Hut 8 Corporation (HUT)

[BartDaddy]

Management and Operations
2 days ago

Toronto, Ontario--(Newsfile Corp. - August 4, 2020) - Hut 8 Mining Corp. (TSX: HUT) (OTCQX: HUTMF) ("Hut 8" or "theCompany"), one of the world's largest public cryptocurrency mining companies by operating capacity and market capitalization, announces that the management of the Medicine Hat facility operations have been transferred from the Bitfury Group ("Bitfury") to Hut 8 effective August 1, 2020. Previously, Hut 8 outsourced the operations and maintenance at the Medicine Hat facility to Bitfury with significant oversight from Hut 8. Now, Hut 8 has brought this in-house to reduce costs and streamline operations. This includes employing 12 site staff in Medicine Hat and managing all aspects of the site operations. Bitfury will continue to provide support with mining management software and IT assistance. This transfer allows Hut 8 more control over its operations and will allow for savings of over $500,000 per year.

"This transfer of the management of site operations will allow Hut 8 to work more directly with site staff to streamline operations and lower costs to continue our focus on being a low cost bitcoin miner," said Jimmy Vaiopoulos, Interim Chief Executive Officer of Hut 8. "This will save us upwards of $500,000 per year and I strongly believe this will benefit Hut 8, Bitfury, and our site staff."