▷ Hut 8 Mining holds 5,826 mined Bitcoin in reserve as of January 31, 2022 and …


04.02.2022 – 20:48

Hut 8 Mining Corp

Toronto (ots/PRNewswire)

Hat 8 Mining Corp. (Nasdaq: HUT) (TSX: HUT) (“Hut 8” or “the Company”), one of North America’s largest innovation-driven digital asset mining pioneers, supporting open and decentralized systems since 2018, is pleased to announce the following corporate update To make available.

January 2022 Mining Production Highlights:

  • 308 bitcoins were “mined”, resulting in an average production rate of 9.93 bitcoins per day;
  • 100% of January’s self-mined Bitcoin deposited in custody, in line with Hut 8’s hodl strategy;
  • Total bitcoin balance held in reserve is 5,826 (as of January 31, 2022);
  • Installed operational capacity is currently 2.36 EH/s, up 17% as of Friday, December 31, 2021.
    • Approximately 16% of Bitcoin production came from the company’s fleet of graphics processing units (GPUs) miners, which were used to mine Ethereum while receiving payouts in Bitcoin. The efficiency of these GPUs with minimal power requirements resulted in an average cost of less than $2,600 CAD per bitcoin;

Operational updates for January 2022:

  • In January 2022, the company installed 6,317 MicroBT M30S and M31S+ miners, Bitfury Clarkes’ older fleet was retired.
  • Hut 8 has also made progress regarding the construction and development of the company’s third data center in North Bay, Ontario. The building structure is complete, floors will be poured shortly and erection is expected to begin in February 2022.

“Our team is working hard to deploy additional miners between our two Alberta-based sites to increase overall efficiency and hashrate using existing capacity,” said Jason Zaluski, Technology Lead at Hut 8 to use the most efficient miners we have, and we have maintained our MicroBT units and always deployed them fully, which speaks to the dedication and skill of our team here in Alberta.”

Information about the company:

Hut 8 is one of North America’s largest innovation-driven digital asset miners. The company is led by a team of business-building technologists who are bullish on Bitcoin, Blockchain, Web 3.0 and bridging the emerging and traditional high-performance computing worlds. Hut 8 operates two digital asset mining sites in energy-rich Alberta and a third site in North Bay, Ontario, Canada, boasts one of the highest installed capacity rates in the industry and holds more mined Bitcoin than any other crypto miner or publicly traded companies worldwide. The Company’s acquisition of TeraGo Inc.’s cloud and colocation data center business establishes Hut 8 as a leading high-performance computing platform, giving the Company a unique positioning within the digital asset ecosystem. The data center business spans from Toronto to Vancouver and includes more than 36,000 square feet of geodiversified data center space powered by mostly zero-emission energy sources. With the acquisition, Hut 8 bridges traditional and emerging forms of high-performance computing by taking an unconventional approach to revolutionizing legacy assets and creating the first hybrid data center model that combines both the traditional high-performance computing space (Web 2.0 ) as well as the emerging digital asset computing sectors and Web 3.0. Hut 8 deployed a Tier 0 to Tier 3 computing platform, delivering digital asset mining and open source distributed ledger technology to typically underutilized areas in a traditional high-performance data center. The platform consists of around 400 commercial customers in a variety of industries such as gaming, visual effects and government agencies, as well as a platform for developing applications and services for underserved markets and customers in the growing digital asset, blockchain, gaming and web 3.0 industries. Going forward, we envisage robust infrastructure offerings to enable economies of scale and economies of scale in high-performance computing and growing application development in the Web 3.0 and digital asset ecosystem. The business building technologists at Hut 8 rely on decentralized systems, manage powerful industry-leading solutions and are innovators in the field of digital asset mining and high-performance computing with a focus on ESG alignment. With innovation, imagination and passion, Hut 8 helps define the digital asset revolution to create value and positive impact for its shareholders and future generations.

Notice Regarding Forward-Looking Information

This press release contains “forward-looking information” and “forward-looking statements” within the meaning of the relevant Canadian securities laws and the United States securities laws (collectively, “forward-looking information”). All information contained in this press release, other than statements of historical fact, which relate to relate to activities, events or developments that the Company anticipates or anticipates will or may occur in the future, including such things as future business strategy, competitive strength, objectives, expansion and growth of the business, operations, plans and other such matters of the Company is forward-looking information. Forward-looking information is frequently identified by the words “may”, “would”, “could”, “should”, “will”, “intend”, “plan”, “anticipate”, “allow”, ” believes”, “estimates”, “expects”, “assumes”, “can”, “could”. en”, “potential”, “predict”, “designed”, “probable” or similar expressions and include, but are not limited to, statements regarding bitcoin network dynamics, the company’s ability to produce additional bitcoin, the company’s ability, overall efficiency and hashrate, the Company’s ability to deploy additional miners, the costs associated with mining digital assets, and the Company’s ability to maintain existing productivity rates.

Forward-looking information is always based on a number of opinions, assumptions and estimates, which, while believed to be 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 could cause the actual results, activities, performance or achievements differ materially from those expressed or implied in such forward-looking information. This includes, among other things, the possibility that the expected timing for the completion of construction and development activities at the Company’s third mining site in North Bay, Ontario will be further delayed due to global supply chain impacts and the Company’s ability to operate making interest payments on all drawn portions of the loan with Trinity Capital, the impact of general economic conditions on the Company, industry conditions, currency fluctuations, taxes, regulation, changes in tax or other legislation, competition from other industry participants, lack of availability of qualified personnel or management, volatility in stock markets, political and geopolitical instability and the company’s ability to access sufficient capital from internal and external sources. The foregoing and other risks are discussed in the “Risk Factors” section of the Company’s Annual Report dated March 25, 2021, which www.sedar.com is available is described in more detail. These factors are not intended to be a complete list of factors that may affect Hut 8. However, they 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 in this press release is made as of the date of this press release and Hut 8 expressly disclaims any obligation to update or revise any statement, containing forward-looking information or the factors or assumptions underlying it, whether as a result of new information, future events or circumstances or otherwise, except as required by law. New factors may arise at any time and it is not possible for Hut 8 to predict all of these factors or to assess in advance the impact of each of these factors on Hut 8’s business or the extent to which any one factor or combination of factors will result in them actual results may differ materially from those contained in the forward-looking information. The forward-looking information contained in this press release is expressly qualified by this cautionary statement.

Related Links: www.hut8mining.com

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Media contact:

Hut 8,[email protected]

Original content from: Hut 8 Mining Corp, transmitted by news aktuell


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