Ms. Jaime Leverton reports
HUT 8 MINING PROVIDES PRODUCTION UPDATE
Hut 8 Mining Corp. has provided the following corporate update.
Mining production highlights for September, 2021:
264 bitcoin were mined, resulting in an average production rate of 9.11 bitcoin per day;
100 per cent of the self-mined bitcoin for the month of September were deposited into custody, consistent with Hut 8's Hodl strategy;
Total bitcoin balance held in reserve is 4,724 as of Sept. 30, 2021.
Mining equipment deployment update for September, 2021:
Received and installed 600 servers consisting of 2,400 Nvidia cryptocurrency mining processors (CMPs) graphics processing unit (GPUs), resulting in a daily earning of 7.10 ethereum, equivalent to 0.5 bitcoin per day totalling $25,000 in income per day;
Deployment of Nvidia CMP GPUs has progressed over the past 30 days, and approximately 25 per cent of the company's total server fleet is deployed and earning;
To date, Hut 8 has earned $265,000 from the CMP deployment.
"We are thrilled with our current amount of bitcoin held in reserve as well as being ahead of schedule on our commitment to the market to have over 5,000 self-mined bitcoin by end of Q4," said Jaime Leverton, chief executive officer of Hut 8 Mining.
"Our current capacity of deployed CMP GPU miners will continue to earn $25,000 per day, ramping up to the full capacity earnings over this period, which is expected to be at $110,000 per day, based upon current mining economics," said Jason Zaluski, chief technology officer, Hut 8 Mining. "Hut 8's full CMP deployment has been hampered by the supply chain constraints and manufacturing shortages many industries are experiencing globally," said Mr. Zaluski. "We continue to work with our technology partners and we anticipate this issue to be resolved early in Q4."
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 cryptominer 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 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 (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.
We seek Safe Harbor.
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