6,460 self-mined Bitcoin in reserve following 345
generated last month
TORONTO, April 5,
2022 /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, advanced its Bitcoin holdings in the period ending
March 31, 2022.
Production highlights for
March 2022:
- 345 Bitcoin were mined, resulting in an average production rate
of 11.1 Bitcoin per day
- Our Ethereum mining – for which we receive payment in Bitcoin –
generated approximately 13% of our total production, at an average
cost of less than C$2,600 per Bitcoin
- 100% of the self-mined Bitcoin for the month of March were
deposited into custody, consistent with Hut 8's HODL strategy
- Total Bitcoin balance held in reserve is 6,460 as of
March 31, 2022
- Installed operating capacity currently sits at 2.54 EH/s
Additional updates for
March 2022:
- We installed 560 new MicroBT M30S and M31S+ miners
- Construction at Hut 8's third mining facility located in
North Bay, Ontario is nearing
completion and we are on track to begin operations in May
- The proceeds from our ATM offering announced in February 2022 are being used to grow our mining
business, fund our industry-leading HODL strategy, and expand our
high performance compute business, all while allowing us to make
strategic equipment purchases during favourable market
conditions
"Our teams working in Medicine
Hat and Drumheller, Alberta
have continued to ensure our upgraded machines are delivering
strong results for us," said Jason
Zaluski, Head of Technology, Hut 8. "Our orders from MicroBT
are arriving as scheduled, we are experiencing consistent growth in
our MicroBT Authorized Repair Centre, and we continue to actively
recruit team members as we continue to grow."
About Hut 8
Hut 8 is one of North America's
largest innovation-focused digital asset miners, led by a team of
business-building technologists, bullish on bitcoin, blockchain,
Web 3.0 and bridging the nascent and traditional high performance
computing worlds. With two digital asset mining sites located in
Southern Alberta and a third site
in North Bay, Ontario, all located
in Canada, Hut 8 has one of the
highest capacity rates in the industry and one of the highest
inventories of self-mined Bitcoin of any crypto miner or
publicly-traded company globally. With 36,000 square feet of
geo-diverse data centre space and cloud capacity connected to
electrical grids powered by significant renewables and
emission-free resources, Hut 8 is revolutionizing conventional
assets to create the first hybrid data centre model that serves
both the traditional high performance compute (Web 2.0) and nascent
digital asset computing sectors, blockchain gaming, and Web 3.0.
Hut 8 was the first Canadian digital asset miner to list on the
Nasdaq Global Select composite index and the first blockchain
company to be added to the S&P/TSX Composite Index in 2021. 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", "allow",
"believe", "estimate", "expect", "predict", "can", "might",
"potential", "predict", "is designed to", "likely" or similar
expressions and includes, among others, statements regarding
management's expectations, expertise, projections, estimates or
characterizations of future events or circumstances, Bitcoin
network dynamics, the Company's ability to produce additional
Bitcoin, the Company's ability to increase overall efficiency and
hashrate, the Company's ability to deploy additional miners on
schedule, costs associated with mining digital assets, the
Company's ability to maintain existing rates of productivity and
ensure the good working order of its equipment (including miners),
the Company's ability to actively staff up, the Company's continued
consistent growth of its repair centre, the Company's ability to
allocate the proceeds of its ATM offering as intended, the
Company's continued progression of its North Bay site and the Company's ability to
continue to upgrade its Alberta
sites.
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
the delay in anticipated timing for completion of the construction
and development activities at the Company's mining site in
North Bay, Ontario, impacts of the
COVID 19 pandemic including impacts of the global supply chain
delays on the Company's activities, the Company's ability to make
interest payments on any drawn portions of loan with Trinity
Capital, the impact of general economic conditions on the Company,
industry conditions, currency fluctuations (including BTC),
taxation, regulation, changes in tax or other legislation,
competition from other industry participants, the lack of
availability of qualified personnel or management, stock market
volatility, political and geopolitical instability and the
Company's ability to access sufficient capital from internal and
external sources. The foregoing and other risks are described
in greater detail in the "Risk Factors" section of the Company's
Annual Information Form dated March 17,
2022, 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 information. There can be no assurance that such
estimates and assumptions will prove to be correct. The
forward-looking information 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. New factors emerge from time to time, and it is not
possible for Hut 8 to predict all of these factors or to assess in
advance the impact of each such factor on Hut 8's business or the
extent to which any factor, or combination of factors, may cause
actual results to differ materially from those contained in any
forward-looking information. The forward-looking information
contained in this press release is expressly qualified by this
cautionary statement.
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SOURCE Hut 8 Mining Corp