My dad bought a 6" Eskimo pistol bit last year and kept trying to use his old, crappy drills. I found this mud mixer just dinking around the internet and bought one with a 5 AH lithium battery and charger. I've taken it out twice and have drilled probably 60 holes and it's done a great job so far. The battery is still full, and it's been easier to deal with than my gas-powered auger. The first lake had around 7 inches of softer ice and it cut like butter. The other lake had 14-15 inches of hard, black ice and it would cut out every 2-3 seconds, but still powered through the ice with no effort (Just had to release and push the buttons again without lifting the auger out of the hole). It just took an extra 10 seconds to punch a hole. Not once did I feel like I was overworking the mixer and I have it set at a moderate speed. Who knows if it will last a long time but as of now, I'm liking it.
Oh, and I would imagine it could handle an 8" bit easily as well.
The mixer with the battery and charger will set you back about $150.