Business
Hut 8 Mining Monthly Production Update for March 2022
6,460 self-mined Bitcoin in reserve following 345 generated last month TORONTO, April 5, 2022 /PRNewswire/ - Hut 8 Mining Corp. (Nasdaq: HUT) (TSX: HUT) ("Hut
About this update from Hut 8 Corp.
[{"type":"text","content":"6,460 self-mined Bitcoin in reserve following 345 generated last month\nTORONTO, April 5, 2022 /PRNewswire/ - 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, advanced its Bitcoin holdings in the period ending March 31, 2022.\n\n \n \n \n \n \n \n\n \nProduction highlights for March 2022:345 Bitcoin were mined, resulting in an average production rate of 11.1 Bitcoin per dayOur Ethereum mining – for which we receive payment in Bitcoin – generated approximately 13% of our total production, at an average cost of less than C$2,600 per Bitcoin100% of the self-mined Bitcoin for the month of March were deposited into custody, consistent with Hut 8's HODL strategyTotal Bitcoin balance held in reserve is 6,460 as of March 31, 2022Installed operating capacity currently sits at 2.54 EH/sAdditional updates for March 2022:We installed 560 new MicroBT M30S and M31S+ minersConstruction at Hut 8's third mining facility located in North Bay, Ontario is nearing completion and we are on track to begin operations in MayThe proceeds from our ATM offering announced in February 2022 are being used to grow our mining business, fund our industry-leading HODL strategy, and expand our high performance compute business, all while allowing us 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.\"\nAbout Hut 8Hut 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 Bitc...