TORONTO, Dec. 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. All dollar figures are in
Canadian Dollars unless otherwise stated.
Mining Production Highlights for November 2021:
- 265 Bitcoin were mined, resulting in an average production rate
of 8.83 Bitcoin per day.
- 100% of the self-mined Bitcoin for the month of November were
deposited into custody, consistent with Hut 8's Hodl strategy.
- Total Bitcoin balance held in reserve is 5,242 as of
November 30, 2021.
Mining Equipment Deployment Update for November 2021:
During November 2021, the Company
completed the deployment of high-performance NVIDIA chips at Hut
8's site in Medicine Hat, Alberta.
The Company has deployed the NVIDIA CMPs to mine the Ethereum
network via Luxor pool, and consistent with its Hodl strategy, is
receiving payouts in Bitcoin. Based on current mining economics
this equates to approximately 1.8 – 2.0 additional Bitcoin per day.
Hut 8 currently has an installed hashrate of approximately 1.7
EH/s, which includes the converted hashrate from its fleet of
CMPs.
"Our NVIDIA CMP deployment is contributing revenue of
approximately $140,000 per day, based
upon current mining economics," said Jason
Zaluski, Head of Technology for Hut 8. "Given the low power
intensity of these chips, our cost per Bitcoin of approximately
$3,000 means we are achieving unit
margins in excess of 95%."
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 and North Bay, Ontario, 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, Bitcoin and Ethereum mining economics,
the Company's trajectory to produce additional Bitcoin, the
profitability of GPU mining 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.
Related Links: www.hut8mining.com
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SOURCE Hut 8 Mining Corp