Mr. Jaime Leverton reports
HUT 8 EQUIPS UP, READY TO MATCH THE MOMENTUM OF BITCOIN ADOPTION WITH THE SUCCESSFUL INSTALLATION OF ITS FIRST BATCH OF MINING EQUIPMENT ON-SCHEDULE
Hut 8 Mining Corp.'s first batch of machines ordered on Jan. 22, 2021, has been delivered and successfully installed on schedule.
Hut 8's equipment financing loan from Rochester-based Foundry Digital LLC, a wholly owned subsidiary of Digital Currency Group (DCG), was leveraged to add 475 petahash per second (PH/s) to Hut 8's bitcoin mining capacity over the course of Q1 and Q2. As of today, 400 miners have been successfully installed, adding an additional 35 PH to Hut 8's mining capacity.
Hut 8's current maximum power sits at 109 megawatts across its Medicine Hat and Drumheller mining facilities with a current maximum hash rate at 1,073 PH/s making it one of the largest bitcoin miners globally with one of the highest installed capacities in North America.
"Guaranteeing our access to new, cutting-edge mining equipment while market demand greatly outweighs supply has solidified our position as one of the only miners operating at full capacity, taking full advantage of today's economics," said Jaime Leverton, chief executive officer of Hut 8. "On behalf of the entire Hut 8 leadership team, we are thrilled to be seeing the return on our investment, on schedule, and are excited about what this installation means for Hut 8's continued success as a growing global leader."
Having a full fleet of advanced and successfully installed bitcoin mining hardware amid severe equipment supply constraints and today's bitcoin mining economics has created a distinct advantage for Hut 8 and will continue to be paramount to Hut 8's continued success.
About Hut 8 Mining Corp.
Hut 8 is one of Canada's oldest and largest bitcoin miners, providing value for investors through low production costs and appreciation of its bitcoin inventory. The company provides investors with direct exposure to bitcoin, without the technical complexity or constraints of purchasing the underlying cryptocurrency. Investors avoid the need to create on-line wallets, wire money offshore and safely store their bitcoin.
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