Construction at Medicine Hat Cryptocurrency Mining Facility Is Fully Underway

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Construction at Medication Hat Cryptocurrency Mining Facility Is Absolutely Underway

Hut 8 Mining (TSXV:HUT), a cryptocurrency mining and blockchain infrastructure organization proven through an exceptional arrangement with the world’s leading total-service blockchain technology organization, the Bitfury Group, announced that development is fully-underway and swiftly advancing at its most recent cryptocurrency mining facility (Medication Hat Facility) near the Town of Medication Hat’s Unit 16 ability plant. The Drugs Hat Facility is becoming designed more to the previously introduced definitive agreements entered into amongst Hut 8 and the Town of Medicine Hat (CMH) for the offer by CMH of 42 MW of electric electricity and a extended-phrase land lease.

Collectively with the Company’s existing 18.7 MW functioning facility in Drumheller, Alberta, Hut 8 will have an combination electric power capacity of approximately 60.7 MW by September 2018 to services a full of 57 totally-funded BlockBox Data Facilities.

“We are subsequent by means of on our assure to shareholders to produce internet site construction and electrification on time and within spending budget,” mentioned Andrew Kiguel, President and Chief Executive Officer of Hut 8. “Through our exclusive arrangement with Bitfury, we have obtain to the devices, chips and working experience required to mine Bitcoin on an industrial scale and to promptly expand our current market share.”

Significance of Processing Electric power

Cryptocurrency mining is a method by which “network nodes” (i.e. cryptocurrency miners) use computing electricity to address sophisticated cryptographic difficulties in purchase to validate new “blocks” (in essence a assortment of transactions) which are appended to the blockchain. Frequently speaking, miners with access to larger processing electric power are capable to clear up a lot more difficulties and acquire more cryptocurrency.

The development of the Drugs Hat Facility will raise Hut 8’s processing ability (by the addition of 40 BlockBox Details Centers) and additional than triple the Company’s recent electricity capacity (from 18.7 MW to 60.7 MW). These things are expected to lead to an boost in the range of cryptocurrency which are effectively mined by Hut 8.

Because commencing functions in December 2017, Hut 8 has mined extra than 1,200 Bitcoin as a result of 17 BlockBox Facts Centers and 18.7 MW of electric power capability.

Design Update

Hut 8 commenced site construction at the Drugs Hat Facility on March 10, 2018. Construction of the interconnection facility, which will provide ability from CMH’s Unit 16 electric power plant and the adjoining energy substation, is underway. The underground conduit for cables and fiber optics traces is just about 90% finish and fencing is almost 60% finish. Cable pulling is readied for graduation (on a staged basis). Screw piles are also nearing completion, with additional than 550 these kinds of screw piles selected as foundations for the BlockBox Information Facilities, transformers, change equipment and other similar infrastructure. Hut 8 has completed the installation on web page of two BlockBox Details Facilities, 10 transformers and 3 change boxes. Last grading and placement of ending material on an accessibility street and parking whole lot spot is nearing completion in planning for the scheduled supply in mid-May 2018 of Hut 8’s pre-fabricated web-site properties, including the handle center, administration facilities, an electronics store and sure other IT infrastructure.

The BlockBox Data Facilities are scheduled to be delivered and site set up on a weekly basis around the following number of months, with staged server installation to start in mid-May 2018. Electrification of the Medication Hat Facility is qualified for June 1, 2018, with 16 BlockBox Details Centers on track to become operational by June 2018. The remaining 24 BlockBox Data Facilities are predicted to come to be thoroughly-operational by Q3 2018. Construction exercise, which is envisioned to peak at about 100 staff on web-site, is on monitor to be done by Q3 2018.

Hut 8 and the Town of Medicine Hat

Hut 8’s collaboration with CMH on energy offer (such as the interconnection facility) and the land lease continues to provide as a sturdy economic stimulator for the location, which include by the aforementioned design functions by Hut 8, which will be close to C$100 million (all thoroughly-funded) and the put up-building procedure of the Medication Hat Facility, which is predicted to catch the attention of a total of 42 direct roles, 20 of which have been stuffed to day. Teaching has been arranged for these types of on-boarded workers, which will get location at the Drumheller Facility.

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