Hut 8 Mining Production and Operations Update for April 2023


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 132 Bitcoin in the period ending April 30, 2023.

Production highlights for April 2023:
  • 132 Bitcoin were generated, resulting in an average production rate of approximately 4.4 Bitcoin per day.
  • Total balance of unencumbered Bitcoin held in reserve as of April 30 is 9,265.
  • Installed ASIC hashrate capacity at our Alberta facilities was 2.6 EH/s at the end of the month.
  • Hut 8 produced 50.77 BTC/EH in April.
  • No Bitcoin were sold during the month.
Operational highlights:
  • Remediation at our Drumheller, Alberta site progressed throughout the month:
    • High energy input levels at the site have been causing equipment failures that have materially reduced operations, which are currently at approximately 15% of our installed hashrate at the site.
    • In response, we began implementing firmware across all miner models designed to lower the power supply’s maximum output voltage, ensuring our equipment operates within safe limits.
    • Our team is actively engaged in repairing damaged equipment and restoring the hashrate to its optimal level.
    • We are closely monitoring the situation and will continue to make the necessary adjustments as needed to restore, safeguard, and optimize our equipment.
    • We are actively increasing repair staff, adding an additional repair centre shift, and have procured new hardware to expedite repairs and accelerate the speed at which we bring miners back online.
    • We expect to have the site restored in 10-12 weeks.
  • Spikes in energy rates have created additional headwinds at Drumheller.
  • Our team is actively pursuing options to operationalize the bulk of the approximately 7,000 miners that were removed from our North Bay site.

“We are very aware of the impact that the issues at Drumheller are having on the broader business: they are complex and challenging, but we have made meaningful progress and have a roadmap to remediation,” said Jaime Leverton, CEO of Hut 8. “We are laser focused on closing the proposed transaction with US Bitcoin Corp., which will both expand our overall production to 7.02 EH/s and provide access to additional energy markets.”


Hut 8 Provides Update on Business Combination with USBTC


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, continues to make progress on the proposed business combination pursuant to which Hut 8 and U.S. Data Mining Group, Inc. dba US Bitcoin Corp (“USBTC”) will combine in an all-stock merger of equals (the “Transaction”). The combined company will be named “Hut 8 Corp.” (“New Hut”) and will be a U.S.-domiciled entity. The Transaction is expected to establish New Hut as a large scale, publicly traded Bitcoin miner focused on economical mining, highly diversified revenue streams, and industry leading environmental, social, and governance (ESG) practices.

New Hut has filed an amendment to its Form S-4 Registration Statement (the “Amended Registration Statement”) with the U.S. Securities and Exchange Commission (the “SEC”). As disclosed in the Amended Registration Statement:

  • New Hut’s expected installed self-mining capacity has increased from the previously disclosed 5.6 EH/s to 7.02 EH/s at mining facilities in Medicine Hat and Drumheller in AlbertaNiagara Falls, New YorkKearney, Nebraska; and Granbury and King Mountain, Texas upon the close of the Transaction. The improvement is due to the energization of additional miners at USBTC’s sites.
    • The 1.7 EH/s installed self-mining capacity at the King Mountain, Texas site is owned by the King Mountain Joint Venture in which USBTC has a 50% membership interest alongside a leading energy partner.
  • On April 7, 2023, USBTC entered into a settlement with the City of Niagara Falls which concluded all claims related to the ongoing litigation with the City and terminated the temporary restraining order against USBTC. USBTC was required to pay the City of Niagara Falls a $100,000 compliance fee and contribute $180,000 to the city’s attorney’s fees.
    •  USBTC is currently working with City officials to confirm safety procedures prior to resuming mining activity.

“Since announcing the transaction, we have made measurable progress on key files that will positively position New Hut to be very competitive in the market with 7.02 EH/s of self-mining capacity,” said Jaime Leverton, CEO of Hut 8. “In addition, we will have flexibility for growth in new fiat revenue lines of business including hosting and managed infrastructure operations, allowing us to amplify our diversification strategy, which will ultimately prove to be prescient well beyond the next halving.”

Completion of the Transaction remains subject to the remaining regulatory approvals, shareholder approval, court approval, and other customary closing conditions of the transaction.


Hut 8 advances its goal of achieving carbon neutrality by 2025 through innovative recycling program


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, partnered with Sparta Group’s carbon credit program established by their e-waste division, ERS International, to reduce their carbon footprint by reusing and recycling approximately 220 metric tonnes of electronic waste, earning approximately 5,200 metric tons of carbon dioxide equivalent serialized carbon credits.

Under the recycling program, first of its kind in Canada, after accounting for shipping and processing costs, for every metric tonne of carbon dioxide diverted from landfills, one carbon credit is generated. The carbon credits are verified by AET Group, who have been verifiers with BGIS and Brookfield. Hut 8 will receive the carbon credits in the first half of 2023.

“We chose to partner with ERS International because their innovative program allowed us to responsibly recycle obsolete miners while taking meaningful steps to achieve our carbon neutrality goals,” said Arnold Lee, Director of ESG at Hut 8. “This program allows Hut 8 to minimize the impact of electronic waste and divert CO2 from releasing into the atmosphere, while generating verified carbon credits approved by the Canadian Standards Association.”

It’s great to have Hut 8, a company that is determined to set an example in terms of reducing carbon footprint in the digital mining sector as one of the first to take advantage of our carbon credit program. Anytime we can help a company achieve their sustainability goals it’s a win for us too. We are laser focused on helping companies that trust in our service achieve their carbon neutrality goals through this program,” said Joseph Cimorelli, Director of Global Business Development for ERS International.


Hut 8 Mining Production and Operations Update for October 2022


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, increased our Bitcoin holdings by 299 in the period ending October 31, bringing our total self-mined holdings to 8,687 Bitcoin.

Production highlights for October 2022:
  • 299 Bitcoin were generated, resulting in an average production rate of approximately 9.6 Bitcoin per day
  • Keeping with our longstanding HODL strategy, 100% of the self-mined Bitcoin in October were deposited into custody
  • Total Bitcoin balance held in reserve as of October 31 is 8,687
  • Installed ASIC hashrate capacity was 3.07 EH/s at the end of the month, which excludes certain legacy miners that are set to be fully replaced by the end of the year
  • Hut 8 produced 97.4 BTC/EH in October

“We continue to optimize our fleet to drive hashrate efficiencies at our mines,” said Jaime Leverton, CEO. “With a balance-sheet focused approach, we continue to manage well through this bear market, backed by the largest self-mined unencumbered Bitcoin stack of any publicly traded company.”


Hut 8 Mining Production and Operations Update for August 2022


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, increased its Bitcoin holdings by 375 in the period ending August 31, bringing its total self-mined holdings to 8,111 Bitcoin.

Production highlights for August 2022:
  • 375 Bitcoin were generated, resulting in an average production rate of approximately 12.1 Bitcoin per day.
  • Keeping with our longstanding HODL strategy, 100% of the self-mined Bitcoin in August were deposited into custody.
  • Total Bitcoin balance held in reserve is 8,111 as of August 31, 2022.
  • Installed ASIC hash rate capacity was 2.98 EH/s at the end of the month, which excludes certain legacy miners that the Company anticipates will be fully replaced by the end of the year.
  • Hut 8 produced 125.8 BTC/EH in August.
Additional updates:
  • In late August, Hut 8 installed 180 NVIDIA GPUs in its flagship data centre in Kelowna, B.C. Currently mining Ethereum, the multi-workload machines will be designed to pivot on demand to provide Artificial Intelligence, Machine Learning, or VFX rendering services to customers.
  • Hut 8 is partnering with Zenlayer to bring their on-demand high-performance computing to Canadian Web 3.0 and blockchain customers for the first time.

“Our team delivered very strong results across our mining and high performance infrastructure businesses in August, positioning us well for continued success,” said Jaime Leverton, CEO. “We continue to receive and install our monthly shipments of new MicroBT miners on time, while actively adding to the suite of services we offer our data centre customers.”


Hut 8 Signs Partnership with Foundry


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, has signed a partnership with Foundry Digital LLC (“Foundry”), a wholly-owned subsidiary of Digital Currency Group Inc. (“DCG”) focused on digital asset infrastructure. The deal marks the first significant Blockchain-industry win for Hut 8’s high performance computing business.

Hut 8 will support multiple lines of business for Foundry, initially at the company’s Mississauga, Ontario data centre with plans to expand into the Kelowna, British Columbia data centre for infrastructure support across Canada. Foundry works with the North American digital currency mining and staking industry bringing institutional expertise, capital and market intelligence to help build decentralized infrastructure.

“We are delighted to welcome Foundry, who we’ve long supported through their digital asset mining pool, to our high performance computing data centre in Mississauga, Ontario,” said Jaime Leverton, CEO of Hut 8. “Foundry is a leader in the digital asset industry, and we look forward to enabling their continued growth with cutting-edge infrastructure.”

“Hut 8 has been a trusted partner of Foundry’s since 2020,” said Dan Magnuszewski, CTO of Foundry. “As Bitcoin industry veterans with expertise in data centre infrastructure, Hut 8 knows our industry intimately, which is why they were a natural fit when we sought infrastructure services.”


Hut 8 Reports Operating and Financial Results for Q1 2022


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 announce its financial results for the quarter ended March 31, 2022. All dollar figures are in Canadian Dollars (“CAD”), unless otherwise stated.

“We made measurable progress in the first quarter of 2022, significantly advancing our diversification strategy by completing the acquisition of five data centres and cementing our role as the only digital asset mining company that is delivering the high performance computing infrastructure to support companies in the blockchain and Web 3.0 spaces,” said Jaime Leverton, CEO of Hut 8. “Thanks to our leadership role in the digital asset mining industry backed by our HODL strategy, we are uniquely positioned to seize opportunities in this burgeoning industry as they arise.”

“Our mining operations, thanks in large part to the installation of nearly 9,600 new MicroBT miners, continued to deliver strong results during the first quarter,” said Shane Downey, CFO of Hut 8. “We realized strong revenue and profitability while advancing our HODL strategy, and are confident that we have the fundamentals in place to serve us for the long term.”

    • Revenue increased 67% to $53.3 million during the quarter ended March 31, 2021, with our self-mining operations generating $49.3 million of revenue on 942 Bitcoin mined.

    • The Company installed 9,592 new MicroBT M30S, M30S+, and M31S+ miners at the Drumheller and Medicine Hat facilities in Alberta. The installation of these miners brought the Company’s operating capacity to 2.54 EH/s, an increase of 27% from December 31, 2021.

    • The acquisition of TeraGo Inc.’s cloud services and colocation data centre business was completed on January 31, 2022, establishing the Company as a leader in high performance computing, with five data centres across Ontario and British Columbia and approximately 400 commercial customers. The high performance computing operation currently contributes monthly recurring revenue of approximately $1.6 million.

(i)        Non-IFRS measure – see “Non-IFRS Measures” section below.

  • The Company expanded its management team with the appointment of Erin Dermer as Vice President Marketing, Communications, and Public Affairs; James Beer as Senior Vice President Operations; and Josh Rayner as Vice President Sales. Collectively, these individuals bring more than 45 years of leadership of experience to the Company to support the growth of its operations.

For the periods ended March 31

Three Months Ended

(CAD thousands, except per share amounts)



Operating results

     Digital assets mined



Financial results

     Total revenue

$     53,333

$     31,983

     Net income



     Mining profit (ii)



     Adjusted EBITDA (ii)



Earnings Per Share

     Net income – basic

$        0.33

$        0.17

     Net income – diluted

$        0.31

$        0.15

    (i)             Non-IFRS measure – see “Non-IFRS Measures” section below.

    (ii)            Certain comparative figures have been restated where necessary to conform with current period presentation.

 As At

(CAD thousands)

March 31,

December 31,


Financial position


$       78,524

$     140,127

     Total digital assets



     Total assets



     Total liabilities



     Total shareholder’s equity



  • Revenue for the quarter ended March 31, 2022, was $53.3 million compared to $32.0 million in the prior year period. The increase was primarily driven by the Company’s digital asset mining operations, where the Company mined 942 Bitcoin and generated $49.3 million of revenue, versus 539 Bitcoin mined and $30.6 million of revenue in the prior year period. The increase in Bitcoin mined is due to the deployment of incremental higher efficiency miners during the quarter in 2022 compared to the same period in 2021. The increase in revenue due to higher number of Bitcoin mined was partially offset by a decrease in average Bitcoin price, which resulted in average revenue per Bitcoin mined of $52,327 for the quarter compared to $56,692 in the prior year’s quarter. Hosting revenue was $0.8 million for the quarter compared to $1.4 million in the prior year’s quarter. The decrease in hosting revenue is due to a reduced number of hosting clients, as the Company acquired the digital asset mining equipment from one of two historical hosting customers in December 2021.

  • The Company’s newly acquired high performance computing operations added $3.3 million of revenue, reflecting two months’ worth of contributions. The Company estimates that recurring revenue from the high performance computing business will increase 15-18% over the course of 2022. Hut 8’s preliminary view is that this acquired business will generate gross margins ranging between 35% and 40%, with opportunities to further optimize margins going forward.

  • Cost of revenue consists of site operating costs and depreciation and was $36.9 million for the first quarter of 2022 compared to $19.8 million in the prior year period. Site operating costs consist primarily of electricity costs as well as personnel, network monitoring, software licensing and equipment repair and maintenance costs at our mining and high performance computing operations. Site operating costs for the quarter ended March 31, 2022 were $18.5 million, of which $16.9 million was attributable to our mining operations and $1.6 million was attributable to our high performance computing operations. The average cost of mining each Bitcoin for the first quarter of 2022 was approximately $18,000, compared to approximately $25,900 in the prior year for the same period. The decrease is primarily due to deployment of a larger and significantly more efficient fleet of mining equipment. Depreciation expense increased to $18.4 million during the first quarter of 2022 compared to $5.8 million in the same period of 2021, driven by the increased number of miners deployed during the quarter as well as $0.7 million of additional depreciation from our newly acquired high performance computing operations.

  • Net income was $55.7 million and net income per share was $0.33 for the three months ended March 31, 2022, compared with net income of $19.1 million and net income per share of $0.17 for the same period in 2021. The change was driven by the higher revenue and non-cash gain on revaluation of warrant liability recorded in first quarter of 2022 partially offset by lower general and administrative expenses incurred in first quarter of 2021.

  • Adjusted EBITDA(i) (a non-IFRS measure) increased by $10.9 million for the quarter ended March 31, 2022, compared to the same period in 2021. The increase was driven by higher digital asset mining profit(i), partially offset by higher general and administrative expenses incurred to support the growth in the Company’s operations.

  • Digital assets consist of Bitcoin, which had a balance of 6,460 Bitcoin and a market value of $367.6 million as of March 31, 2022. This balance consisted of 4,460 Bitcoin held in custody and 2,000 held under lending arrangements.

This press release makes reference to certain measures that are not recognized under IFRS and do not have a standardized meaning prescribed by IFRS. They are therefore not necessarily comparable to similar measures presented by other companies. The Company uses non-IFRS measures including “Adjusted EBITDA” and “Mining profit” as additional information to complement IFRS measures by providing further understanding of the Company’s results of operations from Management’s perspective.

The following tables reconcile non-IFRS measures used by the Company to analyze the operational performance of Hut 8, to their nearest IFRS measure and should be read in conjunction with the unaudited condensed consolidated interim statement of operations and comprehensive income (loss) and unaudited condensed consolidated interim statement of cash flows included in the unaudited condensed consolidated interim financial statements for the quarter ended March 31, 2022.

Mining Profit

“Mining profit” represents gross profit (revenue less cost of revenue), excluding depreciation and revenue and site operating costs directly attributable to hosting services. Mining profit shows profitability of the Company’s core digital asset mining operation, without the impact of non-cash depreciation expense.

The following table reconciles Gross profit to our non-IFRS measure, Mining profit:

For the three months ended March 31



Gross profit

$          16,455

$          12,207

Add (deduct):

     Revenue from hosting



     Revenue from high performance computing


Site operating costs attributable to hosting and high performance       







Mining profit

$          32,906

$          17,498

(i)     Non-IFRS measure – see “Non-IFRS Measures” section below.

Adjusted EBITDA

“Adjusted EBITDA” represents EBITDA (net income or loss excluding net finance income or expense, income tax or recovery, depreciation, and amortization) adjusted to exclude non-cash share-based compensation, fair value gain or loss on revaluation of digital assets, non-recurring impairment charges or reversals of impairment, and costs associated with one-time or non-recurring transactions. Adjusted EBITDA is used to assess profitability without the impact of non-cash accounting policies, capital structure, taxation, and one-time or non-recurring transactions. This performance measure provides a consistent comparable metric for profitability of the Company across time periods.

The following table reconciles net income to our non-IFRS measure, Adjusted EBITDA:

For the three months ended March 31



Net income

$          55,708

$         19,134

Add (deduct):

     Net finance expense (income)



     Depreciation and amortization



     Share based payment



     Gain on disposition of digital assets


     Foreign exchange



     Share based payment taxes withholding


     One-time transaction costs


     Deferred income tax expense (recovery)



     Sales tax expense



     Gain on revaluation of warrants liability


$        27,109

$      16,181


Hut 8 Q1 2022 conference call will commence at 10 a.m. ET, today, May 12, 2022. Those wishing to join via telephone should dial in 5 minutes early:

  • Within Canada: 1-866-455-3403 access code: 81669575#
  • Within the US: 1-866-374-5140 access code: 81669575#
Analyst Coverage of Hut 8 Mining:

A full list of Hut 8 Mining analyst coverage can be found here.


This press release includes “forward-looking information” and “forward-looking statements” within the meaning of Canadian securities laws and United States securities laws, respectively (collectively, “forward-looking information”). All information, other than statements of historical facts, included in this press release that address activities, events or developments that the Company expects or anticipates will or may occur in the future, including such things as future business strategy, competitive strengths, goals, expansion and growth of the Company’s businesses, operations, plans and other such matters is forward-looking information. Forward-looking information is often identified by the words “may”, “would”, “could”, “should”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” or similar expressions. In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances contain forward-looking information. Specifically, such forward-looking information included in this press release include, but are not limited to, statements with respect to the following: the Company’s position and ability to seize opportunities in the digital asset industry; the Company’s ability to advance the HODL strategy in the long-term; the Company’s growth strategy; estimates of increased recurring revenue from the Company’s high-performance computing business and the amount thereof; and the Company’s estimated margins of the high performance computing business and its ability to optimize margins in the future.

Statements containing forward-looking information are not historical facts, but instead represent management’s expectations, estimates and projections regarding future events based on certain material factors and assumptions at the time the statement was made. Material assumptions include: assumptions regarding the level of demand and financial performance of the digital asset industry, effective tax rates, the U.S./Canadian dollar exchange rate, the expected impact of the COVID-19 pandemic, inflation, access to capital, timing and receipt of regulatory approvals, acquisition and divestiture activities, operational expenses, returns on investments and transaction costs.

Forward-looking information is necessarily based on a number of opinions, assumptions and estimates that, while considered reasonable by Hut 8 as of the date of this press release, are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information, including but not limited to security and cybersecurity threats and hacks, malicious actors or botnet obtaining control of processing power on the Bitcoin network, further development and acceptance of the Bitcoin network, changes to Bitcoin mining difficulty, loss or destruction of private keys, increases in fees for recording transactions in the Blockchain, erroneous transactions, reliance on a limited number of key employees, reliance on third party mining pool service providers, regulatory changes, classification and tax changes, momentum pricing risk, fraud and failure related to cryptocurrency exchanges, difficulty in obtaining banking services and financing, difficulty in obtaining insurance, permits and licenses, internet and power disruptions, geopolitical events, uncertainty in the development of cryptographic and algorithmic protocols, uncertainty about the acceptance or widespread use of cryptocurrency, failure to anticipate technology innovations, the COVID19 pandemic, climate change, currency risk, lending risk and recovery of potential losses, litigation risk, business integration risk, changes in market demand, changes in network and infrastructure, system interruption, changes in leasing arrangements, and other risks related to the cryptocurrency and data centre business. For a complete list of the factors that could affect the Company, please see the “Risk Factors” section of the Company’s Annual Information Form dated March 17, 2022 and Hut 8’s other continuous disclosure documents which are available on

These factors are not intended to represent a complete list of the factors that could affect Hut 8; however, these factors should be considered carefully. There can be no assurance that such estimates and assumptions will prove to be correct. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described in this press release as intended, planned, anticipated, believed, sought, proposed, estimated, forecasted, expected, projected or targeted and such forward-looking statements included in this press release should not be unduly relied upon. The impact of any one assumption, risk, uncertainty, or other factor on a particular forward-looking statement cannot be determined with certainty because they are interdependent and Hut 8’s future decisions and actions will depend on management’s assessment of all information at the relevant time. The forward-looking statements contained in this press release are made as of the date of this press release, and Hut 8 expressly disclaims any obligation to update or alter statements containing any forward-looking information, or the factors or assumptions underlying them, whether as a result of new information, future events or otherwise, except as required by law.

Neither the Toronto Stock Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Toronto Stock Exchange) accepts responsibility for the adequacy or accuracy of this release.


Hut 8’s digital asset mining operations to be 100 per cent self-mined


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, today announced that it has entered into an agreement with TAAL to conclude its hosting relationship and purchase 960 MicroBT Whatsminer M31S+ effective May 1, 2022. The ASIC miners are currently installed and running at the company’s mining facility in Medicine Hat on behalf of TAAL.

The machines are expected to provide an immediate incremental hashrate of 81 PH/s, bringing Hut 8’s total hashrate to 2.62 EH/s.

“The incremental capacity will deliver an immediate hashrate benefit as ASIC miners are already on-site, installed and hashing,” said Jaime Leverton, Chief Executive Officer of Hut 8. “Over the past 18 months, we have pursued a strategy that is unique among our peer group: in addition to digital asset mining, we support clients with high performance computing, cloud hosting, and collocation services at our five Canadian data centres so they can succeed in the burgeoning Blockchain and Web 3.0 industries.”

Once the acquisition is complete, Hut 8’s operations at all mining sites will be 100% allocated to self-mining.


Hut 8 Mining Monthly Production Update for March 2022


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, advanced its Bitcoin holdings in the period ending March 31, 2022.

Production highlights for March 2022:
  • 345 Bitcoin were mined, resulting in an average production rate of 11.1 Bitcoin per day
  • Our Ethereum mining – for which we receive payment in Bitcoin – generated approximately 13% of our total production, at an average cost of less than C$2,600 per Bitcoin
  • 100% of the self-mined Bitcoin for the month of March were deposited into custody, consistent with Hut 8’s HODL strategy
  • Total Bitcoin balance held in reserve is 6,460 as of March 31, 2022
  • Installed operating capacity currently sits at 2.54 EH/s
Additional updates for March 2022:
  • We installed 560 new MicroBT M30S and M31S+ miners
  • Construction at Hut 8’s third mining facility located in North Bay, Ontario is nearing completion and we are on track to begin operations in May
  • The proceeds from our ATM offering announced in February 2022 are being used to grow our mining business, fund our industry-leading HODL strategy, and expand our high performance compute business, all while allowing us to make strategic equipment purchases during favourable market conditions

“Our teams working in Medicine Hat and Drumheller, Alberta have continued to ensure our upgraded machines are delivering strong results for us,” said Jason Zaluski, Head of Technology, Hut 8. “Our orders from MicroBT are arriving as scheduled, we are experiencing consistent growth in our MicroBT Authorized Repair Centre, and we continue to actively recruit team members as we continue to grow.”


James Beer Joins Hut 8 Mining as SVP of Operations


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 announce the appointment of James Beer to the new role of Senior Vice President, Operations, effective February 22, 2022. Mr. Beer joins Hut 8’s growing and diverse leadership team under the direction of CEO Jaime Leverton to support scaling and expansion of the Company’s diversified operations.

Mr. Beer brings more than 20 years of leadership experience within service provider organizations serving mission critical facilities operations, colocation, site design and construction, network architecture, security, and managed services.

“We are delighted to bring James on board Hut 8’s executive leadership team to help create incremental value as we continue to scale and diversify,” said Jaime Leverton, Chief Executive Officer of the Company. “James brings with him an expertise and track record aligned to our vision for Hut 8 and will be instrumental in driving growth and innovation as he oversees our data center operations.”

Over the last two decades, James has participated in multiple merger and acquisition transactions focused on integration, building growth engines, and value creation.

“I look forward to being a part of Hut 8 and to building on the Company’s incredible innovation and momentum within the traditional data center and managed services realms,” said Mr. Beer. “As industry becomes increasingly digitized, it’s exciting to be working at the cutting-edge of high performance computing technologies being developed for the next generation.”