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.
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SOURCE Hut 8 Mining Corp