TORONTO, Aug. 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 July
2021:
- 300 Bitcoin mined, resulting in average production of 9.7
Bitcoin per day
- 100% of self-mined Bitcoin were deposited into custody as at
July 31, consistent with Hut 8's
ongoing commitment to holding Bitcoin in reserve
- Total Bitcoin balance held in reserve: 4,123 as of July 31, 2021
- Received and installed 920 net new machines, adding 73 PH/s to
production rate
The sharp decline in global hash rate stemming from the ongoing
prohibition on cryptocurrency mining in China, and the resultant downward Bitcoin
network difficulty adjustments, has resulted in Hut 8 producing
significantly higher quantities of Bitcoin at a lower cost per
Bitcoin produced. The average production for Hut 8 increased by
approximately 50%, from 6 – 6.5 Bitcoin per day in late
June 2021, to approximately 9.5 – 10
Bitcoin per day in late July
2021.
Based on current mining conditions and installed hash rate, Hut
8 projects to mine approximately 910 Bitcoin in the third quarter
of 2021, which would bring the Company's self-mined Bitcoin balance
to approximately 4,733 as of September 30,
2021.
"Since our IPO in early 2018, Hut 8 has been a significant
producer of Bitcoin in North
America," commented Jaime
Leverton, Chief Executive Officer of Hut 8. "With the recent
ban on Bitcoin mining in China,
Hut 8 has nearly doubled its market share and is currently
producing approximately 10 Bitcoin per day. Reports suggest that
the exodus of miners from China
may take an extended period to resolve and global network hash rate
could remain depressed well into 2022. With 109 MW of installed
power in Alberta, and with a third
site being stood up in the fourth quarter of 2021, Hut 8 is well
positioned to take advantage of favorable Bitcoin mining economics
expected to continue into 2022."
New Equity Research Coverage:
Craig–Hallum Capital Group LLC published their initiating equity
research coverage on Hut 8 on August 3,
2021.
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 sustainability and 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 Bitcoin network
dynamics, geo-political impacts, the Company's trajectory to
produce additional Bitcoin, the build-out of a third facility, the
expected timing of equipment deliveries, and planned investments
for the balance of 2021.
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. 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.
Neither the Toronto Stock Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the Toronto
Stock Exchange) accepts responsibility for the adequacy or accuracy
of this release.
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SOURCE Hut 8 Mining Corp