<blockquote
“This loan gives us additional financial flexibility. At the same time, it guarantees that we will be able to maintain a dynamic strategy regarding bitcoin mining,” CEO Jaime Leverton said.
The loan funds will be used for general corporate purposes, according to Hut 8. The company has an option to borrow an additional $20 million under the line of credit within one to two months after the first deal closes.
Hut 8 is one of North America’s largest bitcoin mining companies. It has two active mining sites in Southern Alberta.
Hut 8 reported earlier this year that it mined 161 bitcoins in December, down 32% from 238 BTC in November.. Over the past year, however, the number of bitcoins in the company’s wallets has increased to 9,086, a 65% increase from the year before.
Bitcoin mining company CleanSpark recently said it intends to buy two mining facilities in Dalton, Georgia, for $9.3 million.