161 Bitcoin mined in
December
3,568 Bitcoin mined throughout
2022
100% of Bitcoin mined added to balance
sheet, increasing reserves by 65% in 2022 to 9,086 BTC
TORONTO, Jan. 6, 2023 /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 our
Bitcoin holdings by 161 in the period ending December 31,
bringing our total self-mined holdings to 9,086 Bitcoin.
Production highlights for
December 2022:
- 161 Bitcoin were generated, resulting in an average production
rate of approximately 5.2 Bitcoin per day
-
- Unusually high energy prices led Hut 8 to curtail production
and sell power back to the provider
- Keeping with our longstanding HODL strategy, 100% of the
self-mined Bitcoin in December were deposited into custody
- Total Bitcoin balance held in reserve as of December 31 is 9,086 – a 65% increase over the
balance at the end of 2021
- Installed ASIC hashrate capacity at Hut 8's Alberta facilities was 2.5 EH/s at the end of
the month
- Hut 8 produced 64.4 BTC/EH in December
Operational highlights:
- While operations in North Bay
remain suspended, as previously announced, Hut 8 is continuing to
explore alternatives to mitigate the impact of the dispute with the
third-party energy supplier to the site, including through organic
and inorganic growth opportunities
- We welcomed new CFO Shenif Visram to the Hut 8 leadership team
in mid-December
"I am proud of the team's collective and continued grit and
perseverance through headwinds that built up in late Q4 2022," said
Jaime Leverton, CEO. "In spite of
challenging market forces, we continued growing the largest
unencumbered, self-mined Bitcoin stack of any publicly traded
company, welcomed our new CFO Shenif Visram, and our balance sheet
first approach has us well positioned in 2023."
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 unencumbered,
self-mined Bitcoin of any digital asset 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 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 network,
further development and acceptance of the Bitcoin network, changes
to Bitcoin 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 digital asset 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 digital assets, 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, failure to
achieve intended benefits of power purchase agreements, potential
for interrupted delivery, or suspension of the delivery, of energy
to the Company's mining sites, and other risks related to the
digital asset 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:
Yamini Coen,
yamini.coen@hut8mining.com
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