Month: May 2022

Strong quarterly revenue of $53.3 million

Bitcoin holdings increased 17% to 6,460

Adjusted EBITDA⁽ⁱ⁾ of $27.1 million

High performance computing business delivered solid financial results

TORONTO, ON, May 12, 2022 — Hut 8 Mining Corp. (Nasdaq | 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, is pleased to announce its financial results for the quarter ended March 31, 2022. All dollar figures are in Canadian Dollars (“CAD”), unless otherwise stated.

“We made measurable progress in the first quarter of 2022, significantly advancing our diversification strategy by completing the acquisition of five data centres and cementing our role as the only digital asset mining company that is delivering the high performance computing infrastructure to support companies in the blockchain and Web 3.0 spaces,” said Jaime Leverton, CEO of Hut 8. “Thanks to our leadership role in the digital asset mining industry backed by our HODL strategy, we are uniquely positioned to seize opportunities in this burgeoning industry as they arise.”

“Our mining operations, thanks in large part to the installation of nearly 9,600 new MicroBT miners, continued to deliver strong results during the first quarter,” said Shane Downey, CFO of Hut 8. “We realized strong revenue and profitability while advancing our HODL strategy, and are confident that we have the fundamentals in place to serve us for the long term.”

Q1 2022 HIGHLIGHTS

 

• Revenue increased 67% to $53.3 million during the quarter ended March 31, 2021, with our self-mining operations generating $49.3 million of revenue on 942 Bitcoin mined.

• The Company installed 9,592 new MicroBT M30S, M30S+, and M31S+ miners at the Drumheller and Medicine Hat facilities in Alberta. The installation of these miners brought the Company’s operating capacity to 2.54 EH/s, an increase of 27% from December 31, 2021.

• The acquisition of TeraGo Inc.’s cloud services and colocation data centre business was completed on January 31, 2022, establishing the Company as a leader in high performance computing, with five data centres across Ontario and British Columbia and approximately 400 commercial customers. The high performance computing operation currently contributes monthly recurring revenue of approximately $1.6 million.

 

^{(i.) Non-IFRS measure – see “Non-IFRS Measures” section below.}

• The Company expanded its management team with the appointment of Erin Dermer as Vice President Marketing, Communications, and Public Affairs; James Beer as Senior Vice President Operations; and Josh Rayner as Vice President Sales. Collectively, these individuals bring more than 45 years of leadership of experience to the Company to support the growth of its operations.

OPERATING AND FINANCIAL OVERVIEW

For the periods ended March 31				Three Months Ended
(CAD thousands, except per share amounts)				2022	2021(i)
Operating results
Digital assets mined				942	539
Financial results
Total revenue				$     53,333	$     31,983
Net income				55,708	19,134
Mining profit (ii)				32,906	17,498
Adjusted EBITDA (ii)				27,109	16,181
Earnings Per Share
Net income – basic				$        0.33	$        0.17
Net income – diluted				$        0.31	$        0.15
(i)              Non-IFRS measure – see “Non-IFRS Measures” section below. (ii)             Certain comparative figures have been restated where necessary to conform with current period presentation.
				As At
(CAD thousands)				March 31, 2022	December 31, 2021
Financial position
Cash				$       78,524	$     140,127
Total digital assets				367,600	323,946
Total assets				753,443	720,709
Total liabilities				102,886	154,741
Total shareholder’s equity				650,557	565,968

• Revenue for the quarter ended March 31, 2022, was $53.3 million compared to $32.0 million in the prior year period. The increase was primarily driven by the Company’s digital asset mining operations, where the Company mined 942 Bitcoin and generated $49.3 million of revenue, versus 539 Bitcoin mined and $30.6 million of revenue in the prior year period. The increase in Bitcoin mined is due to the deployment of incremental higher efficiency miners during the quarter in 2022 compared to the same period in 2021. The increase in revenue due to higher number of Bitcoin mined was partially offset by a decrease in average Bitcoin price, which resulted in average revenue per Bitcoin mined of $52,327 for the quarter compared to $56,692 in the prior year’s quarter. Hosting revenue was $0.8 million for the quarter compared to $1.4 million in the prior year’s quarter. The decrease in hosting revenue is due to a reduced number of hosting clients, as the Company acquired the digital asset mining equipment from one of two historical hosting customers in December 2021.

• The Company’s newly acquired high performance computing operations added $3.3 million of revenue, reflecting two months’ worth of contributions. The Company estimates that recurring revenue from the high performance computing business will increase 15-18% over the course of 2022. Hut 8’s preliminary view is that this acquired business will generate gross margins ranging between 35% and 40%, with opportunities to further optimize margins going forward.

• Cost of revenue consists of site operating costs and depreciation and was $36.9 million for the first quarter of 2022 compared to $19.8 million in the prior year period. Site operating costs consist primarily of electricity costs as well as personnel, network monitoring, software licensing and equipment repair and maintenance costs at our mining and high performance computing operations. Site operating costs for the quarter ended March 31, 2022 were $18.5 million, of which $16.9 million was attributable to our mining operations and $1.6 million was attributable to our high performance computing operations. The average cost of mining each Bitcoin for the first quarter of 2022 was approximately $18,000, compared to approximately $25,900 in the prior year for the same period. The decrease is primarily due to deployment of a larger and significantly more efficient fleet of mining equipment. Depreciation expense increased to $18.4 million during the first quarter of 2022 compared to $5.8 million in the same period of 2021, driven by the increased number of miners deployed during the quarter as well as $0.7 million of additional depreciation from our newly acquired high performance computing operations.

• Net income was $55.7 million and net income per share was $0.33 for the three months ended March 31, 2022, compared with net income of $19.1 million and net income per share of $0.17 for the same period in 2021. The change was driven by the higher revenue and non-cash gain on revaluation of warrant liability recorded in first quarter of 2022 partially offset by lower general and administrative expenses incurred in first quarter of 2021.

• Adjusted EBITDA⁽ⁱ⁾ (a non-IFRS measure) increased by $10.9 million for the quarter ended March 31, 2022, compared to the same period in 2021. The increase was driven by higher digital asset mining profit⁽ⁱ⁾, partially offset by higher general and administrative expenses incurred to support the growth in the Company’s operations.

• Digital assets consist of Bitcoin, which had a balance of 6,460 Bitcoin and a market value of $367.6 million as of March 31, 2022. This balance consisted of 4,460 Bitcoin held in custody and 2,000 held under lending arrangements.

 

NON-IFRS MEASURES

This press release makes reference to certain measures that are not recognized under IFRS and do not have a standardized meaning prescribed by IFRS. They are therefore not necessarily comparable to similar measures presented by other companies. The Company uses non-IFRS measures including “Adjusted EBITDA” and “Mining profit” as additional information to complement IFRS measures by providing further understanding of the Company’s results of operations from Management’s perspective.

The following tables reconcile non-IFRS measures used by the Company to analyze the operational performance of Hut 8, to their nearest IFRS measure and should be read in conjunction with the unaudited condensed consolidated interim statement of operations and comprehensive income (loss) and unaudited condensed consolidated interim statement of cash flows included in the unaudited condensed consolidated interim financial statements for the quarter ended March 31, 2022.

Mining Profit

“Mining profit” represents gross profit (revenue less cost of revenue), excluding depreciation and revenue and site operating costs directly attributable to hosting services. Mining profit shows profitability of the Company’s core digital asset mining operation, without the impact of non-cash depreciation expense.

The following table reconciles Gross profit to our non-IFRS measure, Mining profit:

For the three months ended March 31	2022	2021
Gross profit	$          16,455	$          12,207
Add (deduct):
Revenue from hosting	(751)	(1,426)
Revenue from high performance computing	(3,290)	–
Site operating costs attributable to hosting and high performance computing	2,127	915
Depreciation	18,365	5,802
Mining profit	$          32,906	$          17,498

• ^{Non-IFRS measure – see “Non-IFRS Measures” section below.}

Adjusted EBITDA

“Adjusted EBITDA” represents EBITDA (net income or loss excluding net finance income or expense, income tax or recovery, depreciation, and amortization) adjusted to exclude non-cash share-based compensation, fair value gain or loss on revaluation of digital assets, non-recurring impairment charges or reversals of impairment, and costs associated with one-time or non-recurring transactions. Adjusted EBITDA is used to assess profitability without the impact of non-cash accounting policies, capital structure, taxation, and one-time or non-recurring transactions. This performance measure provides a consistent comparable metric for profitability of the Company across time periods.

The following table reconciles net income to our non-IFRS measure, Adjusted EBITDA:

For the three months ended March 31	2022	2021
Net income	$          55,708	$         19,134
Add (deduct):
Net finance expense (income)	1,292	(348)
Depreciation and amortization	18,594	5,802
Share based payment	1,299	2,756
Gain on disposition of digital assets	–	(182)
Foreign exchange	711	431
Share based payment taxes withholding	–	1,246
One-time transaction costs	1,611	–
Deferred income tax expense (recovery)	1,121	(13,370)
Sales tax expense	913	712
Gain on revaluation of warrants liability	(54,140)	–
	$        27,109	$      16,181

 

CONFERENCE CALL

Hut 8 Q1 2022 conference call will commence at 10 a.m. ET, today, May 12, 2022. Those wishing to join via telephone should dial in 5 minutes early:

• Within Canada: 1-866-455-3403 access code: 81669575#
• Within the US: 1-866-374-5140 access code: 81669575#

Analyst Coverage of Hut 8 Mining:

A full list of Hut 8 Mining analyst coverage can be found here.

 

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. In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances contain forward-looking information. Specifically, such forward-looking information included in this press release include, but are not limited to, statements with respect to the following: the Company’s position and ability to seize opportunities in the digital asset industry; the Company’s ability to advance the HODL strategy in the long-term; the Company’s growth strategy; estimates of increased recurring revenue from the Company’s high-performance computing business and the amount thereof; and the Company’s estimated margins of the high performance computing business and its ability to optimize margins in the future.

Statements containing forward-looking information are not historical facts, but instead represent management’s expectations, estimates and projections regarding future events based on certain material factors and assumptions at the time the statement was made. Material assumptions include: assumptions regarding the level of demand and financial performance of the digital asset industry, effective tax rates, the U.S./Canadian dollar exchange rate, the expected impact of the COVID-19 pandemic, inflation, access to capital, timing and receipt of regulatory approvals, acquisition and divestiture activities, operational expenses, returns on investments and transaction costs.

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 but not limited to security and cybersecurity threats and hacks, malicious actors or botnet obtaining control of processing power on the Bitcoin network, further development and acceptance of the Bitcoin network, changes to Bitcoin mining difficulty, loss or destruction of private keys, increases in fees for recording transactions in the Blockchain, erroneous transactions, reliance on a limited number of key employees, reliance on third party mining pool service providers, regulatory changes, classification and tax changes, momentum pricing risk, fraud and failure related to cryptocurrency exchanges, difficulty in obtaining banking services and financing, difficulty in obtaining insurance, permits and licenses, internet and power disruptions, geopolitical events, uncertainty in the development of cryptographic and algorithmic protocols, uncertainty about the acceptance or widespread use of cryptocurrency, failure to anticipate technology innovations, the COVID19 pandemic, climate change, currency risk, lending risk and recovery of potential losses, litigation risk, business integration risk, changes in market demand, changes in network and infrastructure, system interruption, changes in leasing arrangements, and other risks related to the cryptocurrency and data centre business. For a complete list of the factors that could affect the Company, please see the “Risk Factors” section of the Company’s Annual Information Form dated March 17, 2022 and Hut 8’s other continuous disclosure documents which are 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. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described in this press release as intended, planned, anticipated, believed, sought, proposed, estimated, forecasted, expected, projected or targeted and such forward-looking statements included in this press release should not be unduly relied upon. The impact of any one assumption, risk, uncertainty, or other factor on a particular forward-looking statement cannot be determined with certainty because they are interdependent and Hut 8’s future decisions and actions will depend on management’s assessment of all information at the relevant time. 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.

Neither the Toronto Stock Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Toronto Stock Exchange) accepts responsibility for the adequacy or accuracy of this release.

 

ABOUT HUT 8

Hut 8 is a digital asset mining company with industrial-scale operations in Alberta, Canada. The Company is one of North America’s largest innovation-focused digital asset miners, supporting open and decentralized systems since 2018. Located in energy rich Alberta, Canada, Hut 8 has one of the highest installed capacity rates in the industry and one of the largest holdings of self-mined Bitcoin relative to other digital asset miners and publicly traded companies globally. Hut 8 is executing on its strategy of mining and holding Bitcoin, while building a diversified business and revenue strategy to grow and protect shareholder value, regardless of Bitcoin price action. The Company’s multi-pronged business strategy includes profitable digital asset mining, white-label high-performance compute hosting, as well as yield & income programs leveraging its Bitcoin held in reserve. Having demonstrated rapid growth and a stellar balance sheet, Hut 8 was the first publicly traded miner on the TSX and the first Canadian miner to be listed on The Nasdaq Global Select Market. 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.

 

INVESTOR CONTACT

Sue Ennis

sue@hut8mining.com

MEDIA CONTACT

Erin Dermer

erin.dermer@hut8mining.com

Company continues to champion industry standards through measurable, holistic ESG goals that will drive a more sustainable future

TORONTO, May 10, 2022 – Today, Hut 8 Mining Corp. (Nasdaq | 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, published its inaugural ESG report.

“Technology, sustainability, inclusivity, and innovation are a part of Hut 8’s DNA,” said Hut 8 CEO Jaime Leverton. “While our executive and board have long been proponents of strong environmental, social, and governance standards, we have worked with the entire Hut 8 team to set measurable ESG targets, and are proud to be achieving meaningful results.”

The report, which discloses against the Sustainability Accounting Standards Board (SASB) and the Global Reporting Initiative (GRI), was reviewed and provided a statement of assurance from Ernst & Young, demonstrates progress made since holistic ESG goals and targets were announced in December, 2021.

Environment

• On track to achieving carbon neutrality by 2025
• Procured carbon instruments to offset 20% of our 2021 scope 1 & 2 emissions
• Diverted 61% of waste from landfills
• Installed 100% LED lighting at the Medicine Hat and Drumheller mines
• Added electric skid steers and UTVs

Social

• Proudly supported charities including the United Way, YMCA, and Santa Fund in North Bay
• Volunteered more than 30 hours for the United Way
• 50% of executive management roles held by women
• Zero recordable injuries across the business

Governance

• 40% of Board seats held by women
• Committed to conducting our business with accountability, integrity, respect, and teamwork

“This is an important step in our ESG journey,” said Leverton. “We will continue to embed ESG priorities into everything we do, continually adapting our approach based on new data, best practices, and insights that align with our business priorities.”

Taking a proactive role in driving transparency and progress across the digital asset industry, Hut 8 became a founding member of the Bitcoin Mining Council in 2021. The Council is a voluntary group of digital asset miners that promotes energy usage transparency and encourages the use of renewable energy sources. Hut 8 also joined the Crypto Climate Accord, the result of a collaborative effort inspired by the Paris Climate Agreement, the Global Blockchain Business Council, and was the first digital asset miner to join the Business Renewables Centre Canada.

For more detailed information on Hut 8’s ESG goals and accomplishments, please click here.

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. 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, words “may”, “would”, “could”, “should”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” or similar expressions and includes, among others, statements regarding the Company’s plans, goals, targets, commitments and strategies to advance its environmental, social, and governance (“ESG”) objectives, the steps the Company plans to make to meet those objectives, the Company’s strategy to ESG alignment, and plans to expand on any ESG practices, the Company’s goal of achieving carbon neutrality by 2025, the Company’s ability to maintain zero total recordable workplace safety incidents, the Company’s ability to meet its diversity targets with respect to its Board and management, the Company’s target dates for accomplishing any of the foregoing, and any other statements that are not historically facts. Readers are cautioned that the foregoing list is not exhaustive.

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

SOURCE Hut 8 Mining Corp.

For further information:

Media Contact: Erin Dermer, erin.dermer@hut8mining.com

6,769 self-mined Bitcoin in reserve following 309 generated last month

TORONTO, May 6, 2022 — 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, advanced its Bitcoin holdings in the period ending April 30, 2022.

Production highlights for April 2022:

• 309 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 15% of our total production, at an average cost of less than C$3200 per Bitcoin
• 100% of the self-mined Bitcoin for the month of April were deposited into custody, consistent with Hut 8’s HODL strategy
• Total Bitcoin balance held in reserve is 6,769 as of April 30, 2022
• Installed operating capacity currently sits at 2.58 EH/s

Additional updates for March 2022:

• Our mining up-time was curtailed for a few days in April
  • As unseasonable weather drove increased power demand from residents and businesses, we reduced our consumption to ensure a steady supply on the grid
  • We limited our consumption when the price of power supplied to our Drumheller facility spiked
• April marked the last month that Hut 8 hosted miners; the company’s operations became 100% self-mined on May 1, 2022

“Our upgraded machines allow us to be as nimble and efficient as possible,” said Jason Zaluski, VP of Strategic Technologies, Hut 8. “Although April was unseasonably cold, limiting our mining during a few snowstorms, we were able to increase our hashrate.”

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. 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 of 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, the Company’s ability to maintain existing rates of productivity and ensure the good working order of its equipment (including miners), the Company’s ability to actively staff up, the Company’s continued consistent growth of its repair centre, the Company’s ability to allocate the proceeds of its ATM offering as intended, the Company’s continued progression of its North Bay site and the Company’s 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 the delay in anticipated timing for completion of the construction and development activities at the Company’s mining site in North Bay, Ontario, impacts of the COVID 19 pandemic including impacts of the global supply chain delays on the Company’s activities, 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 (including BTC), 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 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, 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.

 

 

Contacts

Hut 8 Investor Relations

Sue Ennis

sue@hut8mining.com

Hut 8 Media Relations

Erin Dermer

erin.dermer@hut8mining.com

TORONTO, May 5, 2022 — 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, is pleased to announce its intention to release results for the quarter ended March 31, 2022 and to host a conference call on May 12, 2022.

Who:   Analysts, media, and investors are invited to attend.

What: Hut 8 executives will review the company’s first quarter financial results and comment on recent corporate developments.

When: Results will be shared via media release and on the Company’s website at http://hut8mining.com/investors/and on SEDAR by 9:30 a.m. ET on May 12, 2022. The conference call and webinar will begin at 10 a.m. ET.

Where: Those joining via telephone should dial in 5 minutes early.

• Within Canada: 1-866-455-3403 access code: 81669575#
• Within the US: 1-866-374-5140 access code: 81669575#

 

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. 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.

Contacts

Hut 8 Investor Relations

Sue Ennis

sue@hut8mining.com

Hut 8 Media Relations

Erin Dermer

erin.dermer@hut8mining.com