TORONTO, July 2, 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.
Today, Hut 8 and Bitfury BV announce their mutual agreement to
terminate the historical Investor Rights Agreement ("IRA") between
the two companies. The years of collaboration have enabled a strong
partnership for both companies and have led to the advancement of
bitcoin mining in Canada. The
termination of the IRA will most notably bring to a close Bitfury's
right to a nominee on Hut 8's Board effective immediately.
Notwithstanding the foregoing, to enable time for the Hut 8
Board to transition, Hut 8 has agreed to allow for the delayed
resignation of Bitfury's former nominee Jeremy Sewell, until December 31, 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 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, planned investments for
the balance of 2021, the expected timing of equipment purchase from
Bitfury, and the expected incremental production of Bitcoin
resulting therefrom, the build-out of a 100 MW facility and the
anticipated readiness of the initial 35 MW portion of such
facility.
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