HUT 8 mines 345 BTC in March, average rate of 11.1 BTC per day

HUT 8 mines 345 BTC in March, average rate of 11.1 BTC per day
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TORONTO – Hut 8 Mining Corp. (Nasdaq: HUT) (TSX: HUT), one of North America’s largest, innovation-focused digital asset mining pioneers, supporting open and decentralized systems since 2018, advanced its Bitcoin holdings in the period ending March 31, 2022.

Production highlights for March 2022:
  • 345 Bitcoin were mined, resulting in an average production rate of 11.1 Bitcoin per day
  • Ethereum mining – for which they receive payment in Bitcoin – generated approximately 13% of total production, at an average cost of less than C$2,600 per Bitcoin
  • 100% of the self-mined Bitcoin for the month of March were deposited into custody, consistent with Hut 8’s HODL strategy
  • Total Bitcoin balance held in reserve is 6,460 as of March 31, 2022
  • Installed operating capacity currently sits at 2.54 EH/s
Additional updates for March 2022:
  • They installed 560 new MicroBT M30S and M31S+ miners
  • Construction at Hut 8’s third mining facility located in North Bay, Ontario is nearing completion and is on track to begin operations in May
  • The proceeds from the ATM offering announced in February 2022 are being used to grow the mining business, fund industry-leading HODL strategy, and expand high performance compute business, all while allowing them to make strategic equipment purchases during favourable market conditions

“Our teams working in Medicine Hat and Drumheller, Alberta have continued to ensure our upgraded machines are delivering strong results for us,” said Jason Zaluski, Head of Technology, Hut 8. “Our orders from MicroBT are arriving as scheduled, we are experiencing consistent growth in our MicroBT Authorized Repair Centre, and we continue to actively recruit team members as we continue to grow.”

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 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. 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.

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