#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 and Delta, BC - October 15, 2019 (Investorideas.com Newswire) Investorideas.com, a leader in crypto and blockchain investing news brings you today's edition of the Crypto Corner podcast and commentary on what's driving the cryptocurrency market.
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Interview with CEO Andrew Kiguel CEO of Hut 8 Mining Corp (TSX: HUT.TO) (OTCQX: HUTMF)
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."
To 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
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