Business
Hut 8 Mining Production and Operations Update for January 2023
188 Bitcoin mined in January Held the largest amount of self-mined Bitcoin in reserve on January 31 of any publicly-traded company TORONTO, Feb. 13, 2023
About this update from Hut 8 Corp.
[{"type":"text","content":"188 Bitcoin mined in January\nHeld the largest amount of self-mined Bitcoin in reserve on January 31 of any publicly-traded company\nTORONTO, Feb. 13, 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 188 Bitcoin in the period ending January 31, 2023.\n\n \n \n \n \n \n \n\n \nProduction highlights for January 2023:\n188 Bitcoin were generated, resulting in an average production rate of approximately 6.1 Bitcoin per day.Total Bitcoin balance held in reserve as of January 31 is 9,274, and further to our announcement on February 7, 2023, we expect to sell our January 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 75.2 BTC/EH in January.Operational highlights:\nOn February 7, 2023, Hut 8 announced a merger of equals with U.S. Data Mining Group, Inc. dba US Bitcoin Corp (\"USBTC\") which is expected to establish the combined company as a large scale, publicly traded Bitcoin miner focused on economical mining, highly diversified revenue streams, and industry-leading best practices in ESG.\"We have been intentional and strategic in pursuing our HODL strategy: by building a large, unencumbered stack, we have afforded ourselves the optionality to strategically use a portion of it to cover operating expenses rather than having to seek other financing options with less attractive terms,\" said Jaime Leverton, CEO. \"I am confident that selling production while we focus on closing the merger with USBTC is the right approach, as we expect to create a strong self-mining, hosting, managed infrastructure operations, and HPC organization in the long term.\"\nOther Company updates:\nOn January 26, 2023, Hut 8 filed a Statement of Claim in the Superior Court of Justice of Ontario (the \"Court\") against Validus Power Corp. and its subsidiary, Bay Power Corp. (collectively, \"Validus\"), in respect of Validus' failure to meet its contractual obligations under the power purchase agreement it entered into with Hut 8 at the Company's mining facility in North Bay, Ontario.On February 9, 2023, Hut 8 received a notice of termination from Validus of the Company's ...