Economic Diversification Efforts Bringing New Jobs
Back to SearchMedicine Hat – New 10-year agreements between the City of Medicine Hat and Hut 8 Mining Corp. (Hut 8) will result in job creation, economic diversification and a return on investment for the City of Medicine Hat’s utilities and land holdings.
The agreements, which contain a number of conditions, will see the City of Medicine Hat sell 42 MW of electricity and lease 11 acres of land in the City’s north end to Hut 8. Hut 8 is a cryptocurrency mining and blockchain infrastructure company established through an exclusive partnership with the Bitfury Group, the world’s leading full-service blockchain technology company.
“As a utility owner, City of Medicine Hat provides a sustainable, competitive advantage with low cost and reliable service that is attractive to our customers,” said Mayor Ted Clugston. “We’re committed to growing and diversifying our economy and welcome Hut 8 as a new customer and business in our community.”
The agreements provide significant benefit to all parties:
The City of Medicine Hat has secured a large-sized utilities customer and lessee that will provide long-term value to the residents of Medicine Hat.
The community will see approximately 100 jobs during peak of construction activity and 42 direct operational jobs, and $100 million investment in the community.
Hut 8 will have access to stable, cost competitive utility rates and land that is well-suited for its use.
“The signing of the Electricity Supply Agreement and the Lease represents a key component in achieving our business plan for the roll-out of our BlockBox Data Centers in low-cost energy jurisdictions,” said Bill Tai, Chair of the Board of Directors of Hut 8. “The City of Medicine Hat offers stable cost-competitive utility rates and has been very welcoming and supportive of
Hut 8’s fast paced growth plans.”
Provisions have been built into the Hut 8 contract to allow the City to manage load demands, ensuring continued reliable electricity supply for City of Medicine Hat customers and allowing the City to attract new business growth.
“City Council has established Economic Vitality as a strategic priority, focused on growing and diversifying the economy and increasing jobs,” said Clugston. “Through the agreements with Hut 8 we are achieving tangible success in fulfilling this priority and experiencing the benefits of our Development Investment Readiness Team. We will continue to look to diversify our economy and add value to our economic base for the benefit of our residents.”
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For media interviews, please contact:
City of Medicine Hat
Ted Clugston
Mayor
403-529-8181
Hut 8 Mining Corp.
Natalie Davidson
Brix Media Co.
Natalie@brixmediaco.com
604-215-2749
The agreements, which contain a number of conditions, will see the City of Medicine Hat sell 42 MW of electricity and lease 11 acres of land in the City’s north end to Hut 8. Hut 8 is a cryptocurrency mining and blockchain infrastructure company established through an exclusive partnership with the Bitfury Group, the world’s leading full-service blockchain technology company.
“As a utility owner, City of Medicine Hat provides a sustainable, competitive advantage with low cost and reliable service that is attractive to our customers,” said Mayor Ted Clugston. “We’re committed to growing and diversifying our economy and welcome Hut 8 as a new customer and business in our community.”
The agreements provide significant benefit to all parties:
The City of Medicine Hat has secured a large-sized utilities customer and lessee that will provide long-term value to the residents of Medicine Hat.
The community will see approximately 100 jobs during peak of construction activity and 42 direct operational jobs, and $100 million investment in the community.
Hut 8 will have access to stable, cost competitive utility rates and land that is well-suited for its use.
“The signing of the Electricity Supply Agreement and the Lease represents a key component in achieving our business plan for the roll-out of our BlockBox Data Centers in low-cost energy jurisdictions,” said Bill Tai, Chair of the Board of Directors of Hut 8. “The City of Medicine Hat offers stable cost-competitive utility rates and has been very welcoming and supportive of
Hut 8’s fast paced growth plans.”
Provisions have been built into the Hut 8 contract to allow the City to manage load demands, ensuring continued reliable electricity supply for City of Medicine Hat customers and allowing the City to attract new business growth.
“City Council has established Economic Vitality as a strategic priority, focused on growing and diversifying the economy and increasing jobs,” said Clugston. “Through the agreements with Hut 8 we are achieving tangible success in fulfilling this priority and experiencing the benefits of our Development Investment Readiness Team. We will continue to look to diversify our economy and add value to our economic base for the benefit of our residents.”
– 30–
For media interviews, please contact:
City of Medicine Hat
Ted Clugston
Mayor
403-529-8181
Hut 8 Mining Corp.
Natalie Davidson
Brix Media Co.
Natalie@brixmediaco.com
604-215-2749
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