TORONTO, Dec. 7, 2021 /PRNewswire/ - Hut 8 Mining Corp.
(NASDAQ-NMS: 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.
On November 30, 2021, Hut 8 signed
an agreement with Foundry Digital LLC ("Foundry"), to purchase
2,505 MicroBT M30S machines that are currently installed at the
Company's site in Medicine Hat,
Alberta, under a hosting arrangement between Hut 8 and
Foundry. The purchase transaction is expected to close on
December 15, 2021 and will provide
immediate incremental hashrate of 228 PH/s. This fleet of miners
was owned by Foundry, one of the Company's hosting clients, and
will boost Hut 8's self-mining operating capacity, including the
NVIDIA GPUs, to approximately 1.94 EH/s.
"We are excited to add incremental capacity stemming from the
Foundry purchase to our self-mining operation, especially given the
fact that the equipment is already on-site and hashing," commented
Jaime Leverton, Chief Executive
Officer of Hut 8. "The combination of the recently deployed NVIDIA
CMPs and the MicroBT M30S miners from Foundry serves to enhance
both the scale and efficiency of our self-mining operations and
adds momentum to our machine installations. We value our ongoing
strategic relationship with Foundry and will continue to explore
new partnership opportunities with them going forward."
About Hut 8:
Hut 8 is one of North America's
largest innovation-focused digital asset miners, supporting open
and decentralized systems since 2018. With two locations in energy
rich Alberta, Canada and third
site under development in North Bay,
Ontario, 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.
About Foundry:
A subsidiary of DCG, Foundry Digital LLC is a financing and
advisory company focused on digital asset mining and staking. With
the mission of empowering a decentralized infrastructure for a
digital world, Foundry provides North American digital asset mining
businesses with capital and intelligence. Foundry is based in
Rochester, NY. For more
information, please visit foundrydigital.com.
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 closing of the Foundry purchase,
future partnership opportunities with Foundry and the Company's
anticipated hashrate capacity.
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