hut 8, described the company as “a proxy for Bitfury in North America,” positioning the move as a way to tap new funds as part of its continuing scaling efforts.
“We found a perfect vehicle to capitalize incredibly quickly. Bitfury now is going to rebalance the global network,” he told the publication.
Hut 8 has spent the last two months raising capital and ramping up its operations to open its mining facilities. Notably, in December the company offered in a private placement funding round, seeking to raise $33 million at the time. The Globe and Mail that the company ultimately raised $38 million.
Image Credit:
Correction: An earlier version of this report inaccurately referred to the company as “Hub 8.” This has been corrected and CoinDesk regrets the error.
The leader in blockchain news, CoinDesk is an independent media outlet that strives for the highest journalistic standards and abides by a . Have breaking news or a story tip to send to our journalists? Contact us at news@coindesk.com.
Published at Mon, 12 Feb 2018 19:15:17 +0000
News[wpr5_ebay kw=”bitcoin” num=”1″ ebcat=”” cid=”5338043562″ lang=”en-US” country=”0″ sort=”bestmatch”]
