The company is purchasing all 960 Whatsminer
M31S+ machines from hosting client TAAL effective May 1
TORONTO, April 19,
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, today announced that it has entered into an
agreement with TAAL to conclude its hosting relationship and
purchase 960 MicroBT Whatsminer M31S+ effective May 1, 2022. The ASIC miners are currently
installed and running at the company's mining facility in
Medicine Hat on behalf of
TAAL.
The machines are expected to provide an immediate incremental
hashrate of 81 PH/s, bringing Hut 8's total hashrate to 2.62
EH/s.
"The incremental capacity will deliver an immediate hashrate
benefit as ASIC miners are already on-site, installed and hashing,"
said Jaime Leverton, Chief Executive
Officer of Hut 8. "Over the past 18 months, we have pursued a
strategy that is unique among our peer group: in addition to
digital asset mining, we support clients with high performance
computing, cloud hosting, and collocation services at our five
Canadian data centres so they can succeed in the burgeoning
Blockchain and Web 3.0 industries."
Once the acquisition is complete, Hut 8's operations at all
mining sites will be 100% allocated to self-mining.
About the Company:
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", "believe", "estimate", "expect" or
similar expressions and includes, among others, statements
regarding the anticipated expansion of the current installed
hashrate, the expected incremental production of Bitcoin resulting
from the purchase, and the Company's ability to continue to build
on its strategy as both a digital asset miner and data centre
provider supporting clients with high performance computing, cloud
hosting, and collocation services at the five Canadian data
centres.
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, including geo-political 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 the
factors described in greater detail in the "Risk Factors" section
of the Company's Annual Information Form dated March 17, 2022,
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. There can be no assurance that such estimates and
assumptions will prove to be correct. 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.
Related Links: www.hut8mining.com
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SOURCE Hut 8 Mining Corp