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Hut 8 Mining Corp
Symbol HUT
Shares Issued 143,731,437
Close 2021-09-14 C$ 13.14
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Hut 8 signs repair services agreement with MicroBT

2021-09-14 11:37 ET - News Release

Ms. Jaime Leverton reports


Hut 8 Mining Corp. has provided a corporate update.

Hut 8 has achieved a strategic milestone in its relationship with MicroBT, with the execution of a repair services agreement. The agreement allows for Hut 8 to complete in-warranty work on MicroBT miners for all of North America on-site in Medicine Hat, Alta. This arrangement is expected to provide long-term financial benefits and strengthen relations between partners, while supporting a reduction in machine downtime for the company.

Benefits to Hut 8 of this partnership with MicroBT include:

  • Access to replacement machine parts at cost;
  • The ability to repair on-site reduces the downtime associated with the repair of miners for Hut 8 as well as its hosting clients;
  • Generating revenue with respect to both in- and out-of-warranty repair services for MicroBT clients in North America and Northern Europe.

"We are thrilled to have this opportunity to deepen our relationship with MicroBT," said Jaime Leverton, chief executive officer of Hut 8. "MicroBT is a preferred ASIC manufacturer and, in our view, one of the top bitcoin mining machine manufacturers globally. This partnership also empowers our Alberta-based technicians to have greater access to the tools and resources they need to effectively and efficiently service our miners, maintain machine uptime, and be of greater service to our hosting clients and the bitcoin mining community at large."

"MicroBT is pleased to announce the certification of Hut 8 as our authorized repair centre in Canada," commented Vincent Zhang of MicroBT. "This authorized repair centre status expands the valuable relationship between our companies and will ultimately allow Micro BT to better serve our many Whatsminer customers primary across North America aside from Hut 8."

About Hut 8 Mining Corp.

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, 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 multipronged business strategy includes profitable digital asset mining, white-label high-performance compute hosting, as well as yield and 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 Toronto Stock Exchange and the first Canadian miner to be listed on the Nasdaq Global Select Market. Hut 8's team of business building technologists comprises 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 (environmental, social and governance) 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.

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