All-time high of 6,115 self-mined Bitcoin in
reserve following 289 generated last month
TORONTO, March 3, 2022 /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, supporting open and decentralized systems
since 2018, achieved record Bitcoin holdings in the period ending
February 28, 2022.
Production highlights for February 2022:
- 289 Bitcoin were mined, resulting in an average production rate
of 10.3 Bitcoin per day
- Our Ethereum mining – for which we receive payment in Bitcoin –
generated approximately 14% of our total production, at an average
cost of less than C$2,600 per Bitcoin
- 100% of the self-mined Bitcoin for the month of February were
deposited into custody, consistent with Hut 8's HODL strategy
- Total Bitcoin balance held in reserve is 6,115 as of
February 28, 2022
- Installed operating capacity currently sits at 2.5 EH/s, a 5%
increase from January 31, 2022
Operation updates for February
2022:
- We installed 2,715 MicroBT M30S and M31S+ miners
- Construction at Hut 8's third mining facility located
in North Bay, Ontario
continues to advance: the building structure is complete and racks
are now being assembled
"Our teams in Drumheller and
Medicine Hat have continued to
diligently upgrade our Alberta
sites over the month of February," said Jason Zaluski, Head of Technology, Hut 8. "Our
2022 M30S and M31S+ orders from MicroBT are arriving as scheduled,
we are experiencing consistent growth in our MicroBT Authorized
Repair Centre, and we are actively recruiting staff for our
warranty centre and all our sites."
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. Hut
8's team of business building technologists are believers in
decentralized systems, stewards of powerful industry-leading
solutions, and drivers of innovation in digital asset mining and
high-performance computing, with a focus on ESG alignment. 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 and includes, among others, statements regarding
management's expectations, expertise, projections, estimates or
characterizations or future events or circumstances, Bitcoin
network dynamics, the Company's ability to produce additional
Bitcoin, the Company's ability to increase overall efficiency and
hashrate, the Company's ability to deploy additional miners on
schedule, costs associated with mining digital assets, and the
Company's ability to maintain existing rates of productivity, the
Company's ability to actively staff up, the Company's continued
consistent growth of its repair centre, the Company's continued
progression of its North Bay site
and ability to continue to upgrade its Alberta sites.
Forward-looking information is necessarily based on a number of
opinions, assumptions and estimates that, while considered
reasonable by Hut 8 as of the date of this press release, 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
that the anticipated timing for completion of the construction and
development activities at the Company's third mining site in
North Bay, Ontario will be further
delayed as a result of global supply chain impacts, the Company's
ability to make interest payments on any drawn portions of loan
with Trinity Capital, the impact of general economic conditions on
the Company, industry conditions, currency fluctuations, taxation,
regulation, changes in tax or other legislation, competition from
other industry participants, the lack of availability of qualified
personnel or management, stock market volatility, political and
geopolitical instability and the Company's ability to access
sufficient capital from internal and external sources. The
foregoing and other risks are described in greater detail in the
"Risk Factors" section of the Company's Annual Information Form
dated March 25, 2021, which is
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, and you
should not place undue reliance on any forward-looking information.
There can be no assurance that such estimates and assumptions will
prove to be correct. The forward-looking information 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 circumstances, or otherwise, except
as required by law. New factors emerge from time to time, and
it is not possible for Hut 8 to predict all of these factors or to
assess in advance the impact of each such factor on Hut 8's
business or the extent to which any factor, or combination of
factors, may cause actual results to differ materially from those
contained in any forward-looking information. The forward-looking
information contained in this press release is expressly qualified
by this cautionary statement.
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SOURCE Hut 8 Mining Corp