Mr. Jaime Leverton reports
HUT 8 MINING PRODUCTION AND OPERATIONS UPDATE
Hut 8 Mining Corp. has advanced its bitcoin holdings in the period ending May 31, 2022, and began operations at its North Bay site on June 2, 2022.
Production highlights for May 2022:
- 309 bitcoin were mined, resulting in an average production rate of 10 bitcoin per day.
- The company's Ethereum mining -- for which it receives payment in bitcoin -- generated approximately 14 per cent of its total production at a cost of approximately $3,654 per BTC.
- 100 per cent of the self-mined bitcoin in May were deposited into custody, consistent with Hut 8's longstanding HODL strategy.
- The company concluded its bitcoin yield programs during the month, bringing 100 per cent of its reserves into custody.
- Total bitcoin balance held in reserve is 7,078 as of May 31, 2022.
- Installed operating capacity was 2.64 exahashes per second.
- Power costs continued to fluctuate throughout the month, and the company limited its consumption at Drumheller when the spot price of power spiked.
- Testing began at Hut 8's third mine in North Bay, Ont., in late May and began operating on 15 megawatts of power on June 2, 2022, adding approximately 400 petahashes per second to Hut 8's operating capacity.
- The company is continuing to add miners and increase its power supply throughout June, and it anticipates that the North Bay mine will have a measurable impact on its production results going forward.
"We are thrilled that our most powerful and efficient machines are now mining bitcoin at our North Bay site," said Jaime Leverton, chief executive officer of Hut 8. "Over the next several weeks, our team will continue to install and bring miners on-line in real-time, complementing production at our facilities in Medicine Hat and Drumheller."
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, Ont., all located in Canada, Hut 8 has one of the highest capacity rates in the industry and one of the highest inventories of self-mined bitcoin of any crypto miner or publicly traded company globally. With 36,000 square feet of geo-diverse data centre space and cloud capacity connected to electrical grids powered by significant renewables and emission-free resources, Hut 8 is revolutionizing conventional assets to create the first hybrid data centre model that serves both the traditional high-performance compute (Web 2.0) and nascent digital asset computing sectors, blockchain gaming, and Web 3.0. Hut 8 was the first Canadian digital asset miner to list on the Nasdaq Global Select composite index and the first blockchain company to be added to the S&P/TSX Composite Index in 2021. Through innovation, imagination and passion, Hut 8 is helping to define the digital asset revolution to create value and positive impacts for its shareholders and generations to come.
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