18:49:15 EDT Thu 22 Apr 2021
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Hut 8 Mining Corp
Symbol HUT
Shares Issued 113,560,770
Close 2021-02-22 C$ 13.18
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Hut 8 Mining in discussions with Validus Power

2021-02-22 07:29 ET - News Release

Ms. Sue Ennis reports


Hut 8 Mining Corp. has entered into exclusive partnership discussions with Validus Power Corp. to secure new revenue streams and energy solutions for its bitcoin mining operations. The partnership discussions show forward-thinking leadership and both companies' dedication to future-forward innovation that will truly ignite change across the energy, data, blockchain and financial technology ecosystems. The partners are exploring the co-development of an industrial-scale energy generation platform that would take full advantage of the proprietary technologies and expertise of both companies. Together, Hut 8 and Validus believe they will be able to support and advance long-term ESG (environmental, social and corporate governance) objectives while delivering financial innovation and positive overall outcomes.

Validus Power provides its customers the ability to efficiently generate reliable power, wherever and whenever it is needed, which is critical for Hut 8 to support its mining operations. Generation of low-cost electricity by leveraging alternative fuel sources, such as those from the oil and gas industry, marks a significant milestone in the relationship between the energy and bitcoin mining industries. This exclusive partnership discussion between these two Canadian companies represents a major advancement toward digital energy.

"Hut 8 is more than a [bitcoin] miner. We are accelerators and innovators in the blockchain and big data ecosystem and have a responsibility to build and explore alternative mining practices," says Jaime Leverton, chief executive officer, Hut 8 Mining. "The future of our industry and our commitment to our investors is to continuously push new, creative ways of thinking which drive our competitive advantage. Just like we invest in hardware and get ahead of the supply constraints, the same thoughtful approach needs to be applied to our energy and ESG objectives."

Hut 8's first mover approach continues to build investor confidence.

Recently ranked 11th (of 10,000) on the 2021 OTCQX best 50, the Hut 8 leadership team is continually looking for ways to challenge traditional approaches in order to find innovative, powerful, industry-leading solutions -- a mindset now being applied to its ESG and carbon footprint reduction strategy. With the potential partnership, Hut 8 would be the first bitcoin miner to take advantage of a cutting-edge turnkey mobile power plant and data centre fleet -- responsibly scalable and on demand.

"On behalf of the Validus team, we are excited to be exploring the application of our advanced energy solutions to bitcoin mining, exclusively with Hut 8. The cryptomining sector represents a massive opportunity for energy innovation that maximizes both environmental and economic performance," says Todd Shortt, chief executive officer, Validus Power. "We're excited about the potential we have to lead the broader global mining industry as two Canadian forces of innovation collaborating on an efficient energy solution."

The world's biggest cryptocurrency, bitcoin, continues to shift from an outlier for the financially curious to a financial investment being embraced by major investors, companies and global economies.

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.

About Validus Power Corp.

Validus Power is an energy developer whose mission is to deliver low-cost reliable power, at scale, on-demand. Validus empowers its customers to stay ahead of changing market conditions. The company strives to create local opportunity, growth and impact in every sector it operates in.

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