Hut 8 Mining Corp. buys $ 30 million worth of Nvidia CMP graphics

Today we learn that one of the largest cryptocurrency mining companies in the world, Hut 8 Mining Corp, has invested 30 million dollars to buy Nvidia CMP (Crypto Mining Processor) mining cards.

While this order will be delivered from May, the models acquired by the company are unknown, but at least we know that this acquisition will give it a 1600 GH / s injection of mining performance to mine Ethereum and other alternative cryptocurrencies.

"The adoption and development of applications that interact with various blockchain networks have never been stronger, opening up many possibilities in a wide variety of industries. We are incredibly excited to have these high-performance Nvidia CMPs in our fleet.

We believe that mining with CMP charts will open up new opportunities for Hut 8 and allow us to continue executing our long-term and short-term plans to increase and diversify revenue streams, "said Jaime Leverton, CEO of Hut 8 Mining Corp.

Hut 8 aims to harness this additional power to address other compute-intensive applications in the high-performance computing arena. This will allow the company to diversify its portfolio and help reinforce short-term and long-term revenue targets, as it is not very smart to rely solely on cryptocurrency mining when the bubble bursts.

"For the first quarter, we estimate that Nvidia CMP graphics will bring in approximately $ 50 million in revenue. We plan to sell these products to industrial miners. We will quantify their contribution each quarter for the sake of transparency," said Collette Kress, Chief Financial Officer of Nvidia.

With this acquisition alone, Nvidia is already meeting nearly 60% of its first-quarter earnings expectations. Taking into account that these GPUs have not yet reached the traditional market, it is logical to expect that companies similar to Hut 8 will have a preference for their acquisition.

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