Fun

Hut 8 pays off $38M Anchorage Digital loan as it looks at AI expansion

News Feed - 2024-10-02 05:10:50

Derek Andersen4 hours agoHut 8 pays off $38M Anchorage Digital loan as it looks at AI expansionAnchorage Digital converted the debt into common stock at a 51% premium.1343 Total viewsListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTCOINTELEGRAPH IN YOUR SOCIAL FEEDFollow ourSubscribe onBitcoin miner Hut 8 has paid off the approximately $38 million balance of its loan from Anchorage Digital through a stock conversion. Anchorage Digital converted the debt to common stock at $16.395 per share.


The converted share price represents a 51% premium on the 20-day volume-weighted average price through Sept. 26. Hut 8 stock opened at $12.30 on Oct. 1.Getting the books ready for AI


According to the trade publication The Miner Mag, Hut 8 used 21,000 mining machines as collateral when it restructured the Anchorage Digital loan in February 2023. The company still carries around $290 million in debt.


Hut 8’s remaining debt includes a $150-million convertible note agreed in June with Coatue Management and earmarked for the miner’s expansion into the artificial intelligence computing capacity market.


Hut 8 CEO Asher Genoot said of the Anchorage Digital repayment:“With a strengthened balance sheet and decreased leverage, we believe we are even better positioned to advance discussions with prospective counterparties and execute on the development of next-generation mining and AI data centers.”Source: The Miner Mag


Related:Hut 8 ‘self-mining plans’ make it competitive post-halving: BenchmarkHut 8 is well-positioned for expansion


Hut 8 announced the launch of its GPU-as-a-service program on Sept. 26 in conjunction with AI developers AdvizeX. It offers Hewlett Packard Enterprise supercomputers powered by a cluster of 1,000 Nvidia H100 GPUs.


The rise of AI and the Bitcoin halving has had a profound impact on the crypto mining industry, leading to a shift of some mining power to AI and other high-performance computing. Hut 8 has followed an industrytrend in improving its debt-to-equity ratio, thus lowering the cost of debt servicing and raising creditworthiness.


Meanwhile, the Bitcoin network hashrate and network difficulty hit all-time highs in early September.


Miami-based Hut 8 has 10 Bitcoin mining facilities in Alberta, New York and Texas. It also has five high-performance computing data centers in the Canadian provinces of British Columbia and Ontario and four power generation facilities in Ontario.


Hut 8 closed a facility in Drumheller, Alberta, in March, citing rising energy costs and outages. It plans to open a power generation asset in Texas.


Magazine: AI may already use more power than Bitcoin — and it threatens Bitcoin mining


 # Bitcoin# Mining# Bitcoin MiningAdd reaction

News Feed

Cardano (ADA) At A Crossroads As Fibonacci Level Indicates Potential Fall To $0.42
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Ana Paula Pereira3 hours agoCrypto Biz: PayPal rolls out crypto ramps, Franklin Templeton joins BTC ETF race, and moreThis week’s Crypto Biz looks at PayPal’s crypto gateway, Franklin Templeton’s BTC ETF filing, Co
Tristan Greene3 hours agoAnthropic launches Claude 2 amid continuing AI hullabalooThe new model demonstrates measurable improvements across numerous categories, including near-instant query response times and the ability
Bitcoin surges after crypto ETPs notch record $2.7B weekly inflows
Tom Mitchelhill3 hours agoBitcoin surges after crypto ETPs notch record $2.7B weekly inflowsThe price of Bitcoin has pushed to reach new all-time highs above $72,000, spurred by record-breaking weekly inflows into crypto
Defi for Bitcoin: Collateral Peg Platform Provides Noncustodial BTC Lending on Ethereum
Defi for Bitcoin: Collateral Peg Platform Provides Noncustodial BTC Lending on Ethereum During the second week of February, a new project called tBTC was unveiled that is similar
Kenyans Lose Millions of Dollars to yet Another Cryptocurrency Scam: Bitstream Circle
Kenyans Lose Millions of Dollars to yet Another Cryptocurrency Scam: Bitstream Circle The masterminds behind the alleged cryptocurrency Ponzi scheme called Bitstream Circle are bel
LABEL Foundation Debuts on Top Digital Asset Exchange in South Korea
LABEL Foundation Debuts on Top Digital Asset Exchange in South Korea press release PRESS RELEASE. LABEL Foundationrecently gained authorization from one of South Korea’s main
Zksync Devs Plan to Launch Layer 3 Scaling Solution Called ‘Opportunity’ in Q1 2023
Zksync Devs Plan to Launch Layer 3 Scaling Solution Called "Opportunity" in Q1 2023 Matter Labs, the team behind the Ethereum layer two (L2) scaling protocol Zksync, revealed the d
NFT Sales This Week Jumped 27% Higher, Cryptopunks Rise Above Bored Apes
NFT Sales This Week Jumped 27% Higher, Cryptopunks Rise Above Bored Apes On Dec. 14, 2022, statistics show that non-fungible token (NFT) sales jumped 27.72% higher than NFT sales r
Brazilian Presidential Candidate ‘Lula’ Da Silva Signals Support for Central Bank of Brazil Involvement in Crypto Regulation
Brazilian Presidential Candidate "Lula" Da Silva Signals Support for Central Bank of Brazil Involvement in Crypto Regulation The presidential candidate that obtained most of the vo
Movement Labs joins Polygon Agglayer, bags $160M TVL commitment for mainnet
Arijit Sarkar9 hours agoMovement Labs joins Polygon Agglayer, bags $160M TVL commitment for mainnetMovement Labs joins Polygon’s AggLayer to boost blockchain interoperability and protect developers against 90% of audit
Gareth Jenkinson11 hours agoSushiSwap furthers cross-chain functionality with Core integrationSushiSwap brings liquidity pools, cross-chain swaps and its DEX aggregator to the Core blockchain ecosystem.1505 Total views20