Last Friday, the publicly listed company Hut 8 announced the purchase of a $30 million dedicated Nvidia crypto mining GPU called the Cryptocurrency Mining Processor (CMP). Nvidia CMPs mined the crypto asset Ethereum, and Hut 8 expects its total operating capacity to reach 1,600 Giga ahash.

Hut 8 bought Nvidia dedicated GPU miners worth $30 million

After joining Foundry’s US Bitcoin mining pool, the company Hut 8 Mining (TSX: HUT) revealed that it has purchased Nvidia CMP worth $30 million. Nvidia CMP HX products are described as “dedicated GPUs for professional mining.”

Hut 8 purchased a $30 million Nvidia GPU miner and plans to increase the capacity to 1600 Gigahash

Nvidia’s web portal also details that the miner supports Ethereum (ETH) Network and claims to be optimized for high performance. Nvidia CMP offers four different versions, including 30HX, 40HX, 50HX and 90HX. The top-end Nvidia CMP claims to get a speed of 86 MH/s, while the low-end version gets a speed of about 26 MH/s.

Cabin 8 details that by purchasing a new Nvidia CMP, the company will get “about 1600 gigahertz” and miners to replace the blockchain. The company aims to expand its mining operations while “maintaining the benefits of Bitcoin payments.”

Cabin 8 Bold move

Jaime Leverton, CEO of Hut 8, said the company looks forward to adding the new CMP to the fleet. Hut 8 executives hope that the acquisition will enable the mining business to continue “long-term and short-term plans for increasing and diversifying revenue sources.”

Leverton said: “The adoption and development of applications that interact with various blockchain networks has never been so powerful, which opens up many possibilities for various industries.”

Hut 8 called the purchase a “bold move” because the company has recently invested in a large number of Bitcoin miners. In June 2020, the company announced the acquisition Mining capacity 275PH/s.

In the second month, the fund manager was found Fidelity International Shareholding In Hut8.However, before the start of the cryptocurrency bull market, the Canadian miner Reported Compared with the same period last year, revenue in the second quarter declined.

What do you think of Hut 8’s purchase of Nvidia CMP worth 30 million US dollars?Let us know your thoughts on this topic in the comments section below.

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Picture Credits: Shutterstock, Pixabay, Wiki Commons, Nvidia CMP website,

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