MIAMI, July 9, 2024 (GLOBE NEWSWIRE) — Hut 8 Corp. (Nasdaq | TSX: HUT) (“Hut 8” or the “Company”), a leading vertically incorporated operator of large-scale force infrastructure and one of the largest Bitcoin miners in North America announced today that they have entered into a forced acquisition agreement (“PPA”) and other definitive agreements for a site in West Texas with exclusive access to 205 megawatts of force capacity and land available without delay. first transaction to exclusively convert the previously announced 1,100-megawatt power capacity progressive pipeline through Hut 8.
The PPA and site, adjacent to a wind farm and connected to the ERCOT grid, give Hut 8 access to some of the lowest localized wholesale electric power costs in North America. The site has an existing operational substation, and engineering, procurement, and structural efforts are underway for a new knowledge center. The site is well-positioned for a variety of high-density computing applications, adding Bitcoin mining and artificial intelligence. Hut 8 finalizes a marketing plan for the site in order to maximize its value.
“This transaction exemplifies Hut 8’s differentiated strategy to secure new energy capacity through mutually beneficial partnerships,” Genoot said. “We continue to identify opportunities to work hand in hand with energy partners to expand customized structures that generate excessive prices for each party. “Involved. This partnership-based technique sets us apart as we continue to build progression partnerships along the energy price chain.
Once closed, subject to standard conditions, the transaction is expected to expand Hut 8’s power infrastructure platform to approximately 1. 3 gigawatts of owned and controlled capacity for self-mining, hosting, controlled utilities, high-performance computing and power generation.
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Cautionary Note Regarding Forward-Looking Information
This press release includes “forward-looking data” and “forward-looking statements” within the meaning of Canadian securities law and U. S. securities law, respectively (collectively, “forward-looking data”). All data, except statements of old facts, included in this press release addressing activities, occasions or progressions that Hut 8 expects or anticipates will happen or possibly happen in the long term, adding elements such as long-term business strategy, competitive strengths, objectives, expansion. and business growth, operations, plans, and other similar topics are forward-looking data. Forward-looking data is known by the words “possibly,” “could,” “could,” “should,” “will,” “intends,” “plan,” “anticipate,” “allow,” “believe,” “estimate,” “expect,” “predict,” “possibly,” “could,” “potential,” “predict,” “is designed to,” “likely” or similar expressions. Specifically such forward-looking data included statements relating to the completion of the transaction, the site’s ability to support a variety of high-density computing applications, the site’s commercialization plan and the status quo of progression partnerships along the entire energy price chain.
Statements containing forward-looking information are not past facts, but rather constitute management’s expectations, estimates and projections relating to long-term events based on certain details and assumptions at the time they were made. Although considered moderated up to Hut 8 as of the date of this press release, such advertisements are subject to threats, uncertainties, assumptions and other known and unknown points that could cause real results, activity points, real functionalities or achievements. other than those of Hut 8. those expressed or implied through such forward-looking data, including, but not limited to, security and cybersecurity threats and attacks; malicious actors or a botnet that gains control of the processing power on the Bitcoin network; further progression and acceptance of the Bitcoin network; Bitcoin mining difficulty adjustments; loss or destruction of personal keys; accumulation of fees for recording transactions on Blockchain; erroneous transactions; the use of a limited number of key employees; the use of third-party mining pool service providers; regulatory adjustments; classification and tax adjustments; threat of dynamic pricing; fraud and failure similar to virtual asset trading; difficulty downloading banking facilities and financing; difficulty downloading insurance, permits and licenses; Internet and power outages; geopolitical occasions; insecurity in the progression of cryptographic and algorithmic protocols; insecurity related to the widespread acceptance or use of virtual assets; inability to anticipate technological innovations; the COVID19 pandemic, climate change; replacement threat; threat of loan and recovery of possible losses; threat of litigation; threat of business integration; adjustments in market demand; network and infrastructure adjustments; formula interruption; adjustments to rental terms; failure to achieve expected benefits from compulsory acquisition agreements; possibility of interruption or suspension of the delivery of power to mining sites and other relevant threats with the mining of virtual assets and the activity of knowledge centers. For a complete list of items that may also have an effect on Hut 8, see the “Risk Factors” segment of Hut 8’s Transition Report on Form 10-K, which can be obtained on the company’s EDGAR profile at www. sec. gov. and other Hut continuous reporting disclosure documents found on the Company’s SEDAR+ profile at www. sedarplus. ca and EDGAR profile at www. sec. gov.
Hut Corp. Sue Ennissue@hut. com Investor Relations