Hut 8 is one of the leading bitcoin mining farm in Canada and they are looking to expand their operations to the people of Medicine Hat, Alberta too.
The company – based out of Toronto – reached an agreement with the city officials which will see them set up an establishment in the area. This is surely good news for all parties involved.
Hut 8 will now be able to spread its tentacles and start working towards becoming not just the biggest mining farm in the country but hopefully, the world. For the people, such an innovation means additional opportunities and attraction of more investors to make the city an even better one.
Overall, this is yet another huge step in the right direction for bitcoin enthusiasts all around the world.
A Huge Economic Boost for Medicine Hat, Alberta
There is quite a lot of economic importance that comes on the back of this move by Hut 8. One of the biggest advantages is the fact that Medicine Hat will now become an even more suitable location for other investors to come set up shop.
The setup also promises to drive investment and innovation from the locals who might not have been interested in the cryptocurrency niche before.
City-wide, the people will benefit from the lease of land on which Hut 8 will be siting its business upon. Pending regulatory approvals and reviews, the proposed $100M mining farm will be operational in the city for the next ten years.
Likewise, the people will find more joy in the fact that this development brings no less than 42 new jobs on board. This cuts across electricians, system technicians, labourers and so much more. As time goes on, there is the possibility of increment in positions.
Stipulated Terms of Agreement
Besides the ten-year agreement that the city has planned for leasing land to Hut 8, there is also a power supply clause in the contract. The city will now be responsible for supplying the facility no less than 42MW of electric for the time of its operation.
It should be noted that Hut 8 already has a facility set up in Drumheller of Alberta which consumes in the neighbourhood of 18.7MW of electricity. That effectively brings all their consumption in the state to 60.7MW with the chance to reach as much as 62.7MW.
Hut 8 is planning to release mobile mining farms to those who want such. They set this plan in motion by partnering up with BitFury – an authority in the full-service blockchain technology industry. This partnership is to give birth to a product called BlockBox Data Centre which are prebuilt to mine bitcoins on the go.
For now, all that sounds like exciting news. By the time the company starts its operation in full fledge, the people of Alberta and Canada at large should be prepared to be seen as a leader in bitcoin technology.