#CryptoCorner: Special Edition Interview with CEO Andrew Kiguel CEO of Hut 8 Mining Corp (TSX: $HUT.TO) (OTCQX: $HUTMF)
#CryptoCorner: Special
Edition Interview with CEO Andrew Kiguel CEO of Hut
8 Mining Corp (TSX: $HUT.TO) (OTCQX: $HUTMF)
Stocks discussed: (NasdaqGS: $MSFT) (NYSE: $GS)
Point Roberts, WA,
Delta BC, October 15, 2019 -
Investorideas.com, a leader in crypto and blockchain investing news
brings you today’s special edition of
the Crypto Corner podcast and
commentary on what’s driving the cryptocurrency market .
Listen
to today’s Crypto Corner Podcast: Interview
with CEO Andrew Kiguel CEO of Hut 8 Mining Corp
(TSX: HUT.TO) (OTCQX: HUTMF)
Read
this in full at https://www.investorideas.com/news/2019/crypto-corner/10151Interview-AndrewKiguel-TSXHUT.asp
Hut 8 Mining Corp. (TSX:
HUT) (OTCQX:HUTMF), which recently became the first
blockchain or cryptocurrency company to be listed on the TSX, aims to be the
biggest Bitcoin (BTC) miner on the planet,
according to company Director and CEO Andrew Kiguel.
“Our target is to be the largest Bitcoin
miner in the world,” Kiguel said in a recent interview with Investorideas.com.
Not only is Hut 8 the first blockchain and
crypto firm to be publicly listed on the TSX, it is also the first company
listed on the TSX’s new Sandbox
initiative. Kiguel sees the listing as recognition for the growing
institutional acceptance of Bitcoin.
“It’s a bit of validation,” he said. “It’s
another step towards bringing Bitcoin and cryptocurrency to the mainstream. Our
hope is that it legitimizes our view as being one of the best companies in the
world in this sector by being on this exchange, and we’ll attract a larger
investor audience.”
But given that crypto is still en route to
mainstream acceptance, Kiguel explains that Hut 8’s aim upon founding was to
give investors a traditional path to Bitcoin.
“There should be a way for the traditional
investor to get exposure to Bitcoin,” he said. “What we wanted to do was to
give people an ability to have that exposure to Bitcoin, without actually
having to go through the technical complexity of buying it.”
“We create value for investors through
low-cost production, and we maintain an inventory of Bitcoin for a future
appreciation as time goes on.”
Kiguel explained how the company became
involved with blockchain tech giant Bitfury Group, partly in an effort to
mitigate risk for investors.
“We didn’t want to bring on the technology
risk for the investors in the company, so instead we said: ‘Why don’t we call
up one of the primary blockchain players in the world, Bitfury, and see if
they’ll team up with us?’ And that’s exactly what they did. We created Hut 8
with them and they manage the operations for us. We buy the equipment from them
and they take back a large portion of the equipment that we buy from them in
equity, which is why they own 47 percent of the company. We essentially
transferred the technology risk away from being a traditional startup to a
group that’s been doing this for 10 years.”
Too many looking into the space from the
outside, the constant volatility in Bitcoin’s trading price, the failed ICOs
and the headline-grabbing exchange hacks may belie a space that established
institutions would be apprehensive about. But Kiguel points out that plenty of
huge corporations are showing considerable interest in the space.
“On the adoption front, we’re seeing a lot
of large players like Microsoft (NasdaqGS:MSFT), Fidelity, and Goldman Sachs (NYSE:GS) who are getting
involved,” he said. “These are very smart groups and I think [readers] need to
ask themselves: ‘What do they know that you don’t? What is attracting them to
Bitcoin in a major way in terms of what they’re seeing for the future?’”
But Kiguel also indicates that Hut 8 keeps
a store of Bitcoin, which could prove prescient when the cryptocurrency’s third
halving occurs next year.
“We retain a significant inventory of
Bitcoin for appreciation for our investors, so we’re going to continue to hold
that,” he said. “We see the halving coming in 2020, and we think if you look at
what has happened historically it’s going to lead to substantial appreciation
in the price of Bitcoin.”
Sam Mowers, Investorideas
For investors following the sector Investor Ideas has a
comprehensive Bitcoin, Blockchain
and Digital Currency Stocks Directory
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