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Hut 8 Commences Trading on TSXV, Currently World’s Largest Publicly Traded Cryptocurrency Miner

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03/06/2018 | 03:04pm CEST

Hut 8 Mining Corp. (TSX.V:HUT) (“Hut 8” or the “Company”) announced today that its common shares have begun trading on the TSX Venture Exchange (“TSXV”) under the symbol “HUT”.

Hut 8 is currently the world’s largest publicly traded cryptocurrency mining company based on funded and under-construction computing capacity.

Commenting on the listing, Sean Clark, Interim Chief Executive Officer of Hut 8, noted, “Today’s listing on the TSXV is a milestone for Canadian investors, who can now access one of the world’s largest publicly traded crypto-mines without purchasing the underlying cryptocurrency. In crypto-mining, scale is what determines success in the short term, but is also what allows mines to weather any volatility over the long term. Our exclusive partnership with Bitfury, one of the world’s leading full-service Blockchain companies, facilitates the kind of scale that will allow us to deliver ongoing value to investors.”

“Listing on the TSX Venture Exchange is a milestone for the growth of Blockchain and cryptocurrency companies,” said Valery Vavilov, Chief Executive Officer of The Bitfury Group and a member of the board of directors of Hut 8. “We look forward to continuing our work with Hut 8 as we advance this technology and its value in North America.”

As of the date hereof, Hut 8 operates a total of approximately 100,000 machines, representing 18.7 MW of capacity and 127.5 petahashes per second (“PH/s”) of computing power. Based on current purchase indications, construction plans and the success of our recent private placement financings (which raised in excess of $100 million), Hut 8 expects to operate a total of approximately 320,000 machines within six months, representing 62.7 MW of capacity and 427.5 PH/s of computing power. As of March 5, 2018, Hut 8 has mined a total of 645 Bitcoins.

Hut 8 has also reserved both ASIC and GPU chips from Bitfury to fulfill up to an additional 157 MW of capacity in 2018. Hut 8’s facilities currently operate on power secured at an average price of 3.5 cents (USD) per kWh.

The board of directors of Hut 8 will be led by Bill Tai, a veteran venture capitalist and leading world figure in Blockchain, along with Jeffrey Mason, Gerri Sinclair, Dennis Mills, Michael Novogratz and Valery Vavilov.

About Hut 8

Hut 8 is a cryptocurrency mining and Blockchain infrastructure company established through an exclusive partnership with The Bitfury Group, the world’s leading full-service Blockchain technology company. Through its partnership with The Bitfury Group, Hut 8 has access to a proprietary mix of hardware, software, and operational know-how to construct, optimize, and manage datacenters 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.

About The Bitfury Group

The Bitfury Group is the world’s leading full-service Blockchain technology company and one of the largest private infrastructure providers in the Blockchain ecosystem. Bitfury develops and delivers both the software and the hardware solutions necessary for businesses, governments, organizations and individuals to securely move an asset across the Blockchain. Bitfury recently launched Exonum, a custom framework that helps individuals, businesses and governments securely and easily bring their ideas and solutions to life.

Change of Auditor

Pursuant to its continuous disclosure obligations, the Company wishes to note that the current auditors of Hut 8, being MNP LLP of 111 Richmond Street West, Suite 300, Toronto, Ontario, M5H 2G4, will replace D&H Group LLP of 1333 West Broadway, 10th Floor, Vancouver, British Columbia V6H 4C1, the former auditors of Oriana Resources Corporation.

Forward-Looking Information

Certain statements contained in this news release constitute “forward-looking information” as such term is used in applicable Canadian securities laws. Forward-looking information is based on plans, expectations and estimates of management at the date the information is provided and is subject to certain factors and assumptions, including that the Company’s financial condition and development plans do not change as a result of unforeseen events. Forward-looking information is subject to a variety of risks and uncertainties and other factors that could cause plans, estimates and actual results to vary materially from those projected in such forward-looking information. Factors that could cause the forward-looking information in this news release to change or to be inaccurate include, but are not limited to, the risk that any of the assumptions referred to prove not to be valid or reliable, that occurrences such as those referred to above are realized and result in delays, or cessation in planned work, that the Company’s financial condition and development plans change, and delays in regulatory approval, as well as the other risks and uncertainties applicable to crypto-mining companies and to the Company as set forth in the Company’s Filing Statement dated March 1, 2018 in respect of the Qualifying Transaction filed under the Company’s profile at www.sedar.com. The Company undertakes no obligation to update these forward-looking statements, other than as required by applicable law.

This press release is not an offer of the securities for sale in the United States. The securities have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an exemption from registration. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful.

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 press release.

© Business Wire 2018
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