On Friday, publicly traded company Hut 8 announced the purchase of Nvidia’s dedicated cryptocurrency mining GPUs, called Cryptocurrency Mining Processor (CMP), for $30 million. Nvidia CMPs mining crypto asset Ethereum and Hut 8 expects cumulative operating capacity to be 1,600 gigahash.
NvidiaHut 8 GPU mines buy for $30 million
Shortly after Foundry made its entry into the US bitcoin mining pool, Hut 8 Mining (TSX:HUT) revealed that it had purchased CMPs from Nvidia for $30 million. The Nvidia CMP HX product is described as a GPU specifically designed for professional mining.
Nvidia’s web portal also states that the miner supports Ethereum (ETH) mining and claims that it is optimized for high performance. Nvidia’s CMPs offer four different versions, 30HX, 40HX, 50HX and 90HX. Nvidia’s main CMP claims to achieve 86 MH/s, while the low-end version sits around 26 MH/s.
Box 8 states that with the purchase of Nvidia’s new CMPs, the company will gain approximately 1,600 gigahash and alternative blockchain miners. The company wants to expand its mining operations while maintaining the benefit of bitcoin payments.
Hut 8 Daring moves
Jaime Leverton, CEO of Hut 8, said the company is looking forward to adding more CMPs to its fleet. The CEO of Hut 8 hopes that this purchase will allow the mining company to continue its short- and long-term plans for growth and diversification of its revenues.
The adoption and development of applications that interact with various blockchain networks has never been stronger, creating many opportunities across all industries, Leverton said.
Hut 8 calls this a bold purchase, as the company has recently invested in a large number of bitcoin makers. In June 2020, the Company announced the acquisition of 275PH/s of mining capacity.
The following month, it was revealed that fund manager Fidelity International had a stake in Hut 8. However, before the cryptocurrency market gained momentum, the Canadian miner announced in August that its second quarter profit was lower than the previous year.
What do you think of Hut 8’s $30 million acquisition of Nvidia CMP? Let us know what you think about this topic in the comments below.
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