Hut 8 Mining Corp, one of the world’s largest Bitcoin miners has purchased $30 million worth of NVIDIA CMP mining systems, with deliveries slated to start from the mid of next quarter in May. This new addition will significantly increase Hut 8’s aggregate hash rate by a whopping 1600 GH/s. The company will use the GPUs to expand its Ether and alternate blockchain network mining while issuing payouts in Bitcoin.
The adoption and the development of applications interacting with various blockchain networks have never been stronger, opening many possibilities across a variety of industries. We are incredibly excited to have these high-performance CMPs in our fleet. We believe mining with CMPs will open up new opportunities for Hut 8 and will allow us to continue to execute on our long- and short-term plans for increased and diversified revenue streams.Jaime Leverton, CEO of Hut 8
Hut 8 aims to leverage this additional horsepower to take on other compute-intensive applications in the high-performance computing space. This will allow the company to diversify its portfolio and help strengthen short and long-term revenue goals.
For Q1, we estimate that CMP will contribute approximately 50 million. We plan to sell these products to industrial miners. We will quantify their contribution each quarter for transparency.Collette Kress, NVIDIA CFO
For NVIDIA, this purchase fulfills nearly 60% of its Q1 earnings expectations from the new CMP lineup. Considering that there aren’t many CMP cards available on the retail market, I’m guessing the remaining 40% of the overall 50 million target will also be fulfilled by large-scale deals such as this.