TORONTO, Sept. 2, 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 August 2021:
- 326 Bitcoin mined, resulting in average production of 10.5
Bitcoin per day
- 100% of self-mined Bitcoin were deposited into custody as of
August 31, consistent with Hut 8's
"hodl" strategy
- Total Bitcoin balance held in reserve: 4,450 as of August 31, 2021
- Received and installed 1,025 net new MicroBT machines, adding
92 PH/s to production rate
The installation of additional MicroBT 30S machines in August
brings Hut 8's installed hashrate to 1.37 EH/s. Accordingly,
despite recent upward network difficulty adjustments, we continue
to mine approximately 9-10 Bitcoin per day.
"We are pleased with another strong month from an operations
perspective, with our Alberta-based team working to both optimize
existing equipment, while continually bringing new miners online,"
commented Shane Downey, Chief
Financial Officer of Hut 8. "Specifically, we are excited to
have begun the installation of NVIDIA cryptocurrency mining
processors ("CMPs"). We remain encouraged that our previously
announced strategy of mining the Ethereum network with these CMPs,
while settling in Bitcoin, will provide compelling economics, with
a total cost per Bitcoin expected to be under CAD$3,000."
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", "predict", "can", "might",
"potential", "predict", "is designed to", "likely" or similar
expressions and includes, among others, statements regarding
Bitcoin network dynamics, the Company's trajectory to produce
additional Bitcoin, the expected timing of equipment deliveries,
planned investments for the balance of 2021 and costs associated
with mining digital assets.
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, and you
should not place undue reliance on any forward-looking statements.
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 circumstances, or otherwise, except
as required by law.
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SOURCE Hut 8 Mining Corp