The Canada-based block reward miner will use the funds to provide a US$2.9 million deposit to purchase 5,400 new Whatsminer M30S ASIC mining machines from MicroBT.
The earnings report shows the firm generated revenue of US$4.3 million in Q3, down significantly from C$26.7 million during the same period last year.
BTC's failure to "moon" as some had fervently predicted is causing a bit of heartburn over at Canada-based Hut 8 Mining Corp.
Fidelity disclosed it had purchased slightly over 4.1 million "units" of Hut 8 during the overnight market offering on June 23, 2020.
The company recently closed its previously declared underwritten public offering through a syndicate of underwriters.
Ed Drake takes a look at what will happen to the publicly traded digital transaction processing companies post BTC halving.
Digital currency processing firms are under financial pressure three months into 2020 amid the impact of the COVID-19 pandemic.
The surge in earning results are primarily because of two major operational expansions that increased petahash capacity by 19.6%.
Canada-based Hut 8 Mining Corp announced the addition of nine Blockbox AC data centers to its mining farm in Drumheller, Alberta, making the facility fully operational.
Hut 8 Mining Corp. is the first company to be listed via the Toronto Stock Exchange Sandbox, where it will be given a 12-month probation period to demonstrate compliance.