Toronto, Ontario--(Newsfile Corp. - August 4, 2020) - (TSX: HUT) (OTCQX: HUTMF) ("Hut 8" or "the Company"), one of the world's largest public cryptocurrency mining companies by operating capacity and market capitalization, announces that the management of the Medicine Hat facility operations have been transferred from the Bitfury Group ("Bitfury") to Hut 8 effective August 1, 2020. Previously, Hut 8 outsourced the operations and maintenance at the Medicine Hat facility to Bitfury with significant oversight from Hut 8. Now, Hut 8 has brought this in-house to reduce costs and streamline operations. This includes employing 12 site staff in Medicine Hat and managing all aspects of the site operations. Bitfury will continue to provide support with mining management software and IT assistance. This transfer allows Hut 8 more control over its operations and will allow for savings of over $500,000 per year.
"This transfer of the management of site operations will allow Hut 8 to work more directly with site staff to streamline operations and lower costs to continue our focus on being a low cost bitcoin miner," said Jimmy Vaiopoulos, Interim Chief Executive Officer of Hut 8. "This will save us upwards of $500,000 per year and I strongly believe this will benefit Hut 8, Bitfury, and our site staff."
In addition, the Company's directors were granted 170,000 deferred share units and the Interim CEO was granted 75,000 restricted share units which shall vest in accordance with the Company's RSU Plan and the policies of the TSX.
ABOUT HUT 8 MINING CORP.
Hut 8 is a bitcoin mining company with industrial scale operations in Canada. Hut 8 creates value for investors through low production costs and appreciation of its bitcoin inventory. The company 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 bitcoin.
The Company's common shares are listed under the symbol "HUT" on the TSX and as "HUTMF" on the OTCQX Exchange.
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Hut 8 Corporate Contact:
Jimmy Vaiopoulos
Interim Chief Executive Officer
Tel: (647) 256-1992
Email:
FORWARD-LOOKING STATEMENTS
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 dated March 1, 2018 relating to the Qualifying Transaction of Oriana Resources Corporation and Hut 8, which is available at 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 nor its Regulation Services Provider (as that term is defined in the policies of the TSX) accepts responsibility for the adequacy or accuracy of this release.
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