On July 31, Hut 8 Mining Corp. (Nasdaq: HUT) raised its Bitcoin holdings by 330 percent. Currently, Hut 8 has 7,736 Bitcoins. July 2022 production highlights: 330 Bitcoin were created, giving an average production rate of 10.61 Bitcoin daily. / 10.7 percent of our overall output was produced by Ethereum mining, which is paid for in Bitcoin. All of the Bitcoin we mined ourselves in July was transferred into custody by our longtime HODL approach. Bitcoin reserves totaled 7,736 on July 31, 2022. At the end of the month, the installed operational capacity was 2.92 EH/s. A total of 113.01 BTC/EH was generated by Hut 8 in July.
Meanwhile, here are some more updates: Installing MicroBT miners in real-time is still occurring every month. There was an interruption of electricity to the Medicine Hat mine and surrounding region on July 18 due to a strong thunderstorm; nonetheless, the site’s infrastructure and equipment were not affected. There is no correlation between Bitcoin mining and Hut 8’s high-performance computer business: Foundry has recently become our customer for cloud services. CEO Jaime Leverton says the Company has increased its Bitcoin stack to 7,736 by “mining effectively” and “continuing to achieve results,” according to a press release. “At the same time, we are excited to welcome Foundry as a cloud services client in our Mississauga data center.”
With a team of business-building technologists that believe in Bitcoin, blockchain, and Web 3.0, Hut 8 is one of North America’s leading innovation-focused digital asset miners. Hut 8 has one of the most effective capacity rates in the business and one of the most extensive inventories of self-mined Bitcoin of any crypto miner or publicly-traded firm internationally, with two digital asset mining facilities in Southern Alberta and one in North Bay, Ontario. Hut 8 is revolutionizing conventional assets by creating the first hybrid data center model that serves both traditional high-performance compute (Web 2.0) and developing digital asset computing sectors, blockchain gaming, and Web 3.0, with 36,000 square feet of geo-diverse data center and cloud capacity connected to electrical grids powered by significant renewables and emission-free resources. When Hut 8 went public on the Nasdaq Global Select Market, it was the first Canadian digital asset miner to do so. Hut 8 defines the digital asset revolution as generating wealth and benefits for its shareholders and future generations via innovation, inspiration, and enthusiasm.
A Word of Caution About Information That Is Looking Toward the Future There are “forward-looking statements” and “forward-looking information” in this news release, as defined by Canadian and US securities legislation, respectively (collectively, “forward-looking information”). To identify information that is intended to point in a forward direction, the words “may,” “would,” “could,” “should,” and “will,” and similar terms are often used to identify forward-looking statements.
Statements made in this press release that refer to expectations, projections, or other characterizations of future events or circumstances, including, but not limited to Bitcoin and Ethereum network dynamics; the Company’s ability to advance its long-standing HODL strategy; the Company’s ability to produce additional Bitcoin and maintain existing rates of productivity at all sites; the Company’s ability to create extra Bitcoin and maintain existing rates of Forward-looking productivity statements are not historical facts, but rather reflect management’s expectations, estimates, and projections about future events based on certain important factors and assumptions at the time the statement was made.
Hut Group is a publicly listed company on London’s Alternative Investment Market (AIM), focusing on cobalt production from the Democratic Republic of Congo and exploring other minerals in that country. The Company’s primary assets are a cobalt production facility in Congo and an Exploration Licence in that country. In addition, the Company has secured a long-term supply contract with a significant Chinese battery manufacturer. As a result, HUT is one of the few publicly traded stocks that provide investors with exposure to cobalt.
