TORONTO, Feb. 3, 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, is
pleased to provide the following corporate update.
Mining Production Highlights for January 2022:
- 308 Bitcoin were mined, resulting in an average production rate
of 9.93 Bitcoin per day;
-
- Approximately 16% of Bitcoin production was from the Company's
fleet of GPU (Graphics Processing Unit) miners, being used to mine
Ethereum, while receiving payouts in Bitcoin.The efficient nature
of these GPUs, with minimal power requirements, resulted in an
average cost of less than C$2,600 per
Bitcoin;
- 100% of the self-mined Bitcoin for the month of January were
deposited into custody, consistent with Hut 8's Hodl strategy;
- Total Bitcoin balance held in reserve is 5,826 as of
January 31, 2022;
- Installed operating capacity currently sits at 2.36 EH/s, a 17%
increase from December 31, 2021.
Operations Updates for January
2022:
- During January 2022, the Company
installed 6,317 MicroBT M30S and M31S+ miners, while retiring the
older fleet of Bitfury Clarkes.
- Hut 8 has also advanced with respect to construction and
development of the Company's third data centre located in
North Bay, Ontario. The
building structure is complete, floors are being poured imminently
and racking is expected to commence later in February 2022.
"Our team is working hard deploying additional miners between
our two Alberta-based sites,
increasing overall efficiency and hashrate using existing
capacity," said Jason Zaluski, Head
of Technology for Hut 8. "Our goal is to always utilize the most
efficient miners we have, and we have been receiving and fully
deploying our MicroBT units as they arrive, which speaks to the
commitment and capability of our team on the ground, here in
Alberta."
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. 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's
acquisiiton of the cloud and colocation data center business from
TeraGo Inc, establishes Hut 8 as a leading high-performance
computing platform, providing unique positioning for the Company
within the digital asset ecosystem. The data center business spans
from Toronto to Vancouver with over 36,000 square feet of
geo-diverse data center space powered by predominantly
emmission-free 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 3 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
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, costs associated with mining digital assets, and the
Company's ability to maintain existing rates of productivity.
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