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The MW site, which is expected to be energized in the second quarter, will be Hut 8’s last mining operation in North America.
It is expected to have up to approximately 3. 6 EH/s of self-mining capacity.
Hut 8 to Strategically Use Its Bitcoin Stack to Fund Expansion Initiatives
MIAMI, Feb. 27, 2024 (GLOBE NEWSWIRE) — Hut 8 Corp. (Nasdaq | TSX: HUT) (“Hut 8” or the “Company”), one of North America’s leading pioneers in innovation-driven virtual asset mining and provider of high-performance computing infrastructure, is pleased to announce that it has begun construction on its latest virtual asset mining facility in Culberson County, Texas. With construction underway, the company plans to put mines into operation in the second quarter of 2024.
Culberson County gives the company the flexibility to expand its self-mining fleet or move existing self-mining operations from Granbury, Texas and Kearney, Nebraska, to the Array. It is expected to have up to approximately 3. 6 EH/s of self-mining capacity. if existing generation miners are deployed. Based on existing energy value forecasts, the company expects its fee for mining one Bitcoin in Culberson County to be about 30% less than its fee for mining one Bitcoin through its miners hosted in Granbury, Texas and Kearney, Nebraska.
“The Culberson County assignment exemplifies Hut 8’s focus on consistent national excellence,” said Asher Genoot, Hut 8 executive director. “Our in-house progression team allows us to build temporarily and cost-effectively. Compared to the benchmark of approximately $460,000 consistent with MW established through recent acquisitions in the region, our total charge for the design and structure of the Culberson County site is expected to be less than $275,000 consistent with MW. This represents a savings of more than 40%, or approximately $18,500,000 in anticipated progression prices for each and every one of the hundred MW of expansion. For the Culberson County site in particular, this means we plan to build the site for $17,300,000 or less, rather than about $29,000,000.
The company has also officially pursued a new treasury strategy that includes the use of Bitcoin held in reserve to increase the balance sheet price and fund expansion initiatives. Bitcoin held in reserve can be implemented through direct selling, feature strategies, or other approaches. The strategy is designed based on the company’s ability to execute strategic initiatives, increase its operational size, and optimize metrics such as the energy load and the mining load of a Bitcoin. Decisions to use Bitcoin held in reserve will be made on a case-by-case basis. The Company will use this strategy to fund capital expenditures for the Culberson County site.
“The grand opening at the Culberson County site marks the advent of Hut 8’s new treasury strategy, which focuses on strategically deploying our stack to grow the business, create price for shareholders and minimize dilution,” said Genoot. “As we move toward halving, we expect to have distressed assets at favorable valuations and create long-term growth opportunities. One of the core tenets of our new strategy is to carefully and strategically deploy capital to achieve a strong balance sheet and position ourselves to compare those opportunities as they arise. arise.
About Cabin 8
Through innovation, mental vision, and passion, Hut 8 Corp. it is positive on price creation at the intersection of infrastructure and energy through Bitcoin mining and hosting, innovative matrix-controlled energy arbitrage, classic knowledge center operations, and capitalizing on emerging technologies such as artificial intelligence and device learning. Headquartered in Miami, Florida, Hut 8 Corp. includes 11 locations: five high-performance computing knowledge centers in British Columbia and Ontario offering cloud, colocation, artificial intelligence, device learning, and visual effects rendering solutions. six controlled, hosting, and Bitcoin mining sites located in Alberta, New York, Nebraska, and Texas. Long known for its exclusive treasury strategy, Hut 8 Corp. it has one of the highest self-traded Bitcoin stocks of any publicly traded company in the world. For more information, visit www. hut8. com and follow us on X (formerly Twitter) on @Hut8Corp.
Cautionary Note Regarding Forward-Looking Information This press release includes “forward-looking information” and “forward-looking statements” within the meaning of Canadian securities legislation and United States securities legislation, respectively (collectively, the “forward-looking information”). ” ). All data, other than statements of past fact, included in this press release that address activities, occasions or developments that Hut 8 expects or anticipates will occur or possibly occur in the long term, adding elements such as long-term business strategy, strengths competitive, objectives, expansion. and business growth, operations, plans and other similar matters constitute forward-looking data. Forward-looking data is referred to by the words “possibly”, “could”, “might”, “should”, “will”, “intend”, “plan”, “anticipate”, “allow”, “believe”, “estimate”, “expect”, “predict”, “possibly”, “could”, “potential”, “predict”, “is designed to”, “likely” or similar expressions. Specifically, forward-looking data included in this press release includes, but is not limited to, statements relating to the Company’s new treasury strategy, the structure and capacity of the Company’s facilities in Culberson County, Array Texas, adding the expected load of Bitcoin mining on the Site, as well as the long term. vision, objectives and good fortune of the Company, adding its ability to capture long-term profits and create value for shareholders.
Statements containing forward-looking information are not past facts, but rather constitute management’s expectations, estimates and projections relating to long-term events based on certain details and assumptions at the time they were made. Although considered moderated up to Hut 8 as of the date of this press release, such advertisements are subject to threats, uncertainties, assumptions and other known and unknown points that could cause real results, activity points, real functionalities or achievements. be completely different from those of Hut 8. those expressed or implied through such forward-looking data, including, but not limited to, security and cybersecurity threats and attacks, malicious actors or botnets that gain control of the processing force in the Bitcoin network, Greater progression and acceptance of the Bitcoin network, changes in Bitcoin. difficulty of mining, loss or destruction of personal keys, higher fees for recording transactions on the Blockchain, erroneous transactions, use of a limited number of key employees, use of third-party mining pool service providers, regulatory adjustments Array classification and tax adjustments, impulse prices threats, fraud and failures similar to virtual asset adjustments, difficulty downloading banking and financing services, difficulty downloading insurance, entry permits and licenses, Internet interruptions and current geopolitical events, insecurity in progression of cryptographic and algorithmic protocols, insecurity about the widespread acceptance or use of virtual assets, the inability to anticipate technological innovations, the COVID19 pandemic, climate change, the currency threat, the threat of loans and the recovery of possible losses, the threat of litigation, threat of business integration, adjustments in market demand, adjustments in networks and infrastructure, discontinuation of formulas, adjustments to leasing contracts, inability to download expected benefits from acquisition agreements force, possible interruption or suspension of the delivery of force to the Company’s mining sites and other similar threats to virtual asset and knowledge center activities. For a complete list of items that may also have an effect on the Company, see the “Risk Factors” segment of the Company’s filing on Form S-4 dated November 7, 2023, which can be obtained at EDGAR profile of the Company at www. sec. gov and other Hut 8 continuous disclosure documents which can be obtained on the Company’s SEDAR+ profile at www. sedarplus. ca and on the Company’s EDGAR profile at www. sec. gov.
Hut Corp. Sue Ennissue@hut. io Investor Relations
Hut Corp. Media Relations. Erin Dermererin. dermer@hut. io
Caption: Hut 8 is being built in Culberson County, Texas, for 40% less than the cost of purchasing a turnkey array. Scheduled to come online in the second quarter, it is expected to have up to 3. 6 EH/s of self-mining capacity.
Caption: Earthworks are underway at the 63 MW Hut 8 in Culberson County, Texas.
The photos accompanying this ad can be found at https://www. globenewswire. com/NewsRoom/AttachmentNg/a723932d-4e82-4c32-973a-22d20d478e97.
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