Hut 8 Mining Corp. (“Hut 8” or “the Company”), one of North America’s largest, innovation-focused digital asset mining pioneers, supporting open and decentralized systems since 2018, is pleased to announce the closing of its definitive agreement to purchase the cloud and colocation data center business from TeraGo Inc.
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The acquisition consists of expanded operations from five data centers across Canada with a comprehensive information technology offering that includes a complete selection of scalable cloud services. The acquisition establishes Hut 8 as a leading high-performance computing platform, providing unique positioning for the Company within the digital asset ecosystem.
Hut 8 is one of North America’s largest innovation-focused digital asset miners, led by a team of business building technologists, bullish on bitcoin, blockchain, web 3.0 and bridging the nascent and traditional high performance computing worlds. Hut has been supporting open and decentralized systems since 2018. With two digital asset mining sites located in energy rich Alberta and a third site in North Bay, Ontario Canada, Hut 8 has one of the highest installed capacity rates in the industry and holds more self-mined Bitcoin than any crypto miner or publicly traded company globally.
The Company recently purchased the cloud and colocation data center business from TeraGo Inc. The Data Center Business spans from Toronto to Vancouver with over 36,000 square feet of geo-diverse data center space powered by renewable energy sources. With this acquisition, Hut 8 is bridging traditional and nascent forms of high-performance compute, taking an unconventional approach to revolutionizing conventional assets, creating the first hybrid data center model that serves both the traditional high-performance compute (web 2.0) and nascent digital asset computing sectors and web 3.0. Hut 8 has established a Tier 0 to Tier 4 computing platform and allocated digital asset mining and open-source distributed ledger technology to conventionally underutilized areas in a conventional high performance compute data center.
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The platform consists of approximately 400 commercial customers, across a variety of industry verticals including gaming, visual effects and government agencies, and a platform for the development of applications and services to underserved markets and customers in the growing digital asset, blockchain, gaming and web 3.0 industries. We envision a future of robust infrastructure offering to provide economies of scale, and economies of scope in the high-performance computing and the growing application development in web 3.0 and the digital asset ecosystem.
Hut 8’s team of business building technologists are believers in decentralized systems, stewards of powerful industry-leading solutions, and drivers of innovation in digital asset mining and high-performance computing, with a focus on ESG alignment. Through innovation, imagination, and passion, Hut 8 is helping to define the digital asset revolution to create value and positive impacts for its shareholders and generations to come.
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