Canadian crypto miner Hut 8 (HUT) has inked an agreement to purchase all 960 Whatsminer M31S+ rigs from hosting client Taal.
The purchase of the machines will increase Hut 8’s total hashrate by 81 petahash per second (PH/s) to 2.62 exahash per second (EH/s), said the company in a press release.
The deal is expected to close on May 1, and will make Hut 8 an owner of the mining rigs, rather than having to pay rent for their usage to Taal.
“The incremental capacity will deliver an immediate hashrate benefit as ASIC miners are already on-site, installed and hashing,” said Hut 8’s CEO Jaime Leverton in the press release. The company on April 5 said it was mining an average of 11.1 bitcoins per day in March, and held 6,460 bitcoins on its balance sheet.
Mining peer Argo Blockchain (ARB) in March made a similar move to become 100% self-mining with a deal for a swap of mining rigs with its hosting client, Core Scientific.
Hut 8’s stock is up about 3% on Tuesday morning, inline with its mining peers as bitcoin (BTC) gained more than 5% to $41,660.