Month: February 2022

Josh Rayner Joins Hut 8 Mining as VP of Sales

Posted on by sue@hut8mining.com

This appointment follows the Company’s acquisition of TeraGo and is the latest in a series of strategic hires supporting Hut 8’s advancements in diversification and scaling

TORONTO, Feb. 17, 2022 /CNW/ – Hut 8 Mining Corp. (Nasdaq: HUT) (TSX: HUT) (“Hut 8” or “the Company”), one of North America’s largest, innovation-focused digital asset mining pioneers, supporting open and decentralized systems since 2018, is pleased to announce the appointment of Josh Rayner to the new role of Vice President, Sales, effective February 21, 2022. Mr. Rayner joins Hut 8 to lead sales with a focus on the Company’s recently acquired data center and managed services business under the direction of CEO Jaime Leverton.

Mr. Rayner is an experienced sales leader who brings technical knowledge and market expertise in data centers to Hut 8’s team. Prior to joining Hut 8, Mr. Rayner served as Director of Sales at Beanfield Metroconnect where he led a high performing sales team.

“We are excited to welcome Josh to our team to help us strengthen our existing position and expand our new customer base,” said Jaime Leverton, Chief Executive Officer of Hut 8. “As both a leader with diverse experience in the data center realm and a passionate champion of digital assets, Josh is well positioned to support our continued momentum and will be an asset to our team.”

Over the last decade, Mr. Rayner has worked in a number of roles including sales, management, and data center operations within the technology sector.

“I am thrilled to be joining the passionate team at Hut 8. The rapid growth of Hut 8 and the digital asset space is something I’m excited to contribute to,” said Mr. Rayner. “I look forward to continuing that trend and helping Hut 8 expand its position as a leading facilitator of digital assets and web 3.0.”

About the Company:

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, Ontario, 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 center 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 center 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. 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 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.

Cautionary Note Regarding Forward–Looking Information 
This press release includes “forward-looking information” and “forward-looking statements” within the meaning of Canadian securities laws and United States securities laws, respectively (collectively, “forward-looking information”). All information, other than statements of historical facts, included in this press release that address activities, events or developments that the Company expects or anticipates will or may occur in the future, including such things as future business strategy, competitive strengths, goals, expansion and growth of the Company’s businesses, operations, plans and other such matters is forward-looking information. Forward-looking information is often identified by the words “may”, “would”, “could”, “should”, “will”, “intend”, “plan”, “anticipate”, “allow”, “believe”, “estimate”, “expect”, “predict”, “can”, “might”, “potential”, “predict”, “project”, “is designed to”, “likely” or similar expressions and includes, among others, statements regarding management’s expectations, expertise, projections, estimates or characterizations of future events or circumstances, the Company’s growing and diverse leadership team, the Company’s ability to strengthen its existing position and expand its new customer base, the Company’s ability to grow and expand its position as a leading facilitator of digital assets and web 3.0, , and the Company’s ability to   continue its momentum within the data center and managed services realms.

Forward-looking information is necessarily based on a number of opinions, assumptions and estimates that, while considered reasonable by Hut 8 as of the date of this press release, are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information, including that the anticipated timing for completion of the construction and development activities at the Company’s third mining site in North Bay, Ontario will be further delayed as a result of global supply chain impacts, the Company’s ability to make interest payments on any drawn portions of loan with Trinity Capital, the impact of general economic conditions on the Company, industry conditions, currency fluctuations, taxation, regulation, changes in tax or other legislation, competition from other industry participants, the lack of availability of qualified personnel or management, stock market volatility, political and geopolitical instability and the Company’s ability to access sufficient capital from internal and external sources.  The foregoing and other risks are described in greater detail in the “Risk Factors” section of the Company’s Annual Information Form dated March 25, 2021, which is available on www.sedar.com. These factors are not intended to represent a complete list of the factors that could affect Hut 8; however, these factors should be considered carefully, and you should not place undue reliance on any forward-looking information. There can be no assurance that such estimates and assumptions will prove to be correct. The forward-looking information contained in this press release are made as of the date of this press release, and Hut 8 expressly disclaims any obligation to update or alter statements containing any forward-looking information, or the factors or assumptions underlying them, whether as a result of new information, future events or circumstances, or otherwise, except as required by law.  New factors emerge from time to time, and it is not possible for Hut 8 to predict all of these factors or to assess in advance the impact of each such factor on Hut 8’s business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking information. The forward-looking information contained in this press release is expressly qualified by this cautionary statement.

Related Links: www.hut8mining.com

SOURCE Hut 8 Mining Corp

For further information: Media Contact: Hut 8, dea.masottipayne@northstrategic.com

James Beer Joins Hut 8 Mining as SVP of Operations

Posted on by sue@hut8mining.com

Mr. Beer brings two decades of experience with Canadian technology leaders to Hut 8 to support the company’s growth objectives

TORONTO, Feb. 15, 2022 /CNW/ – Hut 8 Mining Corp. (Nasdaq: HUT) (TSX: HUT) (“Hut 8” or “the Company”), one of North America’s largest, innovation-focused digital asset mining pioneers, supporting open and decentralized systems since 2018, is pleased to announce the appointment of James Beer to the new role of Senior Vice President, Operations, effective February 22, 2022. Mr. Beer joins Hut 8’s growing and diverse leadership team under the direction of CEO Jaime Leverton to support scaling and expansion of the Company’s diversified operations.

Mr. Beer brings more than 20 years of leadership experience within service provider organizations serving mission critical facilities operations, colocation, site design and construction, network architecture, security, and managed services.

“We are delighted to bring James on board Hut 8’s executive leadership team to help create incremental value as we continue to scale and diversify,” said Jaime Leverton, Chief Executive Officer of the Company. “James brings with him an expertise and track record aligned to our vision for Hut 8 and will be instrumental in driving growth and innovation as he oversees our data center operations.”

Over the last two decades, James has participated in multiple merger and acquisition transactions focused on integration, building growth engines, and value creation.

“I look forward to being a part of Hut 8 and to building on the Company’s incredible innovation and momentum within the traditional data center and managed services realms,” said Mr. Beer. “As industry becomes increasingly digitized, it’s exciting to be working at the cutting-edge of high performance computing technologies being developed for the next generation.”

About the Company:

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, Ontario, 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 center 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 center 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. 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 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.

Cautionary Note Regarding Forward–Looking Information 
This press release includes “forward-looking information” and “forward-looking statements” within the meaning of Canadian securities laws and United States securities laws, respectively (collectively, “forward-looking information”). All information, other than statements of historical facts, included in this press release that address activities, events or developments that the Company expects or anticipates will or may occur in the future, including such things as future business strategy, competitive strengths, goals, expansion and growth of the Company’s businesses, operations, plans and other such matters is forward-looking information. Forward-looking information is often identified by the words “may”, “would”, “could”, “should”, “will”, “intend”, “plan”, “anticipate”, “allow”, “believe”, “estimate”, “expect”, “predict”, “can”, “might”, “potential”, “predict”, “project”, “is designed to”, “likely” or similar expressions and includes, among others, statements regarding management’s expectations, expertise, projections, estimates or characterizations of future events or circumstances, the Company’s growing and diverse leadership team, the Company’s ability to scale, expand, and diversify operations, the Company’s ability to grow and create incremental value, high-performance computing technologies, and the Company’s ability to build on innovation and momentum within the data center and managed services realms.

Forward-looking information is necessarily based on a number of opinions, assumptions and estimates that, while considered reasonable by Hut 8 as of the date of this press release, are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information, including that the anticipated timing for completion of the construction and development activities at the Company’s third mining site in North Bay, Ontario will be further delayed as a result of global supply chain impacts, the Company’s ability to make interest payments on any drawn portions of loan with Trinity Capital, the impact of general economic conditions on the Company, industry conditions, currency fluctuations, taxation, regulation, changes in tax or other legislation, competition from other industry participants, the lack of availability of qualified personnel or management, stock market volatility, political and geopolitical instability and the Company’s ability to access sufficient capital from internal and external sources. The foregoing and other risks are described in greater detail in the “Risk Factors” section of the Company’s Annual Information Form dated March 25, 2021, which is available on www.sedar.com. These factors are not intended to represent a complete list of the factors that could affect Hut 8; however, these factors should be considered carefully, and you should not place undue reliance on any forward-looking information. There can be no assurance that such estimates and assumptions will prove to be correct. The forward-looking information contained in this press release are made as of the date of this press release, and Hut 8 expressly disclaims any obligation to update or alter statements containing any forward-looking information, or the factors or assumptions underlying them, whether as a result of new information, future events or circumstances, or otherwise, except as required by law. New factors emerge from time to time, and it is not possible for Hut 8 to predict all of these factors or to assess in advance the impact of each such factor on Hut 8’s business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking information. The forward-looking information contained in this press release is expressly qualified by this cautionary statement.

Related Links: www.hut8mining.com

SOURCE Hut 8 Mining Corp

For further information: Media Contact: Hut 8, dea.masottipayne@northstrategic.com

Hut 8 Mining Holds 5,826 Self-Mined Bitcoin in Reserve as of January 31, 2022; Provides Monthly Production Update for January 2022

Posted on by sue@hut8mining.com

TORONTO, February 3, 2022 — Hut 8 Mining Corp. (Nasdaq | TSX: HUT) (“Hut 8″ or “the Company”), one of North America’s largest, innovation-focused digital asset mining pioneers, supporting open and decentralized systems since 2018, is pleased to provide the following corporate update.

Mining Production Highlights for January 2022:

  • 308 Bitcoin were mined, resulting in an average production rate of 9.93 Bitcoin per day;
    • Approximately 16% of Bitcoin production was from the Company’s fleet of GPU (Graphics Processing Unit) miners, being used to mine Ethereum, while receiving payouts in Bitcoin.The efficient nature of these GPUs, with minimal power requirements, resulted in an average cost of less than C$2,600 per Bitcoin;
  • 100% of the self-mined Bitcoin for the month of January were deposited into custody, consistent with Hut 8’s Hodl strategy;
  • Total Bitcoin balance held in reserve is 5,826 as of January 31, 2022;
  • Installed operating capacity currently sits at 2.36 EH/s, a 17% increase from December 31, 2021.

Operations Updates for January 2022:

  • During January 2022, the Company installed 6,317 MicroBT M30S and M31S+ miners, while retiring the older fleet of Bitfury Clarkes.
  • Hut 8 has also advanced with respect to construction and development of the Company’s third data centre located in North Bay, Ontario. The building structure is complete, floors are being poured imminently and racking is expected to commence later in February 2022.

“Our team is working hard deploying additional miners between our two Alberta-based sites, increasing overall efficiency and hashrate using existing capacity ” said Jason Zaluski, Head of Technology for Hut 8. “Our goal is to always utilize the most efficient miners we have, and we have been receiving and fully deploying our MicroBT units as they arrive, which speaks to the commitment and capability of our team on the ground, here in Alberta.”

About the Company:

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 energy rich Alberta and a third site in North Bay, Ontario 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. The Company’s acquisiiton of the cloud and colocation data center business from TeraGo Inc, establishes Hut 8 as a leading high-performance computing platform, providing unique positioning for the Company within the digital asset ecosystem. The data center business spans from Toronto to Vancouver with over 36,000 square feet of geo-diverse data center space powered by predominantly emmission-free energy sources. With this acquisition, Hut 8 is bridging traditional and nascent forms of high-performance compute, taking an unconventional approach to revolutionizing conventional assets, creating the first hybrid data center model that serves both the traditional high performance compute (web 2.0) and nascent digital asset computing sectors and web 3.0. Hut 8 has established a Tier 0 to Tier 3 computing platform and allocated digital asset mining and open-source distributed ledger technology to conventionally underutilized areas in a conventional high performance compute data center. The platform consists of approximately 400 commercial customers, across a variety of industry verticals including gaming, visual effects and government agencies, and a platform for the development of applications and services to underserved markets and customers in the growing digital asset, blockchain, gaming and web 3.0 industries. We envision a future of robust infrastructure offering to provide economies of scale, and economies of scope in the high-performance computing and the growing application development in web 3.0 and the digital asset ecosystem. 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 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.

Cautionary Note Regarding Forward–Looking Information

This press release includes “forward-looking information” and “forward-looking statements” within the meaning of Canadian securities laws and United States securities laws, respectively (collectively, “forward-looking information”). All information, other than statements of historical facts, included in this press release that address activities, events or developments that the Company expects or anticipates will or may occur in the future, including such things as future business strategy, competitive strengths, goals, expansion and growth of the Company’s businesses, operations, plans and other such matters is forward-looking information. Forward-looking information is often identified by the words “may”, “would”, “could”, “should”, “will”, “intend”, “plan”, “anticipate”, “allow”, “believe”, “estimate”, “expect”, “predict”, “can”, “might”, “potential”, “predict”, “is designed to”, “likely” or similar expressions and includes, among others, statements regarding Bitcoin network dynamics, the Company’s ability to produce additional Bitcoin, the Company’s ability to increase overall efficiency and hashrate, the Company’s ability to deploy additional miners, costs associated with mining digital assets, and the Company’s ability to maintain existing rates of productivity.

Forward-looking information is necessarily based on a number of opinions, assumptions and estimates that, while considered reasonable by Hut 8 as of the date of this press release, are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information, including that the anticipated timing for completion of the construction and development activities at the Company’s third mining site in North Bay, Ontario will be further delayed as a result of global supply chain impacts, the Company’s ability to make interest payments on any drawn portions of loan with Trinity Capital, the impact of general economic conditions on the Company, industry conditions, currency fluctuations, taxation, regulation, changes in tax or other legislation, competition from other industry participants, the lack of availability of qualified personnel or management, stock market volatility, political and geopolitical instability and the Company’s ability to access sufficient capital from internal and external sources.  The foregoing and other risks are described in greater detail in the “Risk Factors” section of the Company’s Annual Information Form dated March 25, 2021, which is available on www.sedar.com. These factors are not intended to represent a complete list of the factors that could affect Hut 8; however, these factors should be considered carefully, and you should not place undue reliance on any forward-looking information. There can be no assurance that such estimates and assumptions will prove to be correct. The forward-looking information contained in this press release are made as of the date of this press release, and Hut 8 expressly disclaims any obligation to update or alter statements containing any forward-looking information, or the factors or assumptions underlying them, whether as a result of new information, future events or circumstances, or otherwise, except as required by law.  New factors emerge from time to time, and it is not possible for Hut 8 to predict all of these factors or to assess in advance the impact of each such factor on Hut 8’s business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking information. The forward-looking information contained in this press release is expressly qualified by this cautionary statement.

Related Links: www.hut8mining.com

SOURCE Hut 8 Mining Corp

For further information: Media Contact: Hut 8, dea.masottipayne@northstrategic.com

 

Hut 8 Expands Talent Roster with New Head of Marketing Role

Posted on by sue@hut8mining.com

Aligned to its holistic ESG objectives, the leading miner increases representation of women on its executive management team from 40% to 50%

TORONTO, Feb. 2, 2022 — Hut 8 Mining Corp. (Nasdaq | TSX: HUT) (“Hut 8″ or “the Company”), one of North America’s largest, innovation-focused digital asset mining pioneers, supporting open and decentralized systems since 2018, is pleased to announce the appointment of Erin Dermer to the new role of Vice President Communications, Marketing and Public Affairs, effective today. Ms. Dermer will work alongside the Company’s diverse and ambitious talent roster under the direction of CEO Jamie Leverton to ensure that the rapidly growing prominence of Hut 8 is visible across Canada and in international markets.

Ms. Dermer brings more than 20 years of experience leading national public affairs and digital marketing mandates to promote and protect some of Canada’s top companies, including a decade at Telus Communications Inc. She has served as a trusted advisor to C-suite executives in the technology, transportation, retail, and resource-mining sectors, leading corporate communications for major international mergers-and-acquisitions, product launches, strategic partnerships, regulatory issues and security incidents.

“We are thrilled to welcome Erin to Hut 8 and know that her expertise will bring great value to the Company as we continue to grow,” said Jaime Leverton, Chief Executive Officer of the Company. “When we developed this role, we knew we wanted an avid storyteller that could leverage experience in corporate communications and technology with skill and passion. We’ve found the perfect fit in Erin and we can’t wait to get started.”

Over the last two decades, Ms. Dermer had led digital marketing and influencer relations campaigns with key players in blogging, YouTube, Instagram, TikTok and other social media communities, as well as industry experts across an array of fields. As a public affairs specialist, Ms. Dermer has conceptualized and launched strategies that successfully engaged elected officials, bureaucrats and key voter segments to significantly boost brand sentiment.

“It has been exciting to see Hut 8 grow with speed and confidence as it’s pursued a unique, diversified corporate strategy over the last few years and I am delighted to join such a talented team,” said Ms. Dermer. “The burgeoning blockchain and cryptocurrency industry brings immense opportunities to connect more people to the benefits of its technology with a strong communications strategy.”

 About the Company:

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. Hut has been supporting open and decentralized systems since 2018. With two digital asset mining sites located in energy rich Alberta and a third site in North Bay, Ontario 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. The company recently purchased the cloud and colocation data center business from TeraGo Inc, establishing Hut 8 as a leading high-performance computing platform, providing unique positioning for the Company within the digital asset ecosystem. The Data Center Business spans from Toronto to Vancouver with over 36,000 square feet of geo-diverse data center space powered by renewable energy sources. With this acquisition, Hut 8 is bridging traditional and nascent forms of high-performance compute, taking an unconventional approach to revolutionizing conventional assets, creating the first hybrid data center model that serves both the traditional high performance compute (web 2.0) and nascent digital asset computing sectors and web 3.0. Hut 8 has established a Tier 0 to Tier 4 computing platform and allocated digital asset mining and open-source distributed ledger technology to conventionally underutilized areas in a conventional high performance compute data center. The platform consists of approximately 400 commercial customers, across a variety of industry verticals including gaming, visual effects and government agencies, and a platform for the development of applications and services to underserved markets and customers in the growing digital asset, blockchain, gaming and web 3.0 industries. We envision a future of robust infrastructure offering to provide economies of scale, and economies of scope in the high-performance computing and the growing application development in web 3.0 and the digital asset ecosystem. 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 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.

Cautionary Note Regarding Forward–Looking Information

This press release includes “forward-looking information” and “forward-looking statements” within the meaning of Canadian securities laws and United States securities laws, respectively (collectively, “forward-looking information”). All information, other than statements of historical facts, included in this press release that address activities, events or developments that the Company expects or anticipates will or may occur in the future, including such things as future business strategy, competitive strengths, goals, expansion and growth of the Company’s businesses, operations, plans and other such matters is forward-looking information. Forward-looking information is often identified by the words “may”, “would”, “could”, “should”, “will”, “intend”, “plan”, “anticipate”, “allow”, “believe”, “estimate”, “expect”, “predict”, “can”, “might”, “potential”, “predict”, “is designed to”, “likely” or similar expressions and includes, among others, statements regarding the Company’s ability to grow, the Company’s rapidly growing prominence across Canada and in international markets, the Company’s ability to leverage communications, and the Company’s ability retain and attract a diverse and ambitious talent roster.

Forward-looking information is necessarily based on a number of opinions, assumptions and estimates that, while considered reasonable by Hut 8 as of the date of this press release, are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information, including that the anticipated timing for completion of the construction and development activities at the Company’s third mining site in North Bay, Ontario will be further delayed as a result of global supply chain impacts, the Company’s ability to make interest payments on any drawn portions of loan with Trinity Capital, the impact of general economic conditions on the Company, industry conditions, currency fluctuations, taxation, regulation, changes in tax or other legislation, competition from other industry participants, the lack of availability of qualified personnel or management, stock market volatility, political and geopolitical instability and the Company’s ability to access sufficient capital from internal and external sources. The foregoing and other risks are described in greater detail in the “Risk Factors” section of the Company’s Annual Information Form dated March 25, 2021, which is available on www.sedar.com. These factors are not intended to represent a complete list of the factors that could affect Hut 8; however, these factors should be considered carefully, and you should not place undue reliance on any forward-looking information. There can be no assurance that such estimates and assumptions will prove to be correct. The forward-looking information contained in this press release are made as of the date of this press release, and Hut 8 expressly disclaims any obligation to update or alter statements containing any forward-looking information, or the factors or assumptions underlying them, whether as a result of new information, future events or circumstances, or otherwise, except as required by law. New factors emerge from time to time, and it is not possible for Hut 8 to predict all of these factors or to assess in advance the impact of each such factor on Hut 8’s business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking information. The forward-looking information contained in this press release is expressly qualified by this cautionary statement.

Related Links: www.hut8mining.com

SOURCE Hut 8 Mining Corp

For further information: Media Contact: Hut 8, dea.masottipayne@northstrategic.com

 

Hut 8 Announces Closing of the Acquisition of TeraGo’s Data Center Business

Posted on by sue@hut8mining.com

TORONTO, Jan. 31, 2022 /CNW/ – Hut 8 Mining Corp. (Nasdaq: HUT) (TSX: HUT) (“Hut 8” or “the Company”), one of North America’s largest, innovation-focused digital asset mining pioneers, supporting open and decentralized systems since 2018, is pleased to announce the closing of its definitive agreement to purchase the cloud and colocation data center business from TeraGo Inc.

The acquisition consists of expanded operations from five data centers across Canada with a comprehensive information technology offering that includes a complete selection of scalable cloud services. The acquisition establishes Hut 8 as a leading high-performance computing platform, providing unique positioning for the Company within the digital asset ecosystem.

About the Company:

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. Hut has been supporting open and decentralized systems since 2018. With two digital asset mining sites located in energy rich Alberta and a third site in North Bay, Ontario 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. The Company recently purchased the cloud and colocation data center business from TeraGo Inc. The Data Center Business spans from Toronto to Vancouver with over 36,000 square feet of geo-diverse data center space powered by renewable energy sources. With this acquisition, Hut 8 is bridging traditional and nascent forms of high-performance compute, taking an unconventional approach to revolutionizing conventional assets, creating the first hybrid data center model that serves both the traditional high-performance compute (web 2.0) and nascent digital asset computing sectors and web 3.0. Hut 8 has established a Tier 0 to Tier 4 computing platform and allocated digital asset mining and open-source distributed ledger technology to conventionally underutilized areas in a conventional high performance compute data center. The platform consists of approximately 400 commercial customers, across a variety of industry verticals including gaming, visual effects and government agencies, and a platform for the development of applications and services to underserved markets and customers in the growing digital asset, blockchain, gaming and web 3.0 industries. We envision a future of robust infrastructure offering to provide economies of scale, and economies of scope in the high-performance computing and the growing application development in web 3.0 and the digital asset ecosystem. 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 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.

Cautionary Note Regarding Forward–Looking Information 
This press release includes “forward-looking information” and “forward-looking statements” within the meaning of Canadian securities laws and United States securities laws, respectively (collectively, “forward-looking information”). All information, other than statements of historical facts, included in this press release that address activities, events or developments that the Company expects or anticipates will or may occur in the future, including such things as future business strategy, competitive strengths, goals, expansion and growth of the Company’s businesses, operations, plans and other such matters is forward-looking information. Forward-looking information is often identified by the words “may”, “would”, “could”, “should”, “will”, “intend”, “plan”, “anticipate”, “allow”, “believe”, “estimate”, “expect”, “predict”, “can”, “might”, “potential”, “predict”, “is designed to”, “likely” or similar expressions and includes, among others, statements regarding high-performance computing, a new line of business, transformative growth opportunities and diversification, the Company’s ability to expand on saleable power, the Company’s ability to attract new customers and retain existing customers, the Company’s ability to innovate and capture customers in the underserved high performance compute, blockchain and web 3.0 industries, the Company’s ability to provide industry-leading solutions, the Company’s ability to address the need for high performance computing, the Company’s ability to bridge the traditional and nascent forms of high performance compute, the Company’s approach to revolutionizing conventional assets, the Company’s ability to capitalize on the acceleration of existing digitalization trends, and the Company’s ability to access operating sites which are connected to grids powered by significant renewables and emissions-free resources.

Forward-looking information is necessarily based on a number of opinions, assumptions and estimates that, while considered reasonable by Hut 8 as of the date of this press release, are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information, including that the anticipated timing for completion of the construction and development activities at the Company’s third mining site in North Bay, Ontario will be further delayed as a result of global supply chain impacts, the Company’s ability to make interest payments on any drawn portions of loan with Trinity Capital, the impact of general economic conditions on the Company, industry conditions, currency fluctuations, taxation, regulation, changes in tax or other legislation, competition from other industry participants, the lack of availability of qualified personnel or management, stock market volatility, political and geopolitical instability and the Company’s ability to access sufficient capital from internal and external sources.  The foregoing and other risks are described in greater detail in the “Risk Factors” section of the Company’s Annual Information Form dated March 25, 2021, which is available on www.sedar.com. These factors are not intended to represent a complete list of the factors that could affect Hut 8; however, these factors should be considered carefully, and you should not place undue reliance on any forward-looking information. There can be no assurance that such estimates and assumptions will prove to be correct. The forward-looking information contained in this press release are made as of the date of this press release, and Hut 8 expressly disclaims any obligation to update or alter statements containing any forward-looking information, or the factors or assumptions underlying them, whether as a result of new information, future events or circumstances, or otherwise, except as required by law.  New factors emerge from time to time, and it is not possible for Hut 8 to predict all of these factors or to assess in advance the impact of each such factor on Hut 8’s business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking information. The forward-looking information contained in this press release is expressly qualified by this cautionary statement.

Related Links: www.hut8mining.com

SOURCE Hut 8 Mining Corp

For further information: Media Contact: Hut 8, dea.masottipayne@northstrategic.com