Business
Hut 8 Mining Production and Operations Update for February 2023
156 Bitcoin mined in February At 9,242 BTC, Hut 8 continues to hold the largest amount of self-mined Bitcoin in reserve of any publicly-traded company
About this update from Hut 8 Corp.
[{"type":"text","content":"156 Bitcoin mined in February\nAt 9,242 BTC, Hut 8 continues to hold the largest amount of self-mined Bitcoin in reserve of any publicly-traded company\nTORONTO, March 7, 2023 /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 and high performance computing infrastructure provider, mined 156 Bitcoin in the period ending February 28, 2023.\n\n \n \n \n \n \n \n\n \nProduction highlights for February 2023:\n156 Bitcoin were generated, resulting in an average production rate of approximately 5.6 Bitcoin per day.January 2023 production of 188 bitcoin was sold in February 2023.Total Bitcoin balance held in reserve as of February 28 is 9,242, and further to our announcement on February 7, 2023, we expect to sell our February Bitcoin production to fund operating costs.Installed ASIC hashrate capacity at our Alberta facilities was 2.5 EH/s at the end of the month.Hut 8 produced 62.4 BTC/EH in February.Operational highlights:\nWe are currently investigating electrical issues at our Drumheller, Alberta site, which have reduced production levels.Miners and electrical equipment have been removed from the North Bay, Ontario site. Miners were moved to Medicine Hat, Alberta and electrical equipment were moved to a third-party facility, pending relocation.We are assessing energization options for the approximately 7,000 miners that were relocated from North Bay, which represent approximately 680 PH/s of capacity.\"This month we used a portion of our stack to cover operating expenses rather than seeking other financing options with less attractive terms,\" said Jaime Leverton, CEO. \"We continue to hold the largest self-mined stack of any public company in reserve and are actively working toward closing our transaction with USBC,US Bitcoin Corp., as previously discussed, in the second quarter.\"\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 operational digital asset mining sites located in Southern Alberta, Hut 8 has one of the highest capacity rates in the industry and one of the highest inventories of unen...