TORONTO, Oct. 23, 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, is pleased to announce that the
development of its third mining site, in conjunction with Validus
Power Corp. ("Validus"), is underway.
This site, located in North Bay,
Ontario, will begin with 35MW of capacity and is expected to
be online by the end of 2021. The North Bay site will enable Hut 8 to generate
power using a blend of by-product steam, hydrogen and natural gas
along with a secondary geothermal system that ties in the data
centre facility.
"We couldn't be more excited to diversify our power blend across
the country and to continue to take advantage of Canada's favourable climate," said
Jaime Leverton, CEO of Hut 8.
"This third location demonstrates our commitment to sustainable
technological innovation as we continue to expand our operations
and strive to remain an industry leading Bitcoin miner."
Earlier this year the Company reported it would be developing a
third site in Alberta, Canada.
Supply chain constraints and COVID disruptions in Alberta challenged the development timelines
and therefore a strategic decision has been made to accelerate the
development of the third site at a Validus-owned location in
North Bay, Ontario.
"We've been working very closely with Hut 8 to advance our
collective clean energy strategies and power efficiency," commented
Todd Shortt, President and CEO of
Validus Power. "This is a unique combination of power and
data centre operations. We are thrilled to launch this site
in Northern Ontario."
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
completion date of a new site in North
Bay, Ontario, sustainability and climate impacts, 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.
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