#Blockchain News: Hut 8 (TSXV:HUT) (OTCQX:HUTMF) Completes Construction at Medicine Hat Facility Ahead of Schedule, 40 BlockBoxes Now Operational
Operational capacity increases by 150% in the City of Medicine Hat to a total of 40 BlockBoxes
TORONTO - July 16, 2018 (Investorideas.com Newswire) Hut 8 Mining Corp. ("Hut 8" or the "Company") (TSXV:HUT) (OTCQX:HUTMF), one of the world's largest public cryptocurrency mining companies by operating capacity, announces the completion of construction at its bitcoin mining facility in the City of Medicine Hat (the "CMH Facility"), including the electrification of an additional 24 BlockBox datacenters.
Hut 8 now operates 40 BlockBox datacenters at its CMH Facility, each with 1.2 MW of capacity, representing 48 MW of operating power, and 17 BlockBoxes at its Drumheller facility, representing 18.7 MW of operating power, for a total of 66.7 MW of fully-funded operating power and 487.5 petahashes per second ("PH/s").
"As a result of our employees' hard work, our partners at the Bitfury Group and the cooperation from the City of Medicine Hat, our construction is complete – ahead of schedule and on budget. We are pleased to have surpassed our September 2018 completion target," said Andrew Kiguel, President and Chief Executive Officer of Hut 8. "With 66.7 MW of aggregate operating capacity, we believe we are the largest cryptocurrency miner in Canada and the largest publicly-traded cryptocurrency miner by operating capacity in the world. In addition, we are actively pursuing further opportunities to deliver value to our investors."
The 40 BlockBoxes at Hut 8's CMH facility use an updated 14 nanometre chip, compared to the 16 nanometre chip currently used at its 17 BlockBoxes at its first mining location in Drumheller. Thus far, the new BlockBoxes have been operating in excess of 9 PH/s rather than the anticipated 8 PH/s. This increased hash rate means that Hut 8 will have even better potential of earning the daily bitcoin blockchain reward.
Since beginning its mining operations in December 2017, Hut 8 has mined over 1,900 bitcoin.
For more information, visit Hut 8's new website at www.hut8mining.com.
ABOUT HUT 8 MINING CORP.
Hut 8 Mining Corp., headquartered in Toronto, Canada is a cryptocurrency 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 centres 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.
Key investment highlights and FAQ's: https://www.hut8mining.com/investors.
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Hut 8 Media Contact:
Talk Shop Media
Tel: (604) 786-2273
Hut 8 Corporate Contact:
President and Chief Executive Officer
Tel: (647) 256-1992
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.
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