Hut 8 Mining Announces First Quarter 2018 Financial Results

Hut 8 Mining (TSXV:HUT) has announced its Q1 2018 financial results for the quarter ended March 31, 2018.

As quoted in the press release:

Hut 8 owns Bitcoin mining datacenters called BlockBoxes that are purchased from the Bitfury Group.

Corporate Update

Andrew Kiguel, President and Chief Executive Officer of Hut 8, said: “We are pleased with the progress Hut 8 has made in a very short period of time. Hut 8 began mining on December 22, 2017 with 7 BlockBoxes in Drumheller, Alberta, with power capacity of 7.7 MW, representing 52.5 PH/s. On February 7, 2018, an additional 10 BlockBoxes were added in Drumheller for an aggregate power capacity of 18.7 MW, representing 128 PH/s. Despite the ramp-up period, in Q1 2018 Hut 8 was able to mine a total of 828 Bitcoin. As of May 24, 2018, Hut 8 has mined in excess of 1,300 Bitcoin which we continue to hold.”

“We are excited that our data center build-out in the City of Medicine Hat is well underway.  We estimate that full-scale production will commence by September 2018. The City of Medicine Hat site will consist of an additional 40 BlockBoxes. Once operational, Hut 8 will own 57 BlockBoxes, representing a 335% increase from current mining capacity, securing our position as one of the largest publicly traded Bitcoin miners in the world, with a total of 66.7 MW of power capacity and 448 PH/s. With this increase in BlockBoxes from 17 to 57, we expect that our daily mining production will increase significantly. We believe our City of Medicine Hat Facility will represent operational excellence and set a new global benchmark for industrial scale cryptocurrency mining operations,” added Kiguel.

Manufactured by the Bitfury Group, the BlockBoxes are regarded as one of the most powerful and cost-effective Bitcoin mining solutions available on the market. The BlockBoxes are based on cutting-edge hardware and software and are fully configurable and upgradeable to the next generation of silicon technology. The efficient design and low operating cost of the BlockBoxes makes Bitcoin mining more productive and affordable. As previously disclosed, Hut 8 has obtained an exclusive right to all Bitfury Group hardware and software solutions, including the BlockBoxes, for cryptocurrency mining within North America.

Click here to read the full press release.