Partnering with Sparta Group's ERS
International, Hut 8 recycled retired miners and parts, earning
approximately 5,200 high-quality carbon credits
TORONTO, Feb. 21,
2023 /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 and high performance computing
infrastructure provider, partnered with Sparta Group's carbon
credit program established by their e-waste division, ERS
International, to reduce their carbon footprint by reusing and
recycling approximately 220 metric tonnes of electronic waste,
earning approximately 5,200 metric tons of carbon dioxide
equivalent serialized carbon credits.
Under the recycling program, first of its kind in Canada, after accounting for shipping and
processing costs, for every metric tonne of carbon dioxide diverted
from landfills, one carbon credit is generated. The carbon credits
are verified by AET Group, who have been verifiers with BGIS and
Brookfield. Hut 8 will receive the
carbon credits in the first half of 2023.
"We chose to partner with ERS International because their
innovative program allowed us to responsibly recycle obsolete
miners while taking meaningful steps to achieve our carbon
neutrality goals," said Arnold Lee,
Director of ESG at Hut 8. "This program allows Hut 8 to minimize
the impact of electronic waste and divert CO2 from
releasing into the atmosphere, while generating verified carbon
credits approved by the Canadian Standards Association."
"It's great to have Hut 8, a company that is determined
to set an example in terms of reducing carbon footprint in the
digital mining sector as one of the first to take advantage of our
carbon credit program. Anytime we can help a company achieve their
sustainability goals it's a win for us too. We are laser focused on
helping companies that trust in our service achieve their carbon
neutrality goals through this program," said Joseph Cimorelli, Director of Global Business
Development for ERS International.
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.
About Sparta
Sparta Group (a.k.a. Sparta Capital Ltd.) is a public company
(TSXV: SAY) focused on advanced technology designed to improve the
health of the planet, the health of businesses, and the health of
humankind. Sparta owns or holds a
controlling interest in a network of independent businesses that
supply energy saving technologies designed to reduce energy
inefficiencies, achieve reduced emissions, and increase operating
efficiencies in various industries. At the same time, the company
also diverts waste from landfill, transforming it into something of
value. While it began as an environmental technology company,
Sparta expanded its technological
expertise to address the growing demand for healthier workplaces
and healthy employees. Its strong Technical Advisory Board reflects
Sparta's dedication to advancing
technologies that incorporate the latest in high-tech, including
Artificial Intelligence (AI), to solve some of the world's pressing
problems, including climate change, viral outbreaks, and mounting
waste. The company is now structured into three divisions:
Environment, Innovation, and Energy. These divisions better
categorize the growing list of products and services offered by the
Company.
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; the number of carbon credits
to be received by the Company, and the timing thereof; 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.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/hut-8-advances-its-goal-of-achieving-carbon-neutrality-by-2025-through-innovative-recycling-program-301751150.html
SOURCE Hut 8 Mining Corp