Hut 8 Mining Production and Operations Update for July 2022


Hut 8 Mining Corp. (Nasdaq: HUT) (TSX: HUT), (“Hut 8” or the “Company”) one of North America’s largest, innovation-focused digital asset mining pioneers and high performance computing infrastructure provider, increased its Bitcoin holdings by 330 in the period ending July 31. Hut 8 now has 7,736 Bitcoin in its holdings.

Production highlights for July 2022:

  • 330 Bitcoin were generated, resulting in an average production rate of 10.61 Bitcoin per day
  • Our Ethereum mining – for which we receive payment in Bitcoin – generated approximately 10.7% of our total production
  • Keeping with our longstanding HODL strategy, 100% of the self-mined Bitcoin in July were deposited into custody
  • Total Bitcoin balance held in reserve is 7,736 as of July 31, 2022
  • Installed operating capacity was 2.92 EH/s at the end of the month
  • Hut 8 produced 113.01 BTC/EH in July

Additional updates:

  • Monthly shipments of MicroBT miners continue to arrive as scheduled and are being installed in real time
  • A severe thunderstorm on July 18 interrupted the power supply to the Medicine Hat mine and surrounding area – site infrastructure and equipment were not damaged – and power was restored on July 23
  • Hut 8’s high-performance computing business, which is not correlated to Bitcoin or Bitcoin mining, continues to grow: we recently signed Foundry as a cloud services client

“We continued to deliver results, growing our stack to 7,736 Bitcoin – one of the largest holdings globally – by mining efficiently,” said Jaime Leverton, CEO. “At the same time, we continue to focus on growing the uncorrelated recurring revenue within our high performance computing business and are thrilled to welcome Foundry aboard as a cloud services customer in our Mississauga data centre.”


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