TORONTO, ON, August 12, 2020 – Hut 8 Mining Corp. (“Hut 8” or “the Company”) (TSX: HUT) (OTCQX: HUTMF), one of the world’s largest public cryptocurrency mining companies by operating capacity and market capitalization, today announces various operational updates including receipt of 2,000 bitcoin miners from MicroBT, the beginning of a hosting arrangement, and the transfer of Bitfury Clark chips from Drumheller to Medicine Hat.
Mining equipment order
Hut 8 is now in possession of 1,000 units of M31S and 1,000 units of M31S+ from MicroBT. These units are being shipped from China to the Medicine Hat facility and are expected to be fully installed and operating in early September 2020.
Hut 8 has signed up its first client for hosting at its Medicine Hat facility for six full BlockBoxes. This hosting arrangement provides Hut 8 diversified recurring revenue which is not tied to the bitcoin price.
Hosting is a natural extension of the self mining business as Hut 8 has extensive experience in running bitcoin mining sites, has access to competitive electricity pricing, and is operating in a great jurisdiction.
Transfer of Clarke Chips
Hut 8 has been running its Bitfury Clarke chips at Drumheller, which is its latest generation chip technology before the recent order of MicroBT equipment. In an effort to combine Hut 8’s best chip technology with its best electricity price, Hut 8 has begun a process to swap the Clarke chips at Drumheller with the less efficient Bitfury 14nm chip at Medicine Hat. Operating the Clarke chips at Medicine Hat will increase profitability of the chips while continuing to allow the 14nm chips to operate at Drumheller.
ABOUT HUT 8 MINING CORP.
Hut 8 is a bitcoin mining company with industrial scale operations in Canada. Hut 8 creates value for investors through low production costs and appreciation of its bitcoin inventory. The company provides investors with direct exposure to bitcoin, without the technical complexity or constraints of purchasing the underlying cryptocurrency. Investors avoid the need to create online wallets, wire money offshore, and safely store their bitcoin.
The Company’s common shares are listed under the symbol “HUT” on the TSX and as “HUTMF” on the OTCQX Exchange.
Key investment highlights and FAQ’s: https://www.hut8mining.com/investors.
Hut 8 Corporate Contact:
Interim Chief Executive Officer
Tel: (647) 256-1992
Certain information in this press release constitutes forward-looking information. In some cases, but not necessarily in all cases, forward-looking information can be identified by the use of forward-looking terminology, such as “plans”, “targets”, “expects” or “does not expect”, “is expected”, “estimates”, “intends”, “assumes”, “anticipates” or “does not anticipate” or “believes”, or variations of such words and phrases, or state that certain actions, events or results “may”, “could”, “would”, “might”, “will” or “will be taken”, “occur” or “be achieved”. In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances contain forward-looking information. Statements containing forward-looking information are not historical facts, but instead represent management’s expectations, estimates and projections regarding future events.
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 the factors described in greater detail in the “Risk Factors” section of the Filing Statement dated March 1, 2018 relating to the Qualifying Transaction of Oriana Resources Corporation and Hut 8, which is available at 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.
Neither the TSX nor its Regulation Services Provider (as that term is defined in the policies of the TSX) accepts responsibility for the adequacy or accuracy of this release.