Business
Hut 8 Mining Production and Operations Update for May 2023
Remediation progressing in Drumheller, Alberta At 9,233 BTC, Hut 8 has one of the largest self-mined Bitcoin reserves of any publicly traded company 147
About this update from Hut 8 Corp.
[{"type":"text","content":"Remediation progressing in Drumheller, Alberta\nAt 9,233 BTC, Hut 8 has one of the largest self-mined Bitcoin reserves of any publicly traded company\n147 Bitcoin mined in May\nTORONTO, June 9, 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 147 Bitcoin in the period ending May 31, 2023.\n\n \n \n \n \n \n \n\n \nProduction highlights for May 2023:147 Bitcoin were generated, resulting in an average production rate of approximately 4.7 Bitcoin per day179 Bitcoin were sold in May 2023 for proceeds totalling $6.8 millionTotal balance of unencumbered Bitcoin held in reserve as of May 31 is 9,233Installed ASIC hashrate capacity at our Alberta facilities was 2.6 EH/s at the end of the monthHut 8 produced 56.54 BTC/EH in MayOperational highlights:Remediation at our Drumheller, Alberta site continued throughout the month:Custom firmware has been installed across our miner models and is working as intendedThe repair and restoration of damaged equipment continues, but progress in bringing the equipment back online has been slower than expected given frequent curtailments and hardware failures due to power surgesAs individual miner hashboards are repaired and re-installed, other hashboards are failing and require repair, which is impairing our hashrate and productionGiven the challenges with bringing the equipment back online, we will not meet the previous restoration timeline estimate as communicated on May 8, 2023, but will continue to provide updates on our progress at the siteOur team is finalizing options to operationalize the bulk of the approximately 7,000 miners that were previously running in North Bay, OntarioOur HPC team signed a five-year agreement with a government client\"While the re-energization at Drumheller has been challenging, our team continues to show grit and perseverance and is making progress,\" said CEO Jaime Leverton. \"In addition to recognizing our mining team for their hard work and dedication, I would also like to congratulate our HPC team for winning a significant five-year client contract at our flagship data centre in Kelowna.\"\nAbout Hut 8Hut 8 is one of North America's largest innovation-focused digital asset miners...