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HeTH Data Centers buys 1640 next-gen miners

The backing of Arab crypto whale Khurram Shroff, a war chest consisting of next-generation Innosilicon A10 Pro 7G Ethash Miners

HeTH Data Centers buys 1640 next-gen miners

HeTH Data Centers, a Canada-based crypto mining pool, announced the purchase and immediate hashing of 1640 next-generation Innosilicon A10 Pro 7G Ethash Miners, which boast an operating hash power of 1.23 Terahash per second. Other additions include 1800 GPU-based mining rigs, a mixture of AMD Radeon RX 5600-XT and RX5700-XT, along with Nvidia GeForce RTX 3060 Ti and RTX 3070 that boast an operating hash rate of 605 Gigahash per second.

While the Innosilicon A10 Pro 7G Ethash Miners cost $22,000 per unit ($36 million for the batch), the GPUs cost approximately $12,000 per unit ($22 million for the batch). Dubai-based IBC Group funded the purchase by investing 128,000 Ether into HeTH Data Centers, as per an agreement between the two companies. Following the new purchases, HeTH has scaled its Ethereum mining and staking operations with immediate effect.

“I’m extremely impressed with the vision of HeTH Data Center,” said Khurram Shroff, Chairman of IBC Group and noted Arab whale. “Ethereum has emerged as a frontrunner, alongside Bitcoin, in the current bull run of cryptocurrencies. HeTH Data Centers has my confidence, as it gears up to become one of the largest Ether miners in the world,” Khurram added.

The current crypto bull run recently took the valuation of Ether above $1,800. This, in turn, drives the demand for Ethereum-based transactions, including stablecoin and DeFi applications, resulting in record-high fees paid to miners. Ethereum investors are increasingly drawing smart contracts to perform DeFi transactions such as staking, pooling, and lending, paying higher costs to make sure their transactions go through.

Thanks to the timely backing from the IBC Group, HeTH will steadily increase its mining capacity. Located in a politically stable region that promises low-cost green energy, HeTH will capitalize on the logistics disruptions and miner exodus, in Asia.

Commenting on the purchase, Imran Siddiqui, CEO of HeTH Data Centers, said the company’s vision is to achieve an aggregate operating hash power of 8 Terahash per second by next year. “We will continue to invest in cutting-edge mining equipment to keep pace with demand and competition, and aim for consistently positive gross mining margins,” Imran shared.

IBC Group’s Khurram Shroff reiterated his company’s strategic pursuit of emerging investment opportunities in the crypto market. “Our decade-long belief in the ability of cryptocurrencies is finally bearing fruit. As we advance, we will explore avenues to diversify our crypto holdings and solidify our market presence. Our investment in HeTH is indeed a testament to this strategy”, Khurram concluded.

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