Canadian mining company Hut 8 announced it will focus entirely on independent mining

Hut 8 Mining Corp. (Nasdaq: HUT) will purchase 960 MicroBT Whatsminer M31S+ from blockchain services provider TAAL.

A stock image of crypto mining farm.

The ASIC miners are currently installed and running at the company's mining facility in Medicine Hat on behalf of TAAL. The difference is that after May 1, Hut 8 will now be the rightful owner of machines instead of just hosting them for TAAL. Hut 8 expects newly acquired miners will provide an immediate incremental hashrate of 81 PH/s, bringing Hut 8's total hashrate to 2.62 EH/s.

"The incremental capacity will deliver an immediate hashrate benefit as ASIC miners are already on-site, installed and hashing," said Hut 8 CEO Jaime Leverton. Once the acquisition is complete, the company’s operations at all mining sites will be 100% allocated to self-mining.

Following the news, Hut 8 shares added 4.8%, reaching the cost of $4.53 per share on Nasdaq.

The Tradingview chart illustrating 4.8% price change of Hut 8 shares
Source: Tradingview