330 Bitcoin mined, bringing reserves to
7,736
TORONTO, Aug. 5, 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 and high
performance computing infrastructure provider, increased its
Bitcoin holdings by 330 in the period ending July 31. Hut
8 now has 7,736 Bitcoin in its holdings.
Production highlights
for July 2022:
- 330 Bitcoin were generated, resulting in an average production
rate of 10.61 Bitcoin per day
- Our Ethereum mining – for which we receive payment in Bitcoin –
generated approximately 10.7% of our total production
- Keeping with our longstanding HODL strategy, 100% of the
self-mined Bitcoin in July were deposited into custody
- Total Bitcoin balance held in reserve is 7,736 as of
July 31, 2022
- Installed operating capacity was 2.92 EH/s at the end of the
month
- Hut 8 produced 113.01 BTC/EH in July
Additional updates:
- Monthly shipments of MicroBT miners continue to arrive as
scheduled and are being installed in real time
- A severe thunderstorm on July 18
interrupted the power supply to the Medicine Hat mine and surrounding area – site
infrastructure and equipment were not damaged – and power was
restored on July 23
- Hut 8's high-performance computing business, which is not
correlated to Bitcoin or Bitcoin mining, continues to grow: we
recently signed Foundry as a cloud services client
"We continued to deliver results, growing our stack to 7,736
Bitcoin – one of the largest holdings globally – by
mining efficiently," said Jaime Leverton, CEO. "At the same
time, we continue to focus on growing the uncorrelated recurring
revenue within our high performance computing business and are
thrilled to welcome Foundry aboard as a cloud services customer in
our Mississauga data centre."
About Hut 8
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 Southern Alberta and a third site in North Bay,
Ontario, all located
in Canada, Hut 8 has one of the highest capacity rates in the
industry and one of the highest inventories of self-mined Bitcoin
of any crypto miner or publicly-traded company globally. With
36,000 square feet of geo-diverse data centre space and cloud
capacity connected to electrical grids powered by significant
renewables and emission-free resources, Hut 8 is revolutionizing
conventional assets to create the first hybrid data centre model
that serves both the traditional high performance compute (Web 2.0)
and nascent digital asset computing sectors, blockchain gaming, and
Web 3.0. Hut 8 was the first Canadian digital asset miner to list
on the Nasdaq Global Select Market. 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. In addition, any
statements in this press release that refer to expectations,
projections or other characterizations of future events or
circumstances contain forward-looking information and include,
among others, statements regarding: Bitcoin and Ethereum network
dynamics; the Company's ability to advance its longstanding HODL
strategy; the Company's ability to produce additional Bitcoin
and maintain existing rates of productivity at all sites; the
Company's ability to deploy additional miners; the Company's
ability to continue mining digital assets efficiently; the
Company's expected recurring revenue and growth rate from its high
performance computing business; and the Company's ability to
successfully navigate the current market.
Statements containing forward-looking information are not
historical facts, but instead represent management's expectations,
estimates and projections regarding future events based on certain
material factors and assumptions at the time the statement was
made. While considered reasonable by Hut 8 as of the date of this
press release, such statements 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, security
and cybersecurity threats and hacks, malicious actors or botnet
obtaining control of processing power on the Bitcoin or Ethereum
network, further development and acceptance of Bitcoin and Ethereum
networks, changes to Bitcoin or Ethereum mining difficulty, loss or
destruction of private keys, increases in fees for recording
transactions in the Blockchain, erroneous transactions, reliance on
a limited number of key employees, reliance on third party mining
pool service providers, regulatory changes, classification and tax
changes, momentum pricing risk, fraud and failure related to
cryptocurrency exchanges, difficulty in obtaining banking services
and financing, difficulty in obtaining insurance, permits and
licenses, internet and power disruptions, geopolitical events,
uncertainty in the development of cryptographic and algorithmic
protocols, uncertainty about the acceptance or widespread use of
cryptocurrency, failure to anticipate technology innovations, the
COVID19 pandemic, climate change, currency risk, lending risk and
recovery of potential losses, litigation risk, business integration
risk, changes in market demand, changes in network and
infrastructure, system interruption, changes in leasing
arrangements, and other risks related to the cryptocurrency and
data centre business. For a complete list of the factors that could
affect the Company, please see the "Risk Factors" section of the
Company's Annual Information Form dated March 17, 2022, and
Hut 8's other continuous disclosure documents which are available
on the Company's profile on the System for Electronic Document
Analysis and Retrieval at www.sedar.com and on the EDGAR section of
the U.S. Securities and Exchange Commission's website at
www.sec.gov.
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. There can be no assurance that such
estimates and assumptions will prove to be correct. Should one or
more of these risks or uncertainties materialize, or should
assumptions underlying the forward-looking statements prove
incorrect, actual results may vary materially from those described
in this press release as intended, planned, anticipated, believed,
sought, proposed, estimated, forecasted, expected, projected or
targeted and such forward-looking statements included in this press
release should not be unduly relied upon. The impact of any one
assumption, risk, uncertainty, or other factor on a particular
forward-looking statement cannot be determined with certainty
because they are interdependent and Hut 8's future decisions and
actions will depend on management's assessment of all information
at the relevant time. 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 otherwise, except as required by
law.
Hut 8 Investor Relations, Sue
Ennis, sue@hut8mining.com; Hut 8 Media
Relations, Erin Dermer, erin.dermer@hut8mining.com
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