TORONTO, April 19, 2021 /CNW/ - Hut 8 Mining Corp. (TSX:
HUT) ("Hut 8" or the "Company"), one of North America's oldest, largest bitcoin mining
pioneers announced today that it has entered into a power purchase
agreement (the "PPA") with Validus Power Corp. to support
Hut 8's Alberta operations. The
PPA represents the latest development in the strategic partnership
between Hut 8 and Validus Power Corp. that was first announced on
February 22, 2021.
This power agreement will enable Hut 8 to initially secure up to
100MW of new power from the project on a physical off-take basis at
highly competitive pricing. The agreement includes significant
optionality to expand Hut 8 Mining operations if the Company
decides to scale beyond the first 100MW. The anticipated commercial
operation launch date of an initial 35MW is early Q4, 2021.
A portion of the energy production for the project will be
generated from captured waste gas and converted to electricity by
leveraging cutting-edge mobile power plant solutions to be provided
by Validus Power Corp., which will support and advance Hut 8's
long-term ESG objectives.
"We are thrilled to have the opportunity to announce this
cutting-edge power expansion project. This project is key to Hut
8's Mining strategy of being a leader in procuring cost effective
power and advancing innovative mining practices," said Jaime
Leverton CEO of Hut 8 Mining
"This agreement represents a commitment to growth and
sustainability in the Bitcoin mining space," said Todd Shortt, President and CEO of Validus
Power. "We are seeing the convergence of bitcoin adoption and
energy grow at a rapid pace which is creating demand for power that
is generated efficiently, delivered faster, and with the
environment as a priority. Our commitment to innovation and
efficiency, enables us to provide highly scalable and competitively
priced power. We couldn't be more pleased to make this
announcement with such a bold industry leader and we look forward
to growing our relationship with Hut 8".
The PPA is contingent on Validus Power Corp. obtaining land
rights and gas supply at a site in central Alberta as required to deliver up to 100MW of
capacity to Hut 8's Alberta
operations, and is subject to successful permitting and regulatory
approvals in connection with the project.
Forward-Looking Information
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 Hut 8's Annual
Information Form dated March 25,
2021, which is available at www.sedar.com. 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.
About Hut 8:
Hut 8 is one of North America's
oldest, largest and most innovative bitcoin miners. Hut 8 has one
of the highest installed capacity rates in the industry and is #1
globally in held, self-mined Bitcoin of any crypto miner or
publicly traded company. Recently ranked 11th (of 10,000) on the
2021 OTCQX® Best 50, the Hut 8 leadership team is continually
looking for ways to accelerate innovation in high performance
computing, and the blockchain ecosystem. We are stewards of
powerful, industry-leading solutions, and drivers of innovation in
digital asset mining and high performance computing. – Hut 8
applies a growth mindset to our revenue diversification, ESG and
carbon footprint reduction strategy. We are a company committed to
growing shareholder value regardless of #BTC market direction.
#HodltheHut
SOURCE Hut 8 Mining Corp.