Business
Hut 8 Mining Provides Production Update for November 2021
TORONTO, Dec. 2, 2021 /PRNewswire/ - Hut 8 Mining Corp. (Nasdaq: HUT) (TSX: HUT) ("Hut 8" or "the Company"), one of North America's largest,
About this update from Hut 8 Corp.
[{"type":"text","content":"TORONTO, Dec. 2, 2021 /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, is pleased to provide the following corporate update. All dollar figures are in Canadian Dollars unless otherwise stated.\n\n \n \n \n \n \n \n\n \nMining Production Highlights for November 2021:\n265 Bitcoin were mined, resulting in an average production rate of 8.83 Bitcoin per day. 100% of the self-mined Bitcoin for the month of November were deposited into custody, consistent with Hut 8's Hodl strategy. Total Bitcoin balance held in reserve is 5,242 as of November 30, 2021.Mining Equipment Deployment Update for November 2021:\nDuring November 2021, the Company completed the deployment of high-performance NVIDIA chips at Hut 8's site in Medicine Hat, Alberta. The Company has deployed the NVIDIA CMPs to mine the Ethereum network via Luxor pool, and consistent with its Hodl strategy, is receiving payouts in Bitcoin. Based on current mining economics this equates to approximately 1.8 – 2.0 additional Bitcoin per day. Hut 8 currently has an installed hashrate of approximately 1.7 EH/s, which includes the converted hashrate from its fleet of CMPs.\n\"Our NVIDIA CMP deployment is contributing revenue of approximately $140,000 per day, based upon current mining economics,\" said Jason Zaluski, Head of Technology for Hut 8. \"Given the low power intensity of these chips, our cost per Bitcoin of approximately $3,000 means we are achieving unit margins in excess of 95%.\" \nAbout Hut 8: \nHut 8 is one of North America's largest innovation-focused digital asset miners, supporting open and decentralized systems since 2018. Located in energy rich Alberta and North Bay, Ontario, Canada, Hut 8 has one of the highest installed capacity rates in the industry and holds more self-mined Bitcoin than any crypto miner or publicly traded company globally. Hut 8 is executing on its commitment to mining and holding Bitcoin and has a diversified business and revenue strategy to grow and protect shareholder value regardless of Bitcoin's market direction. The Company's multi-pronged business strategy includes profitable digital asset mining, white-label high-performance compute hosting, as well as yield & inc...