Hut 8 Mining June 2023 Production and Operations Update

Bitcoin Production Overview

Hut 8 Mining Corp., a leader in digital asset mining, achieved significant milestones in June 2023. The company generated 120 Bitcoin, averaging a production rate of 4.0 Bitcoin per day. A total of 217 Bitcoin, including 100% of May's production and a portion of June's, was sold for $7.9 million. The company's Bitcoin reserves stand at 9,136, with 8,289 unencumbered.

Operational Highlights

During June, Hut 8 focused on enhancing its operational efficiency. The team successfully repaired over 3,700 hashboards at the Drumheller, Alberta site. Efforts were concentrated on reinstalling and energizing these miners. Additionally, a five-year co-location services agreement was signed with Interior Health at the Kelowna data center.

Strategic Developments

Hut 8 disclosed plans to increase its self-mining capacity to 7.5 EH/s. This expansion is contingent on completing a merger with US Data Mining Group, Inc. (USBTC). The transaction will include the 1.8 EH/s capacity from the King Mountain, Texas site, a joint venture with USBTC.

Financial and Infrastructure Growth

In a strategic move, Hut 8 secured a $50 million credit facility with Coinbase Credit, Inc. This funding aims to bolster the company's financial flexibility and support ongoing growth initiatives. Hut 8's infrastructure, featuring over 36,000 square feet of data center space, is powered by renewable and emission-free resources, positioning it as a pioneer in hybrid data center models.

Commitment to Innovation

Hut 8 continues to lead in the digital asset mining sector by integrating traditional and emerging computing technologies. The company's innovative approach is driven by a commitment to defining the future of digital assets, creating value for shareholders, and contributing positively to the broader technological landscape.