Author: sue@hut8mining.com

The company is purchasing all 960 Whatsminer M31S+ machines from hosting client TAAL effective May 1

TORONTO, April 19, 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, 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
SOURCE: Hut 8 Mining Corp
Media Contact: Hut 8, dea.masottipayne@northstrategic.com

6,460 self-mined Bitcoin in reserve following 345 generated last month

TORONTO, April 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, advanced its Bitcoin holdings in the period ending March 31, 2022.

Production highlights for March 2022:

• 345 Bitcoin were mined, resulting in an average production rate of 11.1 Bitcoin per day
• Our Ethereum mining – for which we receive payment in Bitcoin – generated approximately 13% of our total production, at an average cost of less than C$2,600 per Bitcoin
• 100% of the self-mined Bitcoin for the month of March were deposited into custody, consistent with Hut 8’s HODL strategy
• Total Bitcoin balance held in reserve is 6,460 as of March 31, 2022
• Installed operating capacity currently sits at 2.54 EH/s

Additional updates for March 2022:

• We installed 560 new MicroBT M30S and M31S+ miners
• The proceeds from our ATM offering announced in February 2022 are being used to grow our mining business, fund our industry-leading HODL strategy, and expand our high performance compute business, all while allowing us to make strategic equipment purchases during favourable market conditions

“Our teams working in Medicine Hat and Drumheller, Alberta have continued to ensure our upgraded machines are delivering strong results for us,” said Jason Zaluski, Head of Technology, Hut 8. “Our orders from MicroBT are arriving as scheduled, we are experiencing consistent growth in our MicroBT Authorized Repair Centre, and we continue to actively recruit team members as we continue to grow.”

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. 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”, “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

Dea Masotti Payne, North Strategic

dea.masottipayne@northstrategic.com

 

 

 

 

 

 

 

Achieves record-breaking annual revenue of $173.8 million

Increases Bitcoin holdings 100% in 2021 to 5,518

2021 Adjusted EBITDA increased to $96.6 million

TORONTO, March 17, 2022 /CNW/ – 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 financial results for the year ended December 31, 2021. All dollar figures are in Canadian Dollars (“CAD”), unless otherwise stated.

“2021 was truly a transformational year at Hut 8, complemented by considerable growth,” said Jaime Leverton, CEO of Hut 8. “In pursuing a diversified strategy, we have differentiated ourselves from our peer group and in doing so, have become the only company in North America to both mine digital assets while building on our traditional infrastructure business to support companies in Web 3.0 and the Metaverse.”

“Achieving sizable improvement across key financial and operating metrics in fiscal 2021, we delivered record breaking results for our shareholders,” said Shane Downey, CFO of Hut 8. “We continue to have one of the largest self-mined Bitcoin reserves in the world, currently holding more than 6,200 Bitcoin, and look forward to driving operating efficiencies at our mining sites by deploying next-generation miners.”

2021 HIGHLIGHTS

• Record-breaking revenue of $173.8 million during the year ended December 31, 2021, with our self-mining operations generating $165.4 million of revenue and our expanded hosting service generating $8.4 million. We mined 2,786 Bitcoin in 2021.
  
  
• The Company was the first Canadian digital asset miner to list its common shares on the Nasdaq stock exchange (“Nasdaq”), on June 15, 2021.
  
  
• On December 3, 2021, Hut 8 was the first in its industry to be added to the S&P TSX index.
  
  
• The Company purchased an aggregate of 31,912 MicroBT Whatsminers throughout 2021, including M30S, M30S+, M30S++, and M31S+ miners. We expect that the approximately 10,000 miners not yet received will be shipped in regular intervals throughout 2022.
  
  
• On December 30, 2021, the Company entered into a $38.3 million (US$30 million) senior secured equipment financing term loan with Trinity Capital Inc (“Trinity”). The equipment financing provides the Company with non-dilutive growth capital and was structured such that collateral support is limited to certain new MicroBT machines being installed at the Company’s Medicine Hat, Alberta and North Bay, Ontario sites.

HASHRATE UPDATE

On December 31, 2021, Hut 8 had an installed hashrate of approximately 2.0 EH/s, which includes the converted hashrate from our fleet of NVIDIA GPUs. The hashrate increased to 2.5 EH/s by February 28, 2022.

The Company’s current capacity stands at approximately 3.55 EH/s once all the ordered miners are received and deployed, which includes the converted hashrate from our fleet of NVIDIA GPUs.

BITCOIN INVENTORY AND VALUE

As of December 31, 2021, the Company had a total Bitcoin balance of 5,518 with a market value of $323.9 million, including 2,000 Bitcoin loaned as part of the Company’s fiat yield strategy. Hut 8 continues to strategically emphasize its “HODL” strategy, taking active steps to generate Canadian and US dollars to help fund operating expenses, while avoiding selling Bitcoin. During Q4-2021, 100% of self-mined Bitcoin was deposited into custody.

OPERATING AND FINANCIAL OVERVIEW

 

• Revenue for the year-ended December 31, 2021 was $173.8 million compared to $40.7 million in the prior year. The 327% increase was primarily driven by the Company’s digital asset mining operations, where the Company mined 2,786 Bitcoin and generated $165.4 million of revenue, versus 2,798 Bitcoin mined and $39.0 million of revenue in the prior year. The Company maintained its Bitcoin mining capacity despite the significant year-over-year increase in Bitcoin network difficulty, by deploying additional higher efficiency miners during 2021 compared to 2020. Bitcoin price appreciation resulted in average revenue per Bitcoin mined of $59,367 for 2021 compared to average revenue per Bitcoin mined of $13,925 in 2020. The Company’s hosting services contributed $8.4 million of revenue during the year compared to $1.7 million in the prior year.
  
  
• Cost of revenue consists of site operating costs and depreciation and was $85.0 million for the year ended December 31, 2021, compared to $59.2 million in the period year. The average site operating costs of mining each Bitcoin for 2021 was approximately $22,100, compared to approximately $13,600 in the prior year period, with the increase due primarily to the May 2020 “halving” event, as well as increased network difficulty in the second half of 2021. Depreciation expense increased to $23.3 million during 2021 compared to $21.3 million in 2020, driven by the increased number of miners deployed during the year, partially offset by the extension of estimated useful life of infrastructure assets from 4 years to 10 years.
  
  
• Net loss was $72.7 million for the year ended December 31, 2021, compared to net income of $19.0 million for the same period in 2020. The change is primarily due to non-cash revaluation loss on liability warrants of $114.2 million partially offset by increased revenue.
  
  
• Adjusted EBITDA (a non-IFRS measure) increased by $96.8 million for the year ended December 31, 2021, compared to the same period in 2020. The increase was driven by higher digital asset mining profit, 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 5,518 Bitcoin and a market value of $323.9 million as of December 31, 2021. This balance consisted of 3,518 Bitcoin held in custody and 2,000 held under lending arrangements.
  
  
• A search for a General Counsel and Corporate Secretary is underway after Tanya Woods left the company in March 2022.

NON-IFRS MEASURES

This MD&A 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 audited annual consolidated statement of operations and comprehensive income (loss) and audited annual consolidated statement of cash flows included in the audited annual consolidated financial statements for the year ended December 31, 2021.

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 (loss) to our non-IFRS measure, Mining profit:

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 (loss) to our non-IFRS measure, Adjusted EBITDA:

CONFERENCE CALL

Hut 8 Mining Q4 conference call will commence at 10 a.m. ET, today, March 17, 2022. Those wishing to join via telephone should dial in 5 minutes early to the number below:

• In North America: 1-800-774-6070, access code 6185409#
• Outside North America: 1-630-691-2753, access code 6185409#
• A webinar will be available here.

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. 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 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.

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. 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 Environmental, Social and Governance (“ESG”) standards 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.

SOURCE Hut 8 Mining Corp

For further information: INVESTOR CONTACT, Sue Ennis, sue@hut8mining.com; MEDIA CONTACT, Hut 8 Media Relations, Dea Masotti Payne, North Strategic, dea.masottipayne@northstrategic.com

All-time high of 6,115 self-mined Bitcoin in reserve following 289 generated last month

TORONTO, March 3, 2022 /CNW/ – 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, achieved record Bitcoin holdings in the period ending February 28, 2022.

Production highlights for February 2022:

• 289 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 14% of our total production, at an average cost of less than C$2,600 per Bitcoin
• 100% of the self-mined Bitcoin for the month of February were deposited into custody, consistent with Hut 8’s HODL strategy
• Total Bitcoin balance held in reserve is 6,115 as of February 28, 2022
• Installed operating capacity currently sits at 2.5 EH/s, a 5% increase from January 31, 2022

Operation updates for February 2022:

• We installed 2,715 MicroBT M30S and M31S+ miners
• Construction at Hut 8’s third mining facility located in North Bay, Ontario continues to advance: the building structure is complete and racks are now being assembled

“Our teams in Drumheller and Medicine Hat have continued to diligently upgrade our Alberta sites over the month of February,” said Jason Zaluski, Head of Technology, Hut 8. “Our 2022 M30S and M31S+ orders from MicroBT are arriving as scheduled, we are experiencing consistent growth in our MicroBT Authorized Repair Centre, and we are actively recruiting staff for our warranty centre and all our sites.”

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. 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”, “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 or 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, and the Company’s ability to maintain existing rates of productivity, the Company’s ability to actively staff up, the Company’s continued consistent growth of its repair centre, the Company’s continued progression of its North Bay site and 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 that the anticipated timing for completion of the construction and development activities at the Company’s third mining site in North Bay, Ontario will be further delayed as a result of global supply chain impacts, 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, 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 25, 2021, 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.

SOURCE Hut 8 Mining Corp

For further information: Hut 8 Investor Relations, Sue Ennis, sue@hut8mining.com; Hut 8 Media Relations, Dea Masotti Payne, North Strategic, dea.masottipayne@northstrategic.com

TORONTO, March 9, 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 December 31, 2021 and to host a conference call and webinar on March 17, 2022.

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

What: Hut 8 executives will review the company’s fourth quarter financial results and comment on recent corporate developments, including the recent acquisition of TeraGo’s data centre business.

When: Results will be shared via media release and on the Company’s website at hut8mining.com by 9:30 a.m. ET on March 17, 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 North America: 1-800-774-6070, access code 6185409#
• Outside North America: 1-630-691-2753, access code 6185409#
• A webinar will be available here

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. 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.

Contacts

Hut 8 Investor Relations
Sue Ennis
sue@hut8mining.com

Hut 8 Media Relations
Dea Masotti Payne, North Strategic
dea.masottipayne@northstrategic.com

 

 

Hut 8 to become a premium sponsor of EV.IO, a multiplayer game by Addicting Games, and Luminosity
Gaming, the top esports organization on Twitch

Enthusiast Gaming poised to take advantage of Hut 8’s data centre infrastructure

LOS ANGELES/TORONTO, March 2, 2022 — Enthusiast Gaming Holdings Inc. (NASDAQ: EGLX; TSX: EGLX),
(“Enthusiast Gaming”), an integrated gaming entertainment company, today announced a multi-year partnership with
Hut 8 Mining Corp. (NASDAQ: HUT; TSX: HUT) (“Hut 8”), one of North America’s largest innovation-focused digital
asset mining pioneers, supporting open and decentralized systems since 2018. The partnership marks the first time
Hut 8 has come together with a gaming and esports organization, and Enthusiast Gaming’s first partnership with a
digital asset miner.

As ambitious leaders at the intersection of gaming and digital asset mining, Enthusiast Gaming and Hut 8 will
collaborate on new experiences and content within mobile and blockchain gaming, Web 3.0, NFTs, and cryptocurrency.
Gaming, specifically blockchain gaming, is forecast to grow at a compound annual growth rate of 14.5% through 2026,
now that gamers are capable of and interested in owning their own digital assets.

To kick off the partnership, Enthusiast Gaming will release a significant update to its first-person shooter game EV.IO,
featuring Hut 8 as a presenting sponsor. Hut 8 will also become a sponsor of Luminosity Gaming, the top esports
organization on Twitch with a social following of more than 145 million globally.

The ongoing partnership will see Hut 8 content integrated across Enthusiast Gaming’s flywheel of communities, games,
and experiences. Hut 8 is also positioned to provide critical infrastructure support by hosting Enthusiast Gaming in its
data centres, which are connected to electrical grids powered by significant renewables and emissions-free resources.

“As we consider new opportunities in Web 3.0, the Metaverse, NFTs and cryptocurrency, we’re proud to join a
partnership that will really deliver for our creators, communities and fans, and to kick things off with Hut 8 by bringing
our flywheel of opportunities to them, through our latest launch from Addicting Games, and as a partner on Luminosity
Gaming,” said Adrian Montgomery, CEO of Enthusiast Gaming. “With one of the highest inventories of self-mined
Bitcoin of any publicly-traded company globally, Hut 8 has established itself as an innovative leader by bridging digital
asset mining with the traditional data centre industry, and is now serving both traditional high-performance applications
and applications in the gaming and blockchain space.”

“As a digital currency miner with data centre infrastructure, we’re ideally positioned to join forces with one of North
America’s largest and fastest growing gaming entertainment companies and generate the unique benefits of this
strategic partnership,” said Jaime Leverton, CEO of Hut 8. “We’re excited to host Enthusiast Gaming in our data
centres and collaborate on new experiences and content that will connect us to their audience of 300 million Gen Z and
Millennial viewers, the majority of whom are crypto-savvy.”

Samples of Hut 8/EV.IO visuals can be found here.

About Enthusiast Gaming

Enthusiast Gaming is an integrated gaming entertainment company, building the largest media platform for video game
and esports fans to connect and engage worldwide. Combining the elements of its four core pillars; Media, Talent,
Esports and Experiences, Enthusiast Gaming provides a unique opportunity and integrated approach to reach and
connect with its coveted GenZ and Millennial audience. Through its proprietary mix of digital media and entertainment
assets, Enthusiast Gaming has built a vast network of like-minded communities to deliver the ultimate fan experience.

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. 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.

Contacts
Enthusiast Gaming Investor Relations:
Eric Bernofsky, Chief Corporate Officer
investor@enthusiastgaming.com

Enthusiast Gaming Media Relations:
Derek Holota, Provident Communications
derek@providentcomms.com
343-422-5606

Hut 8 Investor Relations
Sue Ennis
sue@hut8mining.com

Hut 8 Media Relations:
Dea Masotti Payne, North Strategic
dea.masottipayne@northstrategic.com

This news release contains certain statements that may constitute forward-looking information under applicable
securities laws. All statements, other than those of historical fact, which address activities, events, outcomes, results,
developments, performance or achievements that Enthusiast Gaming anticipates or expects may or will occur in the
future (in whole or in part) should be considered forward-looking information. Often, but not always, forward-looking
information can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”,
“estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or variations (including negative variations) of such words
and phrases, or statements formed in the future tense or indicating that certain actions, events or results “may”, “could”,
“would”, “might” or “will” (or other variations of the forgoing) be taken, occur, be achieved, or come to pass. Forwardlooking statements in this news release include, but are not limited to, expectations, expertise, projections, estimates
or characterizations of future events or circumstances by the management of Enthusiast Gaming and Hut 8, the planned
partnership activities including brand activations, the ability generate the unique benefits of this partnership, the ability
to collaborate on new experiences and content within mobile and blockchain gaming, Web 3.0, NFTs, and
cryptocurrency, enhancements to and the functionality of game titles published by Enthusiast Gaming, and the provision
of Hut 8’s data centre infrastructure, Hut 8’s ability to connect to Enthusiast Gaming’s audience of 300 million Gen Z
and Millennial viewers, Hut 8’s ability to continue to innovate and lead in digital asset mining and traditional data centre
industry, and Hut 8’s ability to continue to serve both traditional high-performance applications as well as applications
in the gaming and blockchain space.

Forward-looking statements are based on assumptions and analyses made by the Company in light of its experience
and its perception of historical trends, current conditions and expected future developments, including, but not limited
to, expectations and assumptions concerning: interest and foreign exchange rates; capital efficiencies, cost saving and
synergies; growth and growth rates; the success in the esports and gaming media industry; the Company’s growth
plan, and judgment applied in the application of the Company’s accounting policies and in the preparation of financial
statements in accordance with applicable financial reporting standards. While Enthusiast Gaming considers these
assumptions to be reasonable, based on information currently available, they may prove to be incorrect. Readers are
cautioned not to place undue reliance on forward-looking statements. In addition, forward-looking statements
necessarily involve known and unknown risks, including, without limitation, risks associated with general economic
conditions; adverse industry events; and future legislative, tax and regulatory developments. Readers are cautioned
that the foregoing list is not exhaustive. For more information on the risks, uncertainties and assumptions that could
cause anticipated opportunities and actual results to differ materially, please refer to the public filings of Enthusiast
Gaming which are available on SEDAR at www.sedar.com. Readers are further cautioned not to place undue reliance
on forward-looking statements as there can be no assurance that the plans, intentions or expectations upon which they
are placed will occur. Such information, although considered reasonable by management at the time of preparation,
may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements
contained in this news release are expressly qualified by this cautionary statement and reflect our expectations as of
the date hereof, and thus are subject to change thereafter. Enthusiast Gaming disclaims any intention or obligation to
update or revise any forward-looking statements, whether as a result of new information, future events or otherwise,
except as required by applicable law.

TORONTO, February 3, 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 provide the following corporate update.

Mining Production Highlights for January 2022:

• 308 Bitcoin were mined, resulting in an average production rate of 9.93 Bitcoin per day;
  • Approximately 16% of Bitcoin production was from the Company’s fleet of GPU (Graphics Processing Unit) miners, being used to mine Ethereum, while receiving payouts in Bitcoin.The efficient nature of these GPUs, with minimal power requirements, resulted in an average cost of less than C$2,600 per Bitcoin;
• 100% of the self-mined Bitcoin for the month of January were deposited into custody, consistent with Hut 8’s Hodl strategy;
• Total Bitcoin balance held in reserve is 5,826 as of January 31, 2022;
• Installed operating capacity currently sits at 2.36 EH/s, a 17% increase from December 31, 2021.

Operations Updates for January 2022:

• During January 2022, the Company installed 6,317 MicroBT M30S and M31S+ miners, while retiring the older fleet of Bitfury Clarkes.
• Hut 8 has also advanced with respect to construction and development of the Company’s third data centre located in North Bay, Ontario. The building structure is complete, floors are being poured imminently and racking is expected to commence later in February 2022.

“Our team is working hard deploying additional miners between our two Alberta-based sites, increasing overall efficiency and hashrate using existing capacity ” said Jason Zaluski, Head of Technology for Hut 8. “Our goal is to always utilize the most efficient miners we have, and we have been receiving and fully deploying our MicroBT units as they arrive, which speaks to the commitment and capability of our team on the ground, here in Alberta.”

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 energy rich Alberta and a third site in North Bay, Ontario Canada, Hut 8 has one of the highest installed capacity rates in the industry and holds more self-mined Bitcoin than any crypto miner or publicly traded company globally. The Company’s acquisiiton of the cloud and colocation data center business from TeraGo Inc, establishes Hut 8 as a leading high-performance computing platform, providing unique positioning for the Company within the digital asset ecosystem. The data center business spans from Toronto to Vancouver with over 36,000 square feet of geo-diverse data center space powered by predominantly emmission-free energy sources. With this acquisition, Hut 8 is bridging traditional and nascent forms of high-performance compute, taking an unconventional approach to revolutionizing conventional assets, creating the first hybrid data center model that serves both the traditional high performance compute (web 2.0) and nascent digital asset computing sectors and web 3.0. Hut 8 has established a Tier 0 to Tier 3 computing platform and allocated digital asset mining and open-source distributed ledger technology to conventionally underutilized areas in a conventional high performance compute data center. The platform consists of approximately 400 commercial customers, across a variety of industry verticals including gaming, visual effects and government agencies, and a platform for the development of applications and services to underserved markets and customers in the growing digital asset, blockchain, gaming and web 3.0 industries. We envision a future of robust infrastructure offering to provide economies of scale, and economies of scope in the high-performance computing and the growing application development in web 3.0 and the digital asset ecosystem. 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”, “allow”, “believe”, “estimate”, “expect”, “predict”, “can”, “might”, “potential”, “predict”, “is designed to”, “likely” or similar expressions and includes, among others, statements regarding 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, costs associated with mining digital assets, and the Company’s ability to maintain existing rates of productivity.

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 that the anticipated timing for completion of the construction and development activities at the Company’s third mining site in North Bay, Ontario will be further delayed as a result of global supply chain impacts, 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, 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 25, 2021, 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.

Related Links: www.hut8mining.com

SOURCE Hut 8 Mining Corp

For further information: Media Contact: Hut 8, dea.masottipayne@northstrategic.com

 

Aligned to its holistic ESG objectives, the leading miner increases representation of women on its executive management team from 40% to 50%

TORONTO, Feb. 2, 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 the appointment of Erin Dermer to the new role of Vice President Communications, Marketing and Public Affairs, effective today. Ms. Dermer will work alongside the Company’s diverse and ambitious talent roster under the direction of CEO Jamie Leverton to ensure that the rapidly growing prominence of Hut 8 is visible across Canada and in international markets.

Ms. Dermer brings more than 20 years of experience leading national public affairs and digital marketing mandates to promote and protect some of Canada’s top companies, including a decade at Telus Communications Inc. She has served as a trusted advisor to C-suite executives in the technology, transportation, retail, and resource-mining sectors, leading corporate communications for major international mergers-and-acquisitions, product launches, strategic partnerships, regulatory issues and security incidents.

“We are thrilled to welcome Erin to Hut 8 and know that her expertise will bring great value to the Company as we continue to grow,” said Jaime Leverton, Chief Executive Officer of the Company. “When we developed this role, we knew we wanted an avid storyteller that could leverage experience in corporate communications and technology with skill and passion. We’ve found the perfect fit in Erin and we can’t wait to get started.”

Over the last two decades, Ms. Dermer had led digital marketing and influencer relations campaigns with key players in blogging, YouTube, Instagram, TikTok and other social media communities, as well as industry experts across an array of fields. As a public affairs specialist, Ms. Dermer has conceptualized and launched strategies that successfully engaged elected officials, bureaucrats and key voter segments to significantly boost brand sentiment.

“It has been exciting to see Hut 8 grow with speed and confidence as it’s pursued a unique, diversified corporate strategy over the last few years and I am delighted to join such a talented team,” said Ms. Dermer. “The burgeoning blockchain and cryptocurrency industry brings immense opportunities to connect more people to the benefits of its technology with a strong communications strategy.”

 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. Hut has been supporting open and decentralized systems since 2018. With two digital asset mining sites located in energy rich Alberta and a third site in North Bay, Ontario Canada, Hut 8 has one of the highest installed capacity rates in the industry and holds more self-mined Bitcoin than any crypto miner or publicly traded company globally. The company recently purchased the cloud and colocation data center business from TeraGo Inc, establishing Hut 8 as a leading high-performance computing platform, providing unique positioning for the Company within the digital asset ecosystem. The Data Center Business spans from Toronto to Vancouver with over 36,000 square feet of geo-diverse data center space powered by renewable energy sources. With this acquisition, Hut 8 is bridging traditional and nascent forms of high-performance compute, taking an unconventional approach to revolutionizing conventional assets, creating the first hybrid data center model that serves both the traditional high performance compute (web 2.0) and nascent digital asset computing sectors and web 3.0. Hut 8 has established a Tier 0 to Tier 4 computing platform and allocated digital asset mining and open-source distributed ledger technology to conventionally underutilized areas in a conventional high performance compute data center. The platform consists of approximately 400 commercial customers, across a variety of industry verticals including gaming, visual effects and government agencies, and a platform for the development of applications and services to underserved markets and customers in the growing digital asset, blockchain, gaming and web 3.0 industries. We envision a future of robust infrastructure offering to provide economies of scale, and economies of scope in the high-performance computing and the growing application development in web 3.0 and the digital asset ecosystem. 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”, “allow”, “believe”, “estimate”, “expect”, “predict”, “can”, “might”, “potential”, “predict”, “is designed to”, “likely” or similar expressions and includes, among others, statements regarding the Company’s ability to grow, the Company’s rapidly growing prominence across Canada and in international markets, the Company’s ability to leverage communications, and the Company’s ability retain and attract a diverse and ambitious talent roster.

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 that the anticipated timing for completion of the construction and development activities at the Company’s third mining site in North Bay, Ontario will be further delayed as a result of global supply chain impacts, 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, 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 25, 2021, 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.

Related Links: www.hut8mining.com

SOURCE Hut 8 Mining Corp

For further information: Media Contact: Hut 8, dea.masottipayne@northstrategic.com

 

TORONTO, Jan. 31, 2022 /CNW/ – 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 the closing of its definitive agreement to purchase the cloud and colocation data center business from TeraGo Inc.

The acquisition consists of expanded operations from five data centers across Canada with a comprehensive information technology offering that includes a complete selection of scalable cloud services. The acquisition establishes Hut 8 as a leading high-performance computing platform, providing unique positioning for the Company within the digital asset ecosystem.

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. Hut has been supporting open and decentralized systems since 2018. With two digital asset mining sites located in energy rich Alberta and a third site in North Bay, Ontario Canada, Hut 8 has one of the highest installed capacity rates in the industry and holds more self-mined Bitcoin than any crypto miner or publicly traded company globally. The Company recently purchased the cloud and colocation data center business from TeraGo Inc. The Data Center Business spans from Toronto to Vancouver with over 36,000 square feet of geo-diverse data center space powered by renewable energy sources. With this acquisition, Hut 8 is bridging traditional and nascent forms of high-performance compute, taking an unconventional approach to revolutionizing conventional assets, creating the first hybrid data center model that serves both the traditional high-performance compute (web 2.0) and nascent digital asset computing sectors and web 3.0. Hut 8 has established a Tier 0 to Tier 4 computing platform and allocated digital asset mining and open-source distributed ledger technology to conventionally underutilized areas in a conventional high performance compute data center. The platform consists of approximately 400 commercial customers, across a variety of industry verticals including gaming, visual effects and government agencies, and a platform for the development of applications and services to underserved markets and customers in the growing digital asset, blockchain, gaming and web 3.0 industries. We envision a future of robust infrastructure offering to provide economies of scale, and economies of scope in the high-performance computing and the growing application development in web 3.0 and the digital asset ecosystem. 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”, “allow”, “believe”, “estimate”, “expect”, “predict”, “can”, “might”, “potential”, “predict”, “is designed to”, “likely” or similar expressions and includes, among others, statements regarding high-performance computing, a new line of business, transformative growth opportunities and diversification, the Company’s ability to expand on saleable power, the Company’s ability to attract new customers and retain existing customers, the Company’s ability to innovate and capture customers in the underserved high performance compute, blockchain and web 3.0 industries, the Company’s ability to provide industry-leading solutions, the Company’s ability to address the need for high performance computing, the Company’s ability to bridge the traditional and nascent forms of high performance compute, the Company’s approach to revolutionizing conventional assets, the Company’s ability to capitalize on the acceleration of existing digitalization trends, and the Company’s ability to access operating sites which are connected to grids powered by significant renewables and emissions-free resources.

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 that the anticipated timing for completion of the construction and development activities at the Company’s third mining site in North Bay, Ontario will be further delayed as a result of global supply chain impacts, 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, 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 25, 2021, 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.

Related Links: www.hut8mining.com

SOURCE Hut 8 Mining Corp

For further information: Media Contact: Hut 8, dea.masottipayne@northstrategic.com

TORONTO, January 20, 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 that it has entered into a definitive agreement to purchase the cloud and colocation data center business from TeraGo Inc. (the “Data Center Business”). Once complete, the acquisition will establish Hut 8 as a leading high-performance computing platform, providing unique positioning for the Company within the digital asset ecosystem.

About the Data Center Business

The acquisition consists of five data centers across Canada with a comprehensive information technology offering that includes a complete selection of scalable cloud services. The Data Center Business spans from Toronto to Vancouver with over 36,000 square feet of geo-diverse data center space. Existing saleable power capacity totals 4.1 MW, with a further 1.5 MW of expansion capacity available within existing shelf space in the Kelowna location.  Hut 8 is acquiring customers, employees and a diverse product offering as part of the acquisition.

Transaction Rationale

This acquisition constitutes a pivotal moment in Hut 8’s positioning as an innovative and diversified player in the digital asset and high-performance computing sectors, serving to set Hut 8 apart from its peers. The transaction provides the following benefits to Hut 8:

• Enhances diversification profile by establishing a broad high performance computing platform with recurring revenues and a stable cash flow profile;
• Establishes a platform with approximately 400 commercial customers, across a variety of industry verticals including gaming, visual effects and government agencies, enabling Hut 8 to become the only digital asset miner with enterprise grade data center capabilities;
• Provides exposure to secular tailwinds supporting the growth of the resilient data center sector and capitalizes on the acceleration of existing digitalization trends;
• Creates a platform for the development of applications and services to underserved markets and customers in the growing digital asset, blockchain, gaming and web 3.0 industries;
• Accelerates Hut 8’s ability to address the need for HPC (High Performance Computing) and GPU (Graphics Processing Units) compute;
• Addition of more than 30 experienced data center professionals with enterprise grade data center expertise, to enhance our existing core mining operations and team;
• Provides access to operating sites which are connected to electrical grids powered by significant renewables and emissions-free resources.

“As a team of Bitcoin and blockchain bulls, we are thrilled with the transformative growth opportunity this investment provides Hut 8,” said Jaime Leverton, Chief Executive Officer of the Company. “The acquisition of this complementary business diversifies Hut 8’s operations with a discrete, steady cash flow, that is uncorrelated to digital asset mining.  This acquisition also puts us at the forefront of the accelerated digitization of industry, establishing us as the bridge between traditional and nascent iterations of high-performance computing. Our unconventional approach to revolutionizing conventional assets serves to drive Hut 8’s growth, innovation and market share in the high-performance computing, blockchain, and Web 3.0 industries.”

Transaction Details

Under the terms of the agreement, consideration payable to TeraGo Inc. will consist of C$30 million, to be funded from existing cash on the Company’s balance sheet.  Hut 8 will retain substantially all current Data Center Business employees. The transaction has been approved by the board of directors of Hut 8 and TeraGo and is expected to close in the first quarter of 2022.

Advisors and Counsel

Stifel GMP acted as financial advisor to Hut 8 and Fasken Martineau DuMoulin LLP acted as its legal advisors.

About Hut 8

Hut 8 is one of North America’s largest innovation-focused digital asset miners, supporting open and decentralized systems since 2018. With two sites located in energy rich Alberta and a third site in North Bay, Ontario Canada, Hut 8 has one of the highest installed capacity rates in the industry and holds more self-mined Bitcoin than any crypto miner or publicly traded company globally. Hut 8 is executing on its commitment to mining and holding Bitcoin and has a diversified business and revenue strategy to grow and protect shareholder value regardless of Bitcoin’s market direction. 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. 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”, “allow”, “believe”, “estimate”, “expect”, “predict”, “can”, “might”, “potential”, “predict”, “is designed to”, “likely” or similar expressions and includes, among others, statements regarding high-performance computing, a new line of business, transformative growth opportunities and diversification, the Company’s ability to expand on existing saleable power, the Company’s ability to attract new customers and retain existing customers, the Company’s ability to provide strong recurring revenues and stable cash flows, the Company’s ability to capture growth and market share, the Company’s ability to innovate and capture customers in the underserved high performance compute, blockchain, and web 3.0 industries, acceleration of the Company’s ability to address the need for HPC (High Performance Computing) and GPU (Graphics Processing Units) compute, the Company’s exposure to secular tailwinds supporting the growth of the resilient data center sector, the Company’s ability to capitalize on the acceleration of existing digitalization trends, the Company’s ability to retain substantially all key employees, and the Company’s ability to access operating sites which are connected to grids powered by significant renewables and emissions-free resources .

 

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 that the anticipated timing for the completion of the acquisition of the Data Centre Business, the successful integration of the Data Centre Business, the future performance development and expansion of the Data Centre Business, the ability to retain and grow the customers of the Data Centre Business, expected synergies of the Data Centre Business, availability of power on acceptable terms, the impact of general economic conditions on the Company and the Data Centre Business, the impact of general economic conditions on the Company, industry conditions, currency fluctuations, 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 25, 2021, 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.

 

Related Links: www.hut8mining.com

SOURCE Hut 8 Mining Corp

 

For further information: Media Contact: Hut 8, dea.masottipayne@northstrategic.com

TORONTO, Jan. 11, 2022 /CNW/ – 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 provide the following corporate update.

Hut 8 is thrilled to announce that it has joined the Business Renewables Centre Canada (“BRC Canada”). Hut 8 is the first digital asset mining company to become a member of the organization. The BRC Canada is a not-for-profit community that works with industry experts to accelerate the uptake of renewable energy in Canada. Being a part of the BRC Canada provides Hut 8 with the opportunity to work with a wide array of companies and leading-edge renewable energy developers. Additional benefits of membership include the opportunity for Hut 8 to support integration, acceleration, and the uptake of renewable and low-emission sources of power across Canada.

“We are committed to building a business focused on driving industry awareness around sustainability practices in the digital asset mining and blockchain ecosystem,” said Jaime Leverton, CEO of Hut 8 Mining. “We are thrilled to be the first digital asset mining company to join the BRC Canada and look forward to the opportunity to be a part of an organization that is focused on driving change and renewable energy adoption in Canada.”

About Hut 8:

Hut 8 is one of North America’s largest innovation-focused digital asset miners, supporting open and decentralized systems since 2018. With two sites located in energy rich Alberta and a third site in North Bay, Ontario Canada, Hut 8 has one of the highest installed capacity rates in the industry and holds more self-mined Bitcoin than any crypto miner or publicly traded company globally. Hut 8 is executing on its commitment to mining and holding Bitcoin and has a diversified business and revenue strategy to grow and protect shareholder value regardless of Bitcoin’s market direction. 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. 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”, “allow”, “believe”, “estimate”, “expect”, “predict”, “can”, “might”, “potential”, “predict”, “is designed to”, “likely” or similar expressions and includes, among others, statements regarding the Company’s ability to ascertain renewable energy sources and partnerships, derive any membership benefits from its relationship with BRC Canada and any integration, acceleration, and the uptake of renewable and low-emission sources of power across Canada.

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 that the anticipated timing for completion of the construction and development activities at the Company’s third mining site in North Bay, Ontario will be further delayed as a result of global supply chain impacts, 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, 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 25, 2021, 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.

Related Links: www.hut8mining.com

SOURCE Hut 8 Mining Corp

For further information: Media Contact: Hut 8, dea.masottipayne@northstrategic.com

TORONTO, Jan. 5, 2022 /CNW/ – 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 provide the following corporate update.

Mining Production Highlights for December 2021:

• 276 Bitcoin were mined, resulting in an average production rate of 8.9 Bitcoin per day;
• 100% of the self-mined Bitcoin for the month of December were deposited into custody, consistent with Hut 8’s Hodl strategy;
• Total Bitcoin balance held in reserve is 5,518 as of December 31, 2021, a 97% increase from the prior year-end; and
• Installed operating capacity currently sits at 2.0 EH/s, a 125% increase in hashrate from December 31, 2020.

Operations Updates for December 2021:

• Purchased 2,505 MicroBT M30S machines from Foundry Digital that were already installed at the Company’s site in Medicine Hat, Alberta. This fleet of miners added incremental hashrate of 228 PH/s during the month of December;
• Installed 2,782 more efficient MicroBT M30S and M31S+ machines at the Company’s site in Drumheller, Alberta;
• Electrical upgrades are ongoing at the Medicine Hat site, which are necessary to allow for optimal hashrate efficiency from ongoing delivery of new MicroBT miners. These upgrades are on track to contribute an additional 450 PH/s in February 2022;
• Development and construction of the Company’s third mining site in North Bay, Ontario, is well-advanced. To date, the design of the ventilation system and the custom racking system have been completed, while construction of the data center structure is underway. The Company expects to have the North Bay site powered up in mid-Q1 2022 and fully operational at 35 MW by the end of Q1 2022, contributing approximately 850 PH/s of additional hashrate to our operations, which is expected to bring our total hashrate across all three sites to 3.35 EH/s by the end of Q1 2022.
• Upgrade and development efforts in both Alberta and Ontario were delayed throughout December by supply chain issues, including unprecedented flooding in Western Canada, as well as ongoing COVID-19 labour challenges.

“This has been a tremendous year for our industry and I congratulate not only the Hut 8 team, but every single one of our peers who have worked hard to build meaningful operations in North America,” said Jaime Leverton, CEO of Hut 8 Mining. “2021 has been a year of transformation for Hut 8, with a focus on not only rebuilding and upgrading, but future-proofing our operations. We are business-building technologists, with a focus on diversification, while keeping Bitcoin mining at our core.  I have been driving innovation and transformation in the technology industry for over 20 years and have never been more excited or energized when looking forward to the year ahead.”

Equipment Financing with Trinity Capital:

On December 30, 2021, Hut 8 Holdings Inc., a wholly owned operating subsidiary of the Company, entered into a US$30 million senior secured equipment financing term loan with Trinity Capital Inc (“Trinity Capital”). The equipment financing provides the Company with non-dilutive growth capital and was structured such that collateral support is limited to certain new MicroBT machines being installed at the Company’s Medicine Hat, Alberta and North Bay, Ontario sites.  The loan is repayable over its 3-year term and carries a 9.5% interest rate.

“We are pleased to achieve this financing milestone with Trinity Capital,” commented Shane Downey, CFO of Hut 8. “This debt financing allows us to expand our capital structure and overall liquidity, while achieving an attractive cost of capital with limited security, in a traditional equipment financing arrangement.”

“We are excited to partner with Hut 8, one of the largest digital asset miners on the continent,” said Ryan Little, Managing Director of Equipment Financing at Trinity Capital. “Their combination of experienced leadership, vision and innovation makes Hut 8 unique, and we look forward to partnering with them on this journey forward.”

About Hut 8:

Hut 8 is one of North America’s largest innovation-focused digital asset miners, supporting open and decentralized systems since 2018. Located in energy rich Alberta and North Bay, Ontario, Canada, Hut 8 has one of the highest installed capacity rates in the industry and holds more self-mined Bitcoin than any crypto miner or publicly traded company globally. Hut 8 is executing on its commitment to mining and holding Bitcoin and has a diversified business and revenue strategy to grow and protect shareholder value regardless of Bitcoin’s market direction. 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. 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.

About Trinity Capital:

Trinity Capital (Nasdaq: TRIN), an internally managed specialty lending company, is a leading provider of debt, including loans and equipment financing, to growth-stage companies that are backed by venture capital and institutional equity investors. Trinity’s investment objective is to generate current income and, to a lesser extent, capital appreciation through investments, which consist primarily of term loans and equipment financings, as well as working capital loans, equity, and equity-related investments. Trinity believes it is one of only a select group of specialty lenders that has the depth of knowledge, experience, and track record in lending to growth stage companies. For more information, please visit https://trinitycap.com.

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 Bitcoin network dynamics, the Company’s trajectory to produce additional Bitcoin, costs associated with mining digital assets, global supply chain impacts, the expected timing of equipment deliveries and upgrades, the Company’s ability to maintain existing rates of productivity and the expected timing of completing construction and development activities at the Company’s third mining site in North Bay, Ontario, including the anticipated power requirements to keep such site running once fully operational and the expected hashrate contributions from all of the Company’s 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 that the anticipated timing for completion of the construction and development activities at the Company’s third mining site in North Bay, Ontario will be further delayed as a result of global supply chain impacts, 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, 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 25, 2021, 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.

Related Links: www.hut8mining.com

SOURCE Hut 8 Mining Corp

For further information: Media Contact: Hut 8, dea.masottipayne@northstrategic.com

TORONTO, Dec. 9, 2021 /CNW/ – 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 the appointment of Rick Rickertsen to its Board of Directors, effective December 9, 2021.

Rick Rickertsen is a 30-year private equity professional with extensive board experience having served in numerous board committee leadership roles, and is a published author of two successful business books. Mr. Rickertsen is currently the Managing Partner of Pine Creek Partners, a private equity investment firm that specializes in partnering with management teams to acquire small companies. From January 1998 to January 2004, Mr. Rickertsen was the Chief Operating Officer as well as a partner at the private equity firm Thayer Capital Partners (“Thayer”), prior to assuming the role of Managing Partner. During Mr. Rickertsen’s tenure at Thayer, he oversaw three investment funds totaling over US $1.4 billion.

Over the years, Mr. Rickertsen has spearheaded numerous investments and served as Chairman and Director of several companies, most notably SAGA systems, and has been a member of the Board of Directors of MicroStrategy, one of the first publicly traded companies to add Bitcoin to its treasury management strategy, since October 2002.

“We are thrilled to welcome Rick to the Board of Directors of Hut 8. Rick is not only a champion of Bitcoin, but is also an incredibly collaborative leader, thinker and strategist, who brings with him a tremendous depth of experience across a vast array of industries,” said Jaime Leverton, Chief Executive Officer of Hut 8. “We are very excited to kick off 2022 with Rick on our team.”

“It is a privilege to be asked to serve on the Board of Directors of Hut 8. Hut 8 is an incredibly exciting leader in the Bitcoin mining sector, with a tremendous management team and very strong board. I hope I can build on my MicroStrategy Bitcoin experience to help Hut 8 grow on many fronts,” said Rick Rickertsen, Managing Partner of Pine Creek Partners.

About Hut 8:

Hut 8 is one of North America’s largest innovation-focused digital asset miners, supporting open and decentralized systems since 2018. With two sites located in energy rich Alberta and a third site in North Bay, Ontario Canada, Hut 8 has one of the highest installed capacity rates in the industry and holds more self-mined Bitcoin than any crypto miner or publicly traded company globally. Hut 8 is executing on its commitment to mining and holding Bitcoin and has a diversified business and revenue strategy to grow and protect shareholder value regardless of Bitcoin’s market direction. 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. 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”, “build on”, “grow” or similar expressions and includes, among others, management’s statements regarding expectations, projections, estimates or characterizations of future events or circumstances.

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 Company’s Annual Information Form dated March 25, 2021, 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.

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.

Related Links
www.hut8mining.com

SOURCE Hut 8 Mining Corp

For further information: Media Contact: Hut 8, dea.masottipayne@northstrategic.com

The leading digital asset miner unveils a series of holistic targets around environmental, social and corporate governance (ESG) issues, from carbon removal to corporate diversity.

TORONTO, Dec. 8, 2021 /CNW/ – Hut 8 Mining Corp. (Nasdaq: HUT) (TSX: HUT) (“Hut 8” or “the Company”), is pleased to announce its Environmental, Social and Governance (“ESG”) objectives as a part of its efforts to lead the global industry in innovation, inclusivity and sustainability.

“Technology, sustainability, inclusivity and innovation are part of our DNA at Hut 8, and we are proud to lead positive change in our sector, which we hope will build a legacy that our team and shareholders can be proud of,” said Jaime Leverton, Chief Executive Officer of Hut 8.

While the Company is sharing its objectives and goals today, ESG is not a new focus for Hut 8 and has been one of its key priorities under Leverton’s leadership. The primary objectives are centered around a suite of goals that extend to all aspects of corporate social responsibility, including:

• Achieving carbon neutrality for scope 1 & 2 GHG emissions by 2025;
• Reducing emissions through technological and operational innovation;
• Fostering workplace health and safety, and maintaining zero total recordable incidents;
• Focusing on corporate diversity across employee representation including the goal to achieve 25% employee representation from women;
• Maintaining executive management team gender diversity of over 40% women;
• Maintaining board gender diversity representation of over 30% women;
• Continuing to be compliant with public company reporting and disclosure requirements; and,
• Supporting and partnering with non-profit and charitable organizations that drive positive social impact and climate change efforts.

Hut 8’s approach to ESG will continually adapt based on new data and insights, which are consistent and in line with our near and long-term business strategy. Our Company’s long-term strategy will include actions focused on renewable energy and continued collaboration with suppliers to further reduce emissions.

In taking a proactive role in driving progress for the digital asset industry, Hut 8 became a founding member of the Bitcoin Mining Council in 2021. The Bitcoin Mining Council is a voluntary group of digital asset miners that promotes energy usage transparency and encourages the use of renewable energy sources. Additionally, Hut 8 joined the Crypto Climate Accord, which is the result of a collaborative effort inspired by the Paris Climate Agreement. As part of Hut 8’s ESG goals, the Company will be referencing its disclosures against the Sustainability Accounting Standards Board (SASB) and the Global Reporting Initiative (GRI) and intends to progressively enhance these disclosures over time.

For more detailed information on Hut 8’s ESG goals and accomplishments, visit: http://hut8mining.com/investors/environmental-social-and-governance/

About Hut 8:

Hut 8 is one of North America’s largest innovation-focused digital asset miners, supporting open and decentralized systems since 2018. With two sites located in energy rich Alberta and a third site in North Bay, Ontario, Canada, Hut 8 has one of the highest installed capacity rates in the industry and holds more self-mined Bitcoin than any crypto miner or publicly traded company globally. Hut 8 is executing on its commitment to mining and holding Bitcoin and has a diversified business and revenue strategy to grow and protect shareholder value regardless of Bitcoin’s market direction. 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. 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 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 approach to ESG, plans to expand the Company’s ESG commitments, the Company’s goal of achieving carbon neutrality for scope 1 and 2 emissions, the Company’s goal to maintain zero total recordable workplace safety incidents, the Company’s targets concerning board and employee diversity, the Company’s target dates for accomplishing any of the foregoing, and 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, 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 25, 2021, 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.

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.

SOURCE Hut 8 Mining Corp

For further information: Media Contact: Hut 8, dea.masottipayne@northstrategic.com

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TORONTO, Dec. 3, 2021 /CNW/ – As a result of the quarterly review, S&P Dow Jones Indices will make the following changes to the S&P/TSX Composite Index prior to the open of trading on Monday, December 20, 2021:

S&P/TSX COMPOSITE INDEX – December 20, 2021
	COMPANY	GICS SECTOR	GICS SUB-INDUSTRY
ADDED	Advantage Energy Ltd. (TSX:AAV)	Energy	Oil & Gas Exploration & Production
ADDED	Baytex Energy Corp. (TSX:BTE)	Energy	Oil & Gas Exploration & Production
ADDED	Energy Fuels Inc. (TSX:EFR)	Energy	Coal & Consumable Fuels
ADDED	Freehold Royalties Ltd. (TSX:FRU)	Energy	Oil & Gas Exploration & Production
ADDED	Hut 8 Mining Corp. (TSX:HUT)	Information Technology	Application Software
ADDED	Lion Electric Company (TSX:LEV)	Industrial	Construction Machinery & Heavy Trucks
ADDED	Peyto Exploration & Development Corp. (TSX:PEY)	Energy	Oil & Gas Exploration & Production
ADDED	Park Lawn Corporation (TSX:PLC)	Consumer Discretionary	Specialized Consumer Services
ADDED	Paramount Resources Ltd (TSX:POU)	Energy	Oil & Gas Exploration & Production
ADDED	Secure Energy Services Inc (TSX:SES)	Energy	Oil & Gas Exploration & Production
ADDED	Topaz Energy Corp. (TSX:TPZ)	Energy	Integrated Oil & Gas
ADDED	Tamarack Valley Energy Ltd. (TSX:TVE)	Energy	Oil & Gas Exploration & Production
DELETED	OrganiGram Holdings Inc. (TSX:OGI)	Health Care	Pharmaceuticals
DELETED	Real Matters Inc. (TSX:REAL)	Real Estate	Real Estate Services
DELETED	SunOpta Inc (TSX:SOY)	Consumer Staples	Biotechnology
DELETED	Westport Fuel Systems Inc. (TSX:WPRT)	Industrials	Construction Machinery & Heavy Trucks

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TORONTO, Dec. 2, 2021 /CNW/ – 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 provide the following corporate update.  All dollar figures are in Canadian Dollars unless otherwise stated.

Mining Production Highlights for November 2021:

• 265 Bitcoin were mined, resulting in an average production rate of 8.83 Bitcoin per day.
• 100% of the self-mined Bitcoin for the month of November were deposited into custody, consistent with Hut 8’s Hodl strategy.
• Total Bitcoin balance held in reserve is 5,242 as of November 30, 2021.

Mining Equipment Deployment Update for November 2021:

During November 2021, the Company completed the deployment of high-performance NVIDIA chips at Hut 8’s site in Medicine Hat, Alberta. The Company has deployed the NVIDIA CMPs to mine the Ethereum network via Luxor pool, and consistent with its Hodl strategy, is receiving payouts in Bitcoin. Based on current mining economics this equates to approximately 1.8 – 2.0 additional Bitcoin per day. Hut 8 currently has an installed hashrate of approximately 1.7 EH/s, which includes the converted hashrate from its fleet of CMPs.

“Our NVIDIA CMP deployment is contributing revenue of approximately $140,000 per day, based upon current mining economics,” said Jason Zaluski, Head of Technology for Hut 8. “Given the low power intensity of these chips, our cost per Bitcoin of approximately $3,000 means we are achieving unit margins in excess of 95%.”

About Hut 8:

Hut 8 is one of North America’s largest innovation-focused digital asset miners, supporting open and decentralized systems since 2018. Located in energy rich Alberta and North Bay, Ontario, Canada, Hut 8 has one of the highest installed capacity rates in the industry and holds more self-mined Bitcoin than any crypto miner or publicly traded company globally. Hut 8 is executing on its commitment to mining and holding Bitcoin and has a diversified business and revenue strategy to grow and protect shareholder value regardless of Bitcoin’s market direction. 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. 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”, “predict”, “can”, “might”, “potential”, “predict”, “is designed to”, “likely” or similar expressions and includes, among others, statements regarding Bitcoin network dynamics, Bitcoin and Ethereum mining economics, the Company’s trajectory to produce additional Bitcoin, the profitability of GPU mining and costs associated with mining digital assets.

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 Company’s Annual Information Form dated March 25, 2021, 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 statements. 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 circumstances, or otherwise, except as required by law.

Related Links: www.hut8mining.com

SOURCE Hut 8 Mining Corp

For further information: Media Contact: Hut 8, dea.masottipayne@northstrategic.com

TORONTO, Nov. 30, 2021 /CNW/ – Hut 8 Mining Corp. (Nasdaq: HUT) (TSX: HUT) (“Hut 8” or “the Company“), announces that its board of directors (the “Board“) has approved a change of the Company’s auditor. The Company’s former auditor, Dale Matheson Carr-Hilton Labonte LLP (the “Former Auditor” or “DMCL“), has resigned on its own initiative prior to the expiry of their term in office, effective as of November 16, 2021. The Board and the audit committee of the Board (the “Audit Committee“) have appointed Raymond Chabot Grant Thornton LLP (the “Successor Auditor” or “Raymond Chabot Grant Thornton“) as the successor auditor of the Company, effective as of November 30, 2021.

“We are grateful for the services provided by DMCL since first engaging with the Company in 2018” said Shane Downey, Chief Financial Officer of Hut 8.” We look forward to a smooth transition with the Raymond Chabot Grant Thornton team and continuing to deliver on our objectives.”

There were no disagreements or unresolved issues with the Former Auditor on any matter of the audit scope or procedures, accounting principles or policies, or financial statement disclosure. There have been no “reportable events” (as defined in National Instrument 51-102 – Continuous Disclosure Obligations) between the Company and the Former Auditor. The Former Auditor did not provide a modified opinion in their auditor’s report for the financial statements of the Company fiscal years ended December 31, 2020 and 2019.

A Notice of Change of Auditor (the “Notice“), together with the response letters from the Former Auditor and Successor Auditor have been reviewed by the Audit Committee and the Board and have been filed on www.sedar.com.

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 transition between auditors.

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 Company’s Annual Information  Form dated March 25, 2021, 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.

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 holds more self-mined Bitcoin than any publicly traded company 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. 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 Environmental, Social and Governance (“ESG”) standards 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.

SOURCE Hut 8 Mining Corp

For further information: Media Contact: Hut 8, dea.masottipayne@northstrategic.com

TORONTO, Nov. 29, 2021 /CNW/ – 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 be joining the D.A. Davidson 2021 FinTech and Payment Spotlight Conference.

On December 2, 2021, Hut 8 Executives will virtually join the D.A. Davidson 2021 FinTech and Payment Spotlight Conference, with representation from companies across the FinTech landscape, to discuss the outlook for the industry.

About Hut 8:

Hut 8 is one of North America’s largest innovation-focused digital asset miners, supporting open and decentralized systems since 2018. With two sites located in energy rich Alberta and a third site in North Bay, Ontario Canada, Hut 8 has one of the highest installed capacity rates in the industry and holds more self-mined Bitcoin than any crypto miner or publicly traded company globally. Hut 8 is executing on its commitment to mining and holding Bitcoin and has a diversified business and revenue strategy to grow and protect shareholder value regardless of Bitcoin’s market direction. 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. 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 Bitcoin network dynamics, geo-political impacts, the Company’s trajectory to produce additional Bitcoin, the build-out of a third facility, the expected timing of equipment deliveries, and planned investments for the balance of 2021.

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 Company’s Annual Information Form dated March 25, 2021, 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.

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.

Related Links
www.hut8mining.com

SOURCE Hut 8 Mining Corp

For further information: Media Contact: Hut 8, dea.masottipayne@northstrategic.com

TORONTO, ON, November 11, 2021 — 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 ending September 30, 2021 (“Q3-2021”).  All dollar figures are in Canadian Dollars (“CAD”), unless otherwise stated.

“The third quarter of 2021 proved to be another exciting and dynamic step forward for Hut 8,” commented Shane Downey, Chief Financial Officer of the Company. “We are thrilled to have reported our third consecutive record-breaking quarterly results and to have already surpassed our goal of 5,000 Bitcoin held in reserve. Further, we have achieved an important milestone with final delivery of all 10,000 NVIDIA chips. Throughout early weeks of operation, these cutting-edge GPUs have proven to be highly efficient, mining at a total cost of under $3,000 per Bitcoin, delivering margins of approximately 95%.”

HASHRATE UPDATE

Hut 8 currently has an installed hashrate of approximately 1.7 EH/s, which includes the converted hashrate from our fleet of NVIDIA GPUs.

Our total current and contracted capacity stands at approximately 4.5 EH/s, which includes the converted hashrate from our fleet of NVIDIA GPUs.

BITCOIN INVENTORY AND VALUE

As of September 30, 2021, the Company had a total Bitcoin balance of 4,729 with a market value of $263.8 million. Hut 8’s Bitcoin balance as of November 10, 2021, including 2,000 Bitcoin loaned as part of the Company’s fiat yield strategy, is approximately 5,053 Bitcoin, reflecting a market value of approximately $430 million. Hut 8 continues to strategically emphasize its “HODL” strategy, taking active steps to generate Canadian and US dollars to help fund operating expenses, so as to avoid selling Bitcoin.  During Q3-2021, 100% of self-mined Bitcoin was deposited into custody.

Q3-2021 HIGHLIGHTS

• Third consecutive record quarterly revenue, hitting $50.3 million in Q3-2021, with our self-mining operations generating $47.9 million of revenue and our expanded hosting service generating $2.4 million. We mined 905 Bitcoin in Q3-2021, all of which was added to our self-mined Bitcoin balance.
• As of November 10, 2021, the entire fleet of high-performance NVIDIA chips has been received at Hut 8’s site in Medicine Hat, Alberta, and 91% of the servers have been installed and powered up, with full deployment expected in the next week. The addition of the NVIDIA GPUs serves to increase Hut 8’s aggregate operating rate by approximately 1,600 Gigahash, which based on current network dynamics, equates to an ASIC hashrate of approximately 325 PH/s. The Company has deployed the NVIDIA GPUs to mine the Ethereum network via Luxor pool, and consistent with our HODL strategy, is receiving payouts in Bitcoin. Based on current mining economics this equates to approximately 1.8 – 2.0 Bitcoin per day, with an average cost to mine each Bitcoin of less than $3,000, making this NVIDIA GPU fleet the most profitable portion of Hut 8’s self-mining operation.
• Following its successful listing on The Nasdaq Global Select Market (“Nasdaq”), the Company benefitted from its access to an increased pool of investors and closed a public offering of common shares on September 17, 2021, raising gross proceeds of $220 million (US$173 million). The Company anticipates the proceeds will be used to support the growth of its business including to fund capital investments in digital asset mining equipment in order to increase mining capacity, for working capital, other general corporate purposes, and potentially for strategic partnerships, joint ventures, or acquisitions.
• Based upon the capital flexibility afforded by the Company’s public offering of equity securities in September 2021, Hut 8 executed on a US$58.7 million purchase of 12,000 new MicroBT M30S, M30S+ and M30S++ miners, representing a cost of approximately $50/Terahash, with aggregate incremental production of 1.17 EH/s. The miners are expected to be delivered starting in January 2022, at a delivery rate of approximately 1,000 machines per month, with full deployment anticipated by December 2022.
• On October 23, 2021, the Company announced that development of its third mining site, in conjunction with Validus Power Corp. (“Validus), was underway in North Bay, Ontario, Canada. This site will begin with 35MW of capacity and expected to be online by the end of December 2021. Power will be available on a physical off-take basis under the Company’s power purchase agreement with Validus, with a power rate of $0.0274/kWh subject to an annual adjustment mechanism.

OPERATING AND FINANCIAL OVERVIEW

• Revenue for Q3-2021 increased significantly to $50.3 million compared to $5.8 million in the prior year period. Strong mining economics generated $47.9 million of revenue as a result of 905 Bitcoin mined versus $5.3 million of revenue and 372 Bitcoin mined in the prior year period. Our hosting services contributed $2.4 million of revenue compared to $0.5 million in the prior year period, reflecting management’s strategic decision to on-board two hosting customers.
• Site operating costs for Q3-2021 totaled $16.0 million versus $7.5 million in the prior year period. The increase reflects power consumption from increased hash rate, and the fact that mining equipment was operating at reduced capacity for much of the third quarter of 2020, in response to compressed self-mining economics.
• Net income in Q3-2021 was $23.4 million. The large increase in net income was primarily driven by the revenue generated from the improved performance in our self-mining operations, partially offset by higher costs from the expansion of our business.
• Adjusted EBITDA (a “Non-IFRS Measure”, please refer below) in Q3-2021 was $30.7 million, versus an Adjusted EBITDA loss of $2.5 million in the prior year period, driven by the expansion of Hut 8’s operations and the improvement in Bitcoin mining economics.
• Digital assets consist of Bitcoin, which had a self-mined balance of 4,729 Bitcoin and a market value of $263.8 million as of September 30, 2021. This balance consisted of 2,729 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.

“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.

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

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

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

CONFERENCE CALL

Hut 8 Mining Q3 conference call will commence at 10:00 a.m. ET, today, November 11, 2021. Those wishing to join via telephone should dial in 5 minutes early to the number below using the confirmation number 50245577:

• 1 (866)-215-5508 Canada Toll Free
• For those joining from outside of Canada, a current list of available local and international freephone telephone numbers can be found here:

International Dial In Numbers

Analyst Coverage of Hut 8 Mining:

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

http://hut8mining.com/investors/

 

 

 

 

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 Company’s trajectory to produce additional Bitcoin, planned investments for the balance of 2021 geopolitical impacts and the build-out of a new power facility.

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 Company’s Annual Information  Form dated March 25, 2021, 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.

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 holds more self-mined Bitcoin than any publicly traded company 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. 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 Environmental, Social and Governance (“ESG”) standards 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.

MEDIA CONTACT

dea.masottipayne@northstrategic.com