Business
Hut 8 Mining Holds 5,518 Self Mined Bitcoin in Reserve as of December 31, 2021; Provides Monthly Production Update for December 2021; Announces US$30 million Equipment Financing with Trinity Capital
TORONTO, Jan. 5, 2022 /PRNewswire/ - Hut 8 Mining Corp. (Nasdaq: HUT) (TSX: HUT) ("Hut 8" or "the Company"), one of North America's largest,
About this update from Trinity Capital Inc.
[{"type":"text","content":"TORONTO, Jan. 5, 2022 /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. \n\n \n \n \n \n \n \n\n \nMining Production Highlights for December 2021:\n276 Bitcoin were mined, resulting in an average production rate of 8.9 Bitcoin per day; 100% of the self-mined Bitcoin for the month of December were deposited into custody, consistent with Hut 8's Hodl strategy; Total Bitcoin balance held in reserve is 5,518 as of December 31, 2021, a 97% increase from the prior year-end; and Installed operating capacity currently sits at 2.0 EH/s, a 125% increase in hashrate from December 31, 2020.Operations Updates for December 2021:\nPurchased 2,505 MicroBT M30S machines from Foundry Digital that were already installed at the Company's site in Medicine Hat, Alberta. This fleet of miners added incremental hashrate of 228 PH/s during the month of December; Installed 2,782 more efficient MicroBT M30S and M31S+ machines at the Company's site in Drumheller, Alberta; Electrical upgrades are ongoing at the Medicine Hat site, which are necessary to allow for optimal hashrate efficiency from ongoing delivery of new MicroBT miners. These upgrades are on track to contribute an additional 450 PH/s in February 2022; Development and construction of the Company's third mining site in North Bay, Ontario, is well-advanced. To date, the design of the ventilation system and the custom racking system have been completed, while construction of the data center structure is underway. The Company expects to have the North Bay site powered up in mid-Q1 2022 and fully operational at 35 MW by the end of Q1 2022, contributing approximately 850 PH/s of additional hashrate to our operations, which is expected to bring our total hashrate across all three sites to 3.35 EH/s by the end of Q1 2022. Upgrade and development efforts in both Alberta and Ontario were delayed throughout December by supply chain issues, including unprecedented flooding in Western Canada, as well as ongoing COVID-19 labour challenges. \"This has been a tremendous year for our industry and I congratulate not only the Hut 8 team, but every single one of our peers who have worked ...