June 23, 2024

Hut 8 Mining Corp. Reports Strong Bitcoin Production in June Amid Expansion Efforts

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Hut 8 Mining Corp., a leading digital asset mining pioneer and provider of high-performance computing infrastructure, has announced its production and operational highlights for the month of June 2023. The company mined 120 Bitcoin during the month, resulting in an average production rate of approximately 4.0 Bitcoin per day. Additionally, Hut 8 sold 217 Bitcoin, generating $7.9 million in proceeds. The company’s reserve balance now stands at 9,136 Bitcoin, with 8,289 Bitcoin unencumbered. Hut 8’s operational focus included repair and restoration efforts at its Drumheller site in Alberta, as well as securing a significant co-location agreement with Interior Health. Furthermore, Hut 8 provided updates on its anticipated self-mining capacity and announced a credit facility with Coinbase Credit, Inc.

Hut 8’s Bitcoin mining operations remained robust in June, with the company generating 120 Bitcoin. This production level translates to an average rate of approximately 4.0 Bitcoin per day. The company also successfully sold 217 Bitcoin during the month, realizing proceeds totaling $7.9 million. Hut 8’s ability to efficiently mine and monetize Bitcoin demonstrates its position as one of North America’s largest digital asset mining pioneers.

Throughout June, Hut 8 continued its repair and restoration efforts at its Drumheller site in Alberta. The company repaired over 3,700 hashboards, with a focus on reinstallation and energization of the repaired miners. This ongoing effort underscores Hut 8’s commitment to maintaining and optimizing its mining infrastructure. Simultaneously, Hut 8 achieved a significant milestone by signing a five-year co-location services agreement with Interior Health, a prominent health authority in southern British Columbia. This partnership highlights the growing recognition of Hut 8’s expertise and infrastructure capabilities.

Hut 8’s expansion efforts were further solidified through an amendment to its Form S-4 Registration Statement filed in June. The company disclosed its expectation of an installed self-mining capacity of 7.5 EH/s, assuming the completion of the proposed all-stock merger of equals with U.S. Data Mining Group, Inc. dba US Bitcoin Corp (USBTC). This projection includes the King Mountain, Texas site, which is owned by a joint venture involving USBTC and a leading energy partner. The merger aims to enhance Hut 8’s mining capabilities and position the company for further growth.

In an exciting development, Hut 8 secured a $50 million credit facility with Coinbase Credit, Inc. This credit facility provides Hut 8 with additional financial flexibility to support its ongoing operations and expansion initiatives. CEO Jaime Leverton expressed optimism about the company’s progress in June, emphasizing the productive developments in mining and high-performance computing operations. Leverton reaffirmed Hut 8’s commitment to closing the merger with USBTC and maintaining the momentum for future growth.

News Desk

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