Crypto

Hut 8 Production and Mining Operations Update July 2022

330 bitcoins mined, bringing in reserves of 7,736 bitcoins.

TORONTO, August 6, 2022 /PRNewswire/ — Hut 8 Mining Corp. (Nasdaq: HUT) (TSX: HUT) (“Hut 8” or the “Company”), a leading innovative digital asset mining pioneer and provider of high performance IT infrastructure in North America, has increased its Bitcoin holdings by 330 through July 31st. Hut 8 currently has 7,736 bitcoins.

Main production indicators for July 2022:

  • The company generated 330 bitcoins, showing an average output of 10.61 bitcoins per day.
  • Our Ethereum mining, for which we are paid in bitcoin, produced about 10.7% of our total production.
  • In accordance with our long-standing HODL strategy, 100% of bitcoins self-mined in July have been placed into custody.
  • The total balance of bitcoins held in reserve is 7736 as of Sunday, July 31, 2022.
  • Installed operating capacity at the end of the month was 2.92 p.e.
  • Hut 8 produced 113.01 BTC/EH in July.

Additional updates:

  • Monthly shipments of MicroBT miners continue to arrive as scheduled and are set in real time.
  • On July 18, a severe storm interrupted the power supply to the mine in medical hat and adjacent territories – the infrastructure and equipment of the facility were not damaged – and on July 23, power supply was restored.
  • Hut 8’s high performance computing business, which is not related to bitcoin or bitcoin mining, continues to grow: we recently signed a cloud services contract with Foundry.

“We continued to achieve results, increasing our stack to 7,736 bitcoins – one of the largest holdings in the world – through efficient mining,” the post reads. Jamie Leverton, EXECUTIVE DIRECTOR. “At the same time, we continue to focus on uncorrelated recurring revenue growth across our HPC business and are delighted to welcome Foundry as a cloud customer in our Mississauga data center. »

About Hut 8

Hut 8 is one of the largest innovative digital asset mining companies in North America. Led by a team of business development technologists with an interest in bitcoin, blockchain, web 3.0, it aims to bring the new world of HPC closer to the traditional. Ownership of two digital asset mining sites located in the southAlberta and a third site north bayin L’OntarioHut 8 has one of the highest installed capacity utilization rates in the industry and holds one of the world’s largest reserves of self-mined bitcoin among cryptocurrency miners and listed companies. With over 36,000 square feet of geographically dispersed data center and cloud capacity connected to the grid and powered by renewable and emission-free energy sources, Hut 8 is revolutionizing traditional assets by creating the first hybrid data center model that benefits both traditional high performance computing (Web 2.0 ) and new sectors of digital asset computing, blockchain games and Web 3.0. The company was the first Canadian digital asset mining company to be listed on the Nasdaq Global Select Market. Through innovation, imagination and passion, Hut 8 is driving the digital asset revolution by creating value for its shareholders and future generations and making a positive impact on their lives.

Caution regarding forward-looking statements

This press release contains “forward-looking information” and “forward-looking statements” within the meaning of Canadian and US securities laws, respectively (collectively, “forward-looking information”). Except for historical statements and facts, all information contained in this press release that relates to new activities, events or developments that the Company anticipates or anticipates in the future is forward-looking information, including future business strategies, competitive forces, goals , development and growth of the Company’s business, operations, plans, as well as any other related issues. Forward-looking information is often denoted by the words “may”, “may”, “should”, “will”, “intend”, “plan”, “anticipate”, “enable”, “believe”, “estimate”, “anticipate”, “predicts”, “potential”, “projects”, “destined for”, “probably” or similar expressions. In addition, any statements in this press release that relate to expectations, forecasts, or other characteristics of future events or circumstances contain forward-looking information and include, among other things, statements relating to: the dynamics of the Bitcoin and Ethereum network; the company’s ability to advance its longstanding HODL strategy; the ability of the company to produce additional bitcoins and maintain existing performance indicators across all sites; the ability of the company to deploy additional miners; the company’s ability to continue to efficiently mine digital assets; the company’s expected recurring revenue and growth rate of its HPC business; and the company’s ability to successfully navigate today’s market.

Forward-looking statements are not historical facts, but represent management’s expectations, estimates and projections of future events based on certain material factors and assumptions at the time such statements are made. While Hut 8 believes these statements are reasonable as of the date of this press release, they are subject to known and unknown risks, uncertainties, assumptions and other factors that could cause actual results to differ. materially from those expressed or implied by such forward-looking information, including, but not limited to, security and cybersecurity threats and hacks, attacker or botnet control of computing power on the Bitcoin or Ethereum network, the further development and adoption of the Bitcoin and Ethereum networks, the evolution of Bitcoin mining difficulties, or Ethereum, loss or destruction of private keys, higher fees for registering transactions on the Blockchain, erroneous transactions, reliance on a limited number of key employees, reliance on third party mining pool service providers, regulatory changes, changes in classification and taxation, dynamic risk prices, fraud and failures related to the exchange of crypto-currencies, difficulties in obtaining banking services and financing, difficulties in obtaining insurance, permits and licenses, failures in the Internet and electricity supply, geopolitical events, uncertainty in the development of cryptographic and algorithmic protocols cryptocurrencies, uncertainty about the adoption or widespread use of cryptocurrencies, failure to foresee technological innovation, the COVID19 pandemic, climate change, currency risk, credit risk and loss recovery potential, litigation risk, business integration risk, changes in market demand, network and infrastructure changes. re, system failure, lease changes and other risks associated with cryptocurrency and data center operations. For a complete list of factors that may affect the Company, see the Risk Factors section of the Company’s Annual Information Form dated March 17, 2022, as well as other Hut 8 documents with ongoing disclosures, which are available in the company profile in the Electronic Analysis System. and document searches at www.sedar.com and in the EDGAR section of the US Securities and Exchange Commission website at www.sedar.com.sec.gov.

These factors are not an exhaustive list of factors that can affect Hut 8; however, readers are strongly advised to carefully consider these factors. There can be no guarantee that such estimates and assumptions will be correct. If one or more of these risks or uncertainties materialize, or if the assumptions underlying the forward-looking statements prove incorrect, actual results could differ materially from those described in this press release as expected, planned, anticipated, anticipated, sought proposed, anticipated, planned, expected, projected or targeted, and undue reliance should not be placed on any forward-looking statements contained in this press release. The effect of any assumption, risk, uncertainty or other factor on any particular forward-looking statement cannot be determined with certainty as they are interdependent and Hut 8’s future decisions and actions will depend on management’s assessment of all information at the appropriate time. The forward-looking statements set forth in this release speak only as of the date of this release. Hut 8 expressly disclaims any obligation to update or change any forward-looking statements or the factors and assumptions underlying them, whether as a result of new information, future events or otherwise, unless required by law.

Hut 8 Investor Relations, Sue Ennis, [email protected] ; Media Relations Hut 8, Erin Dermer, [email protected]

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SOURCE Hut 8 Mining Corp.

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