Business
Hut 8 Mining Production and Operations Update for July 2023
Remediation continuing in Drumheller, Alberta At 9,152 BTC, Hut 8 continues to have one of the largest self-mined Bitcoin reserves of any publicly traded
About this update from Hut 8 Corp.
[{"type":"text","content":"Remediation continuing in Drumheller, Alberta\nAt 9,152 BTC, Hut 8 continues to have one of the largest self-mined Bitcoin reserves of any publicly traded company\n116 Bitcoin mined in July\nTORONTO, Aug. 11, 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 116 Bitcoin in July 2023.\n\n \n \n \n \n \n \n\n \nProduction highlights for July 2023:116 Bitcoin were generated, resulting in an average production rate of approximately 3.7 Bitcoin per day100 Bitcoin – 50 Bitcoin produced in June and 50 Bitcoin produced in July – were sold during the month for proceeds totalling $3.9 millionTotal balance of Bitcoin in reserve was 9,152 on July 31 – 8,305 of which was unencumberedInstalled ASIC hashrate capacity at our Alberta facilities was 2.6 EH/s at the end of the monthHut 8 produced 44.6 BTC/EH in JulyOperational highlights: Repair and restoration efforts at our Drumheller, Alberta site continued as the team repaired more than 4,337 hashboards throughout the month, and the site is currently operating at approximately 20% of the installed hash rate.In late July, the team utilized mutually beneficial terms in the Electric Service Agreement covering its Medicine Hat site, which provides the opportunity for both parties to benefit from high prices in the Alberta power market.Earlier today, Hut 8 announced that we have entered into a transaction support agreement with Macquarie Equipment Finance Ltd. (\"Macquarie\") in support of an opportunity to potentially acquire certain assets of Validus Power Corp. (\"Validus\") and Validus' subsidiaries. While this process is underway, the Company has paused plans to relocate approximately 6,400 miners originally operating in North Bay, Ontario to Texas.\"Our operational challenges at Drumheller have persisted, and despite implementing custom firmware to manage the power supply output and repairing more than 11,693 hashboards to date, we are seeing some additional failures when reinstalling the miners, which is adversely affecting our remediation timeline,\" said CEO Jaime Leverton. \"While we continue to work to increase operations beyond 20 per cent at Drumheller, we are pursuing growth opportunities through th...