Ready To Expand

August 26, 2021

Hut 8 Mining Corp. is one of North America’s largest and oldest cryptocurrency mining firms. The company focuses on Bitcoin (BTC) and blockchain infrastructure, with its largest operation located in Medicine Hat. The company has a 10-year electricity supply agreement and land lease in Medicine Hat and has 94 BlackBox data centers across two operating sites in Drumheller and Medicine Hat.

“The power supply in the province is impeccable, and it made sense for our company to build where the resources are readily available,” says Jaime Leverton, CEO, Hut 8. “The Medicine Hat location was a unique opportunity given our lease is directly with the City of Medicine Hat. There’s an abundance of power and energy in the area with incredible rates. We would absolutely look to expand further in the city when there is opportunity to do so.”

Hut 8 currently mines approximately 10 Bitcoin per day with the approximate operating capacity at 1.3E/H. Leverton says the company has the highest self-mined Bitcoin of any publicly traded company with 4,240 Bitcoin on its balance sheet as of Aug. 12, 2021.

When Hut 8 launched in 2018, the company’s market capitalization was $120M. Today, it is $900M.

“We work to drive growth and increase pace to become one of the next great technology companies of the world. Blockchain represents an opportunity for the kind of innovation that has the potential to strengthen both our Canadian economy and Canada’s position within the global technology landscape,” says Leverton.

Having demonstrated rapid growth and a stellar balance sheet, Hut 8 was the first publicly traded miner on the TSX and the first Canadian miner to be listed on The Nasdaq Global Select Market.

Leverton says Hut 8 has a diversified business and revenue strategy to grow and protect shareholder value regardless of Bitcoin’s market direction. The company’s multi-pronged business strategy includes profitable digital asset mining, white-label high-performance compute hosting, as well as yield and income programs leveraging its Bitcoin held in reserve.

“Hut 8 has achieved great success and we look forward to their continued future in Medicine Hat and Canada,” says Medicine Hat’s mayor Ted Clugston. “We’re proud to support Hut 8 with a home for their largest operation in Canada to mine and strengthen Canadian technology.”

The Canadian mining firm’s headquarters are in Toronto. Medicine Hat is its primary location with tech repair on site, making it easy to transport equipment between the two cities.

Leverton is proud to say the team behind the technology is 50 per cent women and that she leads with diversity, inclusion and sustainability as core pillars of the growth strategy and the future of Hut 8.

“We want to thank MP Glen Motz for the recent recognition in the House of Commons. For that, we are incredibly excited and grateful,” says Leverton.

After his announcement in the House of Commons, MP Glen Motz wrote a House of Commons official report for the date of his statement acknowledging Hut 8. It stated, “During Members Statements on June 7, 2021, I proudly rose in the House of Commons to recognize Hut 8 as an industry-leading bitcoin miner and the City of Medicine Hat for its entrepreneurial acumen and willingness to pioneer new opportunities.”

Hut 8’s team of business building technologists are believers in decentralized systems, stewards of powerful industry-leading solutions, and drivers of innovation in digital asset mining and high-performance computing, with a focus on ESG alignment. Through innovation, imagination, and passion, Hut 8 is helping to define the digital asset revolution to create value for generations to come.