TORONTO, Oct. 21, 2021 /PRNewswire/ - 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 with respect to its latest strategic
purchase.
Hut 8 has executed on a $58.7 million
USD purchase of 12,000 new MicroBT M30S, M30S+ and M30S++
miners from Inchigle Technology Hong Kong Limited, representing a
cost of approximately $50/Terahash,
with aggregate incremental production of 1.17 EH/s. The miners are
expected to be delivered starting in January
2022, at a delivery rate of approximately 1,000 machines per
month, with full deployment anticipated by December 2022.
The anticipated production capacity increase of this purchase
upon full deployment, alongside previously announced investments,
brings Hut 8's total contracted capacity to approximately 3.57
EH/s, in addition to 1600 Gigahash of cutting-edge NVIDIA GPU
miners. The new fleet of miners, along with the previously
announced 1.0 EH/s order from MicroBT, will be strategically
deployed at the Company's existing two sites in Alberta, as well as the third site under
development with Validus Power.
"We are thrilled to announce our latest strategic purchase of
new MicroBT equipment," remarked Jaime
Leverton, Chief Executive Officer of Hut 8. "The
strength of our relationship with MicroBT enabled us to quickly
execute on this compelling investment opportunity. While timing
relative to Bitcoin achieving an all-time high is coincidence, this
investment serves to reinforce our commitment to efficiently mine
and Hodl Bitcoin."
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" or similar expressions and
includes, among others, statements regarding the anticipated
expansion of the current installed hashrate, the Company's
trajectory to produce additional Bitcoin, the expected timing of
the installation and deployment of new miners, the NVIDIA CMPs and
the expected incremental production of Bitcoin resulting
therefrom.
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, including geo-political 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. 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 otherwise, except as required by
law.
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SOURCE Hut 8 Mining Corp