Toronto, Ontario--(Newsfile Corp. - September 3, 2019) - Hut 8 Mining Corp. (TSXV: HUT) (OTCQX: HUTMF)("Hut 8" or "the Company"), one of the world's largest public bitcoin mining companies by operating capacity and market capitalization, is pleased to announce an increase to 67 MW, an incremental 4.3 MW, to its operating facility in the City of Medicine Hat, effective August 28th, 2019.
This additional electricity will bring Hut 8's aggregate load, across all operations, to 99.5 MW and approximately 850 PH/s at full operational capacity. This expansion will not require any additional capital expenditures by the Company and is effective immediately. Hut 8 will utilize the additional electricity within its existing BlockBox ACTM data centers in the City of Medicine Hat to increase production.
"We are pleased to expand operations in the City of Medicine Hat without investing additional capital in new hardware but rather by utilizing our existing Blockbox AC data centers more effectively," said Andrew Kiguel, Chief Executive Officer of Hut 8. "This incremental MW expands our hash power by approximately 5%."
"Through forward-looking planning, the City is able to provide this incremental power increase to Hut 8 while also ensuring a continued safe and reliable power supply to the City's utility customers," adds Brad Maynes, Commissioner of Energy & Utilities for the City of Medicine Hat. "We look forward to a productive long-term relationship with Hut 8 Mining Corp."
Pursuant to the press release dated March 15, 2019, the Company has issued 25,030 common shares at a deemed price of $2.57 per common shares to Induna Energy Inc. in consideration of the services provided in July 2019.
Hut 8's current capital structure consists of 90,438,009 common shares outstanding, 2,882,222 warrants and 965,000 options. In total, Hut 8 owns and operates two sites in Alberta, Canada utilizing 85 BlockBox AC data centers with current operating capacity of 99.5 MW and approximately 830 PH/s.
ABOUT HUT 8 MINING CORP.
Hut 8 is a cryptocurrency mining company with industrial scale bitcoin mining operations in Canada. Hut 8 has an exclusive North American partnership with the Bitfury Group Limited, inclusive of Bitfury Holding BV, ("Bitfury"), one of the world's leading full-service hardware and software blockchain technology companies.
Hut 8 provides investors with direct exposure to bitcoin, without the technical complexity or constraints of purchasing the underlying cryptocurrency. Investors avoid the need to create online wallets, wire money offshore, and safely store their bitcoin.
Key investment highlights and FAQ's: https://www.hut8mining.com/investors.
Hut 8 Corporate Contact:
Chief Executive Officer
Tel: (647) 256-1992
Chief Financial Officer
Tel: (647) 256-1992
Certain information in this press release constitutes forward-looking information. In some cases, but not necessarily in all cases, forward-looking information can be identified by the use of forward-looking terminology, such as "plans", "targets", "expects" or "does not expect", "is expected", "estimates", "intends", "assumes", "anticipates" or "does not anticipate" or "believes", or variations of such words and phrases, or state that certain actions, events or results "may", "could", "would", "might", "will" or "will be taken", "occur" or "be achieved". In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances contain forward-looking information. Statements containing forward-looking information are not historical facts, but instead represent management's expectations, estimates and projections regarding future events.
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 but not limited to the factors described in greater detail in the "Risk Factors" section of the Filing Statement dated March 1, 2018 relating to the Qualifying Transaction of Oriana Resources Corporation and Hut 8, which is available at 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. There can be no assurance that such estimates and assumptions will prove to be correct. The forward-looking statements 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 otherwise, except as required by law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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