7,078 self-mined Bitcoin in reserve after 309
were generated in May
Testing complete at North Bay, Ontario site; mining began on
June 2
TORONTO, June 6, 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, supporting open and decentralized systems since 2018,
advanced its Bitcoin holdings in the period ending May 31 and began operations at its North Bay site on June
2.
Production highlights for
May 2022:
- 309 Bitcoin were mined, resulting in an average production rate
of 10 Bitcoin per day
- Our Ethereum mining – for which we receive payment in Bitcoin –
generated approximately 14% of our total production at a cost of
approximately $3654 per BTC
- 100% of the self-mined Bitcoin in May were deposited into
custody, consistent with Hut 8's longstanding HODL strategy
- We concluded our Bitcoin yield programs during the month,
bringing 100% of our reserves into custody
- Total Bitcoin balance held in reserve is 7,078 as of
May 31, 2022
- Installed operating capacity was 2.64 EH/s
Additional updates:
- Power costs continued to fluctuate throughout the month, and we
limited our consumption at Drumheller when the spot price of power
spiked
- Testing began at Hut 8's third mine in North Bay, Ontario in late May and began
operating on 15 MW of power on June
2, adding approximately 400 PH/s to Hut 8's operating
capacity
- We are continuing to add miners and increase our power supply
throughout June, and anticipate that the North Bay mine will have a measurable impact
on our production results going forward
"We are thrilled that our most powerful and efficient machines
are now mining Bitcoin at our North
Bay site," said Jaime
Leverton, CEO of Hut 8. "Over the next several weeks, our
team will continue to install and bring miners online in real-time,
complementing production at our facilities in Medicine Hat and Drumheller."
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 composite index and the first blockchain
company to be added to the S&P/TSX Composite Index in 2021.
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
HODL and growth strategies; the Company's ability to produce
additional Bitcoin and maintain existing rates of productivity; the
Company's ability to install and bring additional miners online as
well as increase the power supply at its North Bay site; the anticipated measurable
impact the Company's North Bay
site will have on its production results; the Company's ability to
limit costs associated with mining digital assets; and the
Company's ability to increase its overall efficiency and hashrate
through the expected production contributions from all miners
online at each of the Company's three sites.
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 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. 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