Company’s Medicine Hat Mining Facility Completes Installation and Launch of 16 BlockBoxes
TORONTO, June 21, 2018 (GLOBE NEWSWIRE) -- Bitcoin miner Hut 8 Mining Corp. (“Hut 8” or the “Company”) (TSX-V:HUT) (OTCQX:HUTMF) today announced the launch of 16 BlockBox Data Centers, representing 19.2 MW of power capacity, at its mining facility in the City of Medicine Hat, bringing the Company’s total operating power to 37.9 MW. Hut 8 is one of the world’s largest publicly-traded bitcoin miners based on funded and operating computing capacity and has been established through an exclusive arrangement with the Bitfury Group, the world’s leading full-service blockchain technology company.
“We are extremely proud of the team at Hut 8 and the Bitfury Group to have successfully set up 16 BlockBoxes in the City of Medicine Hat. We are on track to have an additional 24 BlockBoxes fully operational in September 2018,” stated Andrew Kiguel, President and Chief Executive Officer of Hut 8. “We have doubled our operating power to 37.9 MW of aggregate capacity and are on the path to 66.7 MW.”
Hut 8’s 37.9 MW of current operations is comprised of 17 BlockBoxes representing 18.7 MW in Drumheller, Alberta, and the newly electrified 16 BlockBoxes upgraded to 1.2 MW and 8 PH/s each, representing 19.2 MW in the City of Medicine Hat, Alberta.
The Company has a total hash rate of 256 PH/s at present, which is one of the highest of any publicly-traded bitcoin miner in the world. Hash rate refers to the speed at which a computation can be processed. A high hash rate provides a bitcoin miner with a higher chance of successfully solving the block and claiming the bitcoin reward.
Hut 8 is on track to have a total of 66.7 MW of fully-funded operating power functioning across their Canadian sites by September 2018.
ABOUT HUT 8 MINING CORP.
Hut 8 Mining Corp., headquartered in Toronto, Canada is a bitcoin mining and blockchain infrastructure company established through an exclusive arrangement with the Bitfury Group, the world’s leading full-service blockchain technology company. Through the Bitfury Group, Hut 8 has access to a world-leading proprietary mix of hardware, software and operational expertise to construct, optimize and manage data centers in low-cost and attractive jurisdictions. Hut 8 is led by a team of industry experts and intends to provide investors with exposure to blockchain processing infrastructure and technology along with underlying cryptocurrency rewards and transaction fees. Hut 8 provides investors with direct exposure to bitcoin, without the technical complexity or constraints of purchasing the underlying cryptocurrency. Investors avoid the need to create online wallets, wire money offshore and safely store their bitcoins. Hut 8 provides a secure and simple way to invest.
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FORWARD-LOOKING STATEMENTS
Certain information in this press release constitutes forward-looking information. In some cases, but not necessarily in all cases, forward-looking information can be identified by the use of forward-looking terminology, such as “plans”, “targets”, “expects” or “does not expect”, “is expected”, “estimates”, “intends”, “assumes”, “anticipates” or “does not anticipate” or “believes”, or variations of such words and phrases, or state that certain actions, events or results “may”, “could”, “would”, “might”, “will” or “will be taken”, “occur” or “be achieved”. In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances contain forward-looking information. Statements containing forward-looking information are not historical facts, but instead represent management’s expectations, estimates and projections regarding future events.
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 the factors described in greater detail in the “Risk Factors” section of the Filing Statement relating to the Qualifying Transaction of Oriana Resources Corporation and Hut 8, which is available at www.sedar.com. 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. 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 TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.