Today, digital currency mining company Hut 8 announced progress on the development of its second mining location in Alberta. According to the update, the company is set to finish construction on its new mining location in Medicine Hat by Q3 2018.
Hut 8 expands its mining locations in Canada
Previously, Hut 8 announced its intent to create a new location for its digital currency mining practices, leveraging appropriate conditions in Medicine Hat, Alberta. At the time, the news marked a further step in Canada’s development as a leader in digital currency mining.
Hut 8 is one of several prominent players in Canada’s digital currency mining landscape. The company hopes to establish itself as a mining leader in North America, and its expansion in Canada is a part of its plan to achieve this goal.
The company’s new site in Medicine Hat will use the land and electricity leased from the city to increase its overall digital currency mining operations. The city’s mayor, Ted Clugston, stated that Hut 8’s arrival to the region is beneficial to the city’s economy, which has been affected by declines in gas and oil.
“Really we’re just turning gas into electricity and they’re taking that electricity and turning it into blockchain,” he said, commenting on the city being in a good position for new methods of economic development.
Rapid construction amidst a changing landscape
Previously, Hut 8 established an exclusive partnership arrangement with the blockchain technology company, Bitfury. Hut 8 since stated that this arrangement has allowed for rapid progress in the construction of its Medicine Hat facility, which it stated is “fully-underway.”
According to the release, site construction of the mining facility in Medicine Hat began on March 10, 2018. As the blockchain industry is rapidly growing and changing, it appears that Hut 8 is attempting to further this expansion as quickly as possible.
Hut 8 further stated that its collaboration with the City of Mining Hat is a mutually beneficial relationship. Construction activities will cost the company approximately $100 million CAD, and directly result in the hiring of 42 employees – of which it announced 20 have already been hired.
Previously, Hut 8 launched on the TSX Venture Exchange, claiming to be the world’s largest publicly traded digital currency mining company.
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