September 2021 –
4724 Bitcoin in reserve
TORONTO, Oct. 4, 2021 /CNW/ - Hut 8 Mining Corp. (NASDAQ:
HUT) (TSX: HUT) ("Hut 8" or "the Company"), one of
North America's largest,
innovation-focused digital asset mining pioneers, supporting open
and decentralized systems since 2018, is pleased to provide the
following corporate update.
Mining Production Highlights for September 2021:
- 264 Bitcoin were mined, resulting in an average production rate
of 9.11 Bitcoin per day.
- 100% of the self-mined Bitcoin for the month of September were
deposited into custody, consistent with Hut 8's Hodl strategy.
- Total Bitcoin balance held in reserve is 4724 as of
September 30, 2021.
Mining Equipment Deployment Update for September 2021:
- Received and installed 600 servers consisting of 2400 NVIDIA
cryptocurrency mining processors ("CMPs") graphics processing unit
("GPUs"), resulting in a daily earning of 7.10 ETH, equivalent to
0.5 BTC/day totaling $25,000 CAD in
income per day.
- Deployment of NVIDIA CMPGPUs has progressed over the past 30
days, and approximately 25% of our total server fleet is deployed
and earning.
- To date, Hut 8 has earned $265,000 CAD from the CMP deployment.
"We are thrilled with our current amount of Bitcoin held in
reserve as well as being ahead of schedule on our commitment to the
market to have over 5,000 self-mined Bitcoin by end of Q4.", said
Jaime Leverton, CEO of Hut 8
Mining.
"Our current capacity of deployed CMP GPU miners will continue
to earn $25,000 CAD per day, ramping
up to the full capacity earnings over this period, which is
expected to be at $110,000 CAD per
day, based upon current mining economics," said Jason Zaluski, Chief Technology Officer, Hut 8
Mining. "Hut 8's full CMP deployment has been hampered by the
supply chain constraints and manufacturing shortages many
industries are experiencing globally," said Jason Zaluski, Chief Technology Officer, Hut 8
Mining. "We continue to work with our technology partners and we
anticipate this issue to be resolved early in Q4."
About Hut 8:
Hut 8 is one of North America's
largest innovation-focused digital asset miners, supporting open
and decentralized systems since 2018. Located in energy rich
Alberta, Canada, Hut 8 has one of
the highest installed capacity rates in the industry and holds more
self-mined Bitcoin than any crypto miner or publicly traded company
globally. Hut 8 is executing on its commitment to mining and
holding Bitcoin and has a diversified business and revenue strategy
to grow and protect shareholder value regardless of Bitcoin's
market direction. The Company's multi-pronged business strategy
includes profitable digital asset mining, white-label
high-performance compute hosting, as well as yield & income
programs leveraging its Bitcoin held in reserve. Having
demonstrated rapid growth and a stellar balance sheet, Hut 8 was
the first publicly traded miner on the TSX and the first Canadian
miner to be listed on The Nasdaq Global Select Market. Hut 8's team
of business building technologists are believers in decentralized
systems, stewards of powerful industry-leading solutions, and
drivers of innovation in digital asset mining and high-performance
computing, with a focus on ESG alignment. Through innovation,
imagination, and passion, Hut 8 is helping to define the digital
asset revolution to create value and positive impacts for its
shareholders and generations to come.
Cautionary Note Regarding Forward–Looking
Information
This press release includes "forward-looking information" and
"forward-looking statements" within the meaning of Canadian
securities laws and United States
securities laws, respectively (collectively, "forward-looking
information"). All information, other than statements of historical
facts, included in this press release that address activities,
events or developments that the Company expects or anticipates will
or may occur in the future, including such things as future
business strategy, competitive strengths, goals, expansion and
growth of the Company's businesses, operations, plans and other
such matters is forward-looking information. Forward-looking
information is often identified by the words "may", "would",
"could", "should", "will", "intend", "plan", "anticipate",
"believe", "estimate", "expect", "predict", "can", "might",
"potential", "predict", "is designed to", "likely" or similar
expressions and includes, among others, statements regarding
Bitcoin network dynamics, the Company's trajectory to produce
additional Bitcoin, the expected timing of equipment deliveries,
planned investments for the balance of 2021 and costs associated
with mining digital assets.
Forward-looking information is necessarily based on a number of
opinions, assumptions and estimates that, while considered
reasonable by Hut 8 as of the date of this press release, are
subject to known and unknown risks, uncertainties, assumptions and
other factors that may cause the actual results, level of activity,
performance or achievements to be materially different from those
expressed or implied by such forward-looking information, including
but not limited to the factors described in greater detail in the
"Risk Factors" section of the Company's Annual Information Form
dated March 25, 2021, which is
available on www.sedar.com. These factors are not intended to
represent a complete list of the factors that could affect Hut 8;
however, these factors should be considered carefully, and you
should not place undue reliance on any forward-looking statements.
There can be no assurance that such estimates and assumptions will
prove to be correct. The forward-looking statements contained in
this press release are made as of the date of this press release,
and Hut 8 expressly disclaims any obligation to update or alter
statements containing any forward-looking information, or the
factors or assumptions underlying them, whether as a result of new
information, future events or circumstances, or otherwise, except
as required by law.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/hut-8-mining-provides-production-update-301391521.html
SOURCE Hut 8 Mining Corp