Hut 8 Mining (founded 2011) is a Bitcoin mining company headquartered in Toronto, Ontario, Canada with Bitcoin mining facilities in Alberta. It is one of the largest publicly traded Bitcoin miners in the world.^[1] During its first post-IPO equity round which took place in June 2020, the firm raised over C$8.3 million in funding.^[2] Around mid-July, Fidelity International, an investment management company with over $400 billion in assets under management, doubled its stake in the company to over 10%.^{[3] [14] [15] [16] [17] [18]}

Hut 8 Mining was established as an exclusive partnership with BitFury Group.^[4] The name "Hut 8" is in reference to a building in Bletchley Park, where Alan Turing created a revolutionary decoding machine during World War II.^[7] The executive team consists of Jeremy Sewell, Dennis Mills, and Joe Flinn, who are board members. Following is Bill Tai, who is the chairman of the board, and Jimmy Vaiopoulos, who is the current interim CEO.^[6]

Hut 8 Mining's operations are located in the Alberta cities of Medicine Hat and Drumheller. The miners run on BlockBox Data Centers from Bitfury.^[13] Medicine Hat operates 56 BlockBox datacenters, that operate at 42 megawatts and 529 petahashes per second at full load. Drumheller has 38 BlockBox datacenters, which operate at 42 megawatts and 423 petahashes per second at full load.^[5]

Around Early March 2020, the company began trading on TSX Venture Exchange under the ticker symbol HUT. It became not only the worlds largest publicly traded cryptocurrency mining company as well as the first crypto company listed on the TSX.^[8][9] Shortly after, it began to trade on the OTC Markets Group, under the ticker HUTMF.^[10]

Towards the end of June 2020, the firm secured over C$8.3 million($6.1 million USD) in its first equity round.

The 6% sale included the purchase of 5.7 million 'units' in Hut 8, with each costing C$1.45.

Each unit contained both common shares in Hut 8, and the option to purchase another share in 18 months at $1.85 a share.^[11] Around mid-July, Fidelity International doubled its stake in the firm, making it roughly a 10.6% stake.

Following the additional purchase, HUTMF stock jumped from $0.82 a share to $0.8758.^[12]