330 Bitcoins mined, bringing reserves to 7,736
Toronto, August 5, 2022 /PRNewswire/ – Hut 8 Mining Corp. (Nasdaq: hut) (TSX: HUT), either (“Hut 8” or “Company”) North American Hut 8, the largest innovation-focused digital asset mining pioneer and high-performance computing infrastructure provider, increased its Bitcoin holdings by 330 in the period ending July 31st. Hut8 currently holds 7,736 bitcoins.
Production highlights for July 2022:
- 330 Bitcoins were produced, bringing the average daily production rate to 10.61 Bitcoins.
- Ethereum mining, which takes payments in Bitcoin, generated about 10.7% of total production.
- Following a long-standing HODL strategy, 100% of self-mined bitcoins were put into custody in July.
- Currently, the total balance of Bitcoin held in reserves is 7,736. July 31, 2022
- Installed operating capacity at the end of the month was 2.92 EH/s
- Hut 8 Produced 113.01 BTC/EH in July
- Monthly shipments of MicroBT miners continue to arrive on schedule and are being installed in real time
- severe thunderstorm July 18th interrupted power supply to medicine hat Mine and Surroundings – Site infrastructure and equipment were undamaged and power has been restored. July 23rd
- Hut 8’s high-performance computing business continues to grow independently of Bitcoin and Bitcoin mining. We recently signed with Foundry as our cloud service client
“Through efficient mining, we have grown our stack to 7,736 bitcoins (one of the largest holdings in the world) and continue to deliver results,” said CEO Jaime Leverton. “At the same time, we remain focused on growing uncorrelated recurring revenue within our high performance computing business and are excited to welcome Foundry as a customer for our cloud services. Mississauga data center. “
About Hut No. 8
Hut 8 is an innovation-focused team led by a team of business-building technologists who are bullish on Bitcoin, blockchain and Web 3.0, bridging the early and traditional high-performance computing worlds. One of North America’s largest digital asset miners. There are two of his digital asset mining sites in Southern Alberta and his third site in North His Bay. OntarioThe Hut 8, all located in Canada, has one of the highest capacity rates in the industry and one of the highest inventories of self-mining bitcoin for any crypto miner or publicly traded company in the world. With 36,000 square feet of geographically diverse data center space and grid-connected cloud capacity powered by massive amounts of renewable and zero-emission resources, Hut 8 is the perfect alternative to traditional assets. We are revolutionizing and creating the first hybrid data center model that offers both traditional high-performance computing. (Web 2.0) and early digital asset computing sectors, blockchain games, and Web 3.0. Hut 8 is the first Canadian digital asset miner listed on the Nasdaq Global Select Market. Through innovation, imagination and passion, Hut 8 helps define the digital asset revolution, delivering value and positive impact for shareholders and future generations.
Cautionary Note Regarding Forward-Looking Statements
This press release contains “forward-looking information” and “forward-looking statements” within the meaning of Canadian securities laws and U.S. securities laws, respectively (collectively, “forward-looking information”). ). statements of historical fact, including future business strategies, competitiveness, goals, expansion, etc., addressing activities, events or developments that we expect or anticipate will occur or may occur in the future; All information contained in this press release, except Growth in our business, operations, plans and other matters is forward-looking information. Forward-looking information is often described as “may,” “could,” “could,” “should,” “will,” “intend,” “plan”, “anticipate”, “permit”, “believe”, “estimate”, “expect”, “predict”, “could”, “could”, “could” ”, “predict”, “designed”, “likely” or similar expressions. In addition, statements in this press release that refer to expectations, forecasts or other characterizations of future events or conditions contain forward-looking information, including, among other things, statements regarding: Our ability to drive our longstanding HODL strategy. Our ability to generate additional bitcoins and maintain existing productivity across all sites. Our ability to deploy additional miners. Our ability to continue to mine digital assets efficiently. Our projected recurring revenue and growth rate from our High Performance Computing business. and our 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 important factors and assumptions at the time the statements are made. . Although Hut 8 believes it to be reasonable as of the date of this press release, such statements involve known and unknown risks, uncertainties, assumptions and actual results, levels of activity and performance. , or other factors that may cause actual results to differ materially. any such future, including, but not limited to, security and cybersecurity threats and hacking, malicious actors or botnets gaining control of the processing power of the Bitcoin or Ethereum networks, further development and acceptance of the Bitcoin and Ethereum networks; expressed or implied by information regarding the prospects of, changes in Bitcoin or Ethereum mining difficulty, loss or destruction of private keys, increased fees for recording transactions on the blockchain, erroneous transactions, limited reliance on a number of key employees, reliance on third-party mining pool service providers, regulatory changes, classification tax changes, momentum pricing risks, fraud and failures related to cryptocurrency exchange banking services and financing difficulties in obtaining insurance, permits and licenses, Internet and power disruptions, geopolitical events, uncertainties in the development of cryptographic and algorithmic protocols, uncertainties regarding the acceptance or diffusion of cryptocurrencies; Failure to predict Technological innovation, COVID19 pandemic, climate change, currency risk, loan risk and recovery of potential losses, litigation risk, business integration risk, changes in market demand, network and infrastructure changes, system disruptions, changes in lease agreements, and other risks related to cryptocurrency and data center business. For a complete list of factors that may affect the Company, please see the Risk Factors section of the Company’s Annual Information Form dated March 17, 2022 and Hut 8’s Others available in the Company Profile of the System. See our Continuous Disclosure document.Analyzing and searching electronic documents in www.sedar.com and on the EDGAR section of the U.S. Securities and Exchange Commission website www.sec.gov.
These factors are not intended to represent an exhaustive list of factors that may affect Hut 8. However, these factors should be carefully considered. There is no assurance that such estimates or assumptions will prove correct. If one or more of these risks or uncertainties materialize, or if the assumptions underlying the forward-looking statements prove to be incorrect, actual results will not be described in this press release as intended, planned or stated. Expectations, beliefs, pursuits, suggestions, estimates or projections may differ materially. Undue reliance should not be placed on the projections, forecasts, forecasts or targets contained in this press release and any such forward-looking statements. The impact of assumptions, risks, uncertainties or other factors on certain forward-looking statements are interdependent and Hut 8’s future decisions and actions are based on all information as of the date to which it relates. It cannot be determined with certainty as it depends on management’s evaluation. The forward-looking statements contained in this press release are made as of the date of this press release and Hut 8 does not make any forward-looking statements, including forward-looking information or the factors or assumptions underlying them. expressly disclaims any obligation to update or change the new information, future events or other results, except as required by law;
Source Hut 8 Mining Corp