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Hut 8 partners Zenlayer to bring global cloud services to Web3

By:
on Aug 23, 2022
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  • Hut 8 and Zenlayer seek to advance blockchain and Web3 development via cutting-edge cloud solutions.
  • The partnership brings high-performance computing solutions customers can tap into to benefit from Web3.
  • Hut 8 is one of the largest Bitcoin miners based in Canada.

Hut 8 Mining Corp. (NASDAQ: HUT, TSE: HUT), one of  the largest  Bitcoin (BTC/USD) mining firms and computing infrastructure providers in North America, has announced a partnership with cloud service provider Zenlayer to bring global-edge cloud solutions to Web3.

The partnership allows the companies to offer high-performance computing services to blockchain and Web3 customers. Notably, the collaboration will see Hut 8 customers leverage Zenlayer’s cloud technology for instant deployment and running of applications. 

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Customers will also be able to tap into APIs to “self-provision compute”, with access to networking services available online for over 40 countries.

Jaime Leverton, CEO Hut 8 noted that the partnership makes the Bitcoin miner the first to bring Zenlayer’s solutions to Canada, adding that this will help advance the broader blockchain and Web3 landscape.

The two companies plan to extend their collaboration across other product integrations, Zenlayer founder and CEO Joe Zhu added in a statement.

Hut 8 revenue and Bitcoin holdings

On 11 August, Hut 8 released its financial results for the second quarter of 2022, indicating strong quarterly revenue for the miner despite the crypto winter. The company is among the top performing mining firms in the industry.

According to the report, Q2 revenue rose to $43.8 million compared to $33.5 million for the same period in 2021 and reflecting a $10.3 million increase. 

Hut 8 mined 946 bitcoins during the quarter, accounting for a 71% jump over Q2 2021 production, with the increase due to higher hashrate for the firm in Q2 2022 compared to Q2 2021.  The company also ramped up operations at its North Bay, Ontario, mining site.

In July, the miner provided an update showing it mined 330 bitcoin during the month, at about 10.61 BTC per day. Total Bitcoin holdings as of 31 July 2022 was 7,736 BTC.