Hut 8 Mining

Hut 8 Mining is a publicly-traded cryptocurrency mining company that owns a wide range of crypto mining data centers that utilize fixed-rates electricity contracts with the intention of mining the Bitcoin (BTC) cryptocurrency token. The company is based in Toronto, Ontario and was founded in October 2017 by Marc van der Chijs.

Hut 8 Mining's business model focuses on the electricity and data centers needing to be less than the revenue that is received from the Bitcoin (BTC) tokens that are mined.

Hut 8 Mining is a company that tackles mining and is responsible for the process of managing market volatility. The company has multiple data mining centers and leverages proprietary hardware and software. They have established a computing infrastructure that hosts their partner’s cryptocurrency mining requirements.

They have 109 MW of existing power capacity. Hut 8 has 94 open-air "BlockBoxes" with 1.2 to 2 MW of power each and 4.5 E/H PH/s in total contracted hashrate for BTC mining. They also provide 209 in total contracted power capacity, with 5,242 Total Self-Mined Bitcoin Held Revenue Stock (last updated on November 30, 2021, according to the official website).

They also have a 1,600 GH/s Total Contracted Hashrate for Ethereum Mining (for Q4 2021) as well as three business and revenue lines in one price.

Hut 8 has two data mining centers located in Alberta and Canada, and these allow them to harness the power of the diverse energy sources there. Hut 8 Mining operations occur alongside freezing cold temperatures and high winds. Hut 8 is independently audited by Raymond Chabot Grant Thornton LLP, and Hut 8’s legal counsel is provided by Tanya Woods.

The name, Hut 8, is inspired by the name of the building at Bletchley Park, where Alan Turing created the Bombe, a machine that could quickly crack the Enigma code and intercept enemy communications during World War II.

In October of 2017, Hut 8 Mining Corp was formed, and in March of 2017, they signed an electricity supply agreement and committed $100 million in construction to Medicine Hat. In May of 2018, they began trading on OTCQX Best Market, and in July, they completed the construction of the Medicine Hat Facility, which became fully operational. In July of 2019, Hut 8 recorded a quarterly amount of Bitcoin mined of 2,816 for Q2 of 2019. In October of 2019, they began trading on the Toronto Stock Exchange.

In October of 2019, Hut 8 changed custodian to BitGo, and in August of 2020, they brought site operations and management in-house. Then in November of 2020, Hut 8 appointed Jamie Leverton as their CEO. Throughout 2021, the company became one of the largest Bitcoin miners on a global scale with one of the highest installed capacities in North America. Then in April of 2021, they finalized a key power purchase agreement with Validus Power Corp. In May of 2021, they expanded their mining capacity with a $30 million USD purchase of NVIDIA CPMs, and in June of 2021, they gained approval to list on the NASDAQ.

The Hut 8 Mining team includes the following people:

• Jaime Leverton - Chief Executive Officer
• Shane Downey - Chief Financial Officer
• Tanya Woods - General Counsel and Corporate Secretary, EVP Regulatory Affairs
• Sue Ennis - Head of Investor Relations and Corporate Development
• Ronnie Yu - Head of Sustainability
• James Cresswell - Head of Site Operations
• Jason Zaluski - Head of Technology
• Melina Neron - Human Resources