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by Stockwatch Business Reporter
The TSX Venture Exchange gained 4.38 points to 843.57 Tuesday. Valery Vavilov's Hut 8 Mining Corp. (HUT) has completed its qualifying transaction, opening at $4.70 and closing at $4 on 2.78 million shares. It went public through Richard Buzbuzian's Oriana Resources Corp., which rolled back 1 for 52.7 before issuing 84 million postconsolidated shares to acquire Hut 8. Mr. Buzbuzian listed Oriana six years ago at 10 cents, so the initial public offering investors, who have endured three failed QT attempts, will need $5.27 to break even on their now mostly odd-lot positions. Theydid not have sufficient opportunity to sell at a profit today, but they were getting close at the open of $4.70.
Hut 8 raised an almost-unbelievable $108-million in connection with the QT. It first sold $38-million worth of shares at $2.50 and then $70-million worth of subscription receipts at $5. It is using the money to buy cryptocurrency-mining data centres from Mr. Vavilov's other company, Bitfury Holding BV. Bitfury calls its data centres Blackboxes and says they (the Blackboxes) are shipping containers of cryptocurrency mining equipment that can be set up in two days. According to Bitfury, one Blackbox can mine 46 bitcoins a month, or about $490,000 (U.S.) worth, using today's price ($10,657 (U.S.)).
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