299 Bitcoin mined, bringing reserves to
8,687
TORONTO, Nov. 3, 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 our Bitcoin holdings by 299 in the period
ending October 31, bringing our total self-mined holdings to
8,687 Bitcoin.
Production highlights
for October 2022:
- 299 Bitcoin were generated, resulting in an average production
rate of approximately 9.6 Bitcoin per day
- Keeping with our longstanding HODL strategy, 100% of the
self-mined Bitcoin in October were deposited into custody
- Total Bitcoin balance held in reserve as of October 31 is 8,687
- Installed ASIC hashrate capacity was 3.07 EH/s at the end of
the month, which excludes certain legacy miners that are set to be
fully replaced by the end of the year
- Hut 8 produced 97.4 BTC/EH in October
"We continue to optimize our fleet to drive hashrate
efficiencies at our mines," said Jaime
Leverton, CEO. "With a balance-sheet focused approach, we
continue to manage well through this bear market, backed by the
largest self-mined unencumbered Bitcoin stack of any publicly
traded company."
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 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 Bitcoinnetwork, 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 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.
CONTACT: Hut 8 Investor Relations: Sue
Ennis, sue@hut8mining.com; Hut 8 Media
Relations: Yamini Coen, yamini.coen@hut8mining.com
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