TORONTO, Jan. 31,
2022 /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 announce the closing of its
definitive agreement to purchase the cloud and colocation data
center business from TeraGo Inc.
The acquisition consists of expanded operations from five data
centers across Canada with a
comprehensive information technology offering that includes a
complete selection of scalable cloud services. The acquisition
establishes Hut 8 as a leading high-performance computing platform,
providing unique positioning for the Company within the digital
asset ecosystem.
About the Company:
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. Hut has been supporting open and
decentralized systems since 2018. With two digital asset mining
sites located in energy rich Alberta and a third site in 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. The Company recently purchased the cloud and colocation
data center business from TeraGo Inc. The Data Center Business
spans from Toronto to Vancouver with over 36,000 square feet of
geo-diverse data center space powered by renewable energy sources.
With this acquisition, Hut 8 is bridging traditional and nascent
forms of high-performance compute, taking an unconventional
approach to revolutionizing conventional assets, creating the first
hybrid data center model that serves both the traditional
high-performance compute (web 2.0) and nascent digital asset
computing sectors and web 3.0. Hut 8 has established a Tier 0 to
Tier 4 computing platform and allocated digital asset mining and
open-source distributed ledger technology to conventionally
underutilized areas in a conventional high performance compute data
center. The platform consists of approximately 400 commercial
customers, across a variety of industry verticals including gaming,
visual effects and government agencies, and a platform for the
development of applications and services to underserved markets and
customers in the growing digital asset, blockchain, gaming and web
3.0 industries. We envision a future of robust infrastructure
offering to provide economies of scale, and economies of scope in
the high-performance computing and the growing application
development in web 3.0 and the digital asset ecosystem. 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
high-performance computing, a new line of business, transformative
growth opportunities and diversification, the Company's ability to
expand on saleable power, the Company's ability to attract new
customers and retain existing customers, the Company's ability to
innovate and capture customers in the underserved high performance
compute, blockchain and web 3.0 industries, the Company's ability
to provide industry-leading solutions, the Company's ability to
address the need for high performance computing, the Company's
ability to bridge the traditional and nascent forms of high
performance compute, the Company's approach to revolutionizing
conventional assets, the Company's ability to capitalize on the
acceleration of existing digitalization trends, and the Company's
ability to access operating sites which are connected to grids
powered by significant renewables and emissions-free resources.
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
that the anticipated timing for completion of the construction and
development activities at the Company's third mining site in
North Bay, Ontario will be further
delayed as a result of global supply chain impacts, 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, 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 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 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.
Related Links: www.hut8mining.com
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SOURCE Hut 8 Mining Corp