Benzinga | Oct 25, 2021 11:05AM EDT

Hut 8 Mining Saturday Afternoon Announced Development Of Its Third Crypto Mining Site Is Underway

Hut 8 Mining Corp. (NASDAQ:HUT) (TSX:HUT) ("Hut 8? or "the Company"), one of North America's largest, innovation-focused digital asset mining pioneers, is pleased to announce that the development of its third mining site, in conjunction with Validus Power Corp. ("Validus"), is underway.



This site, located in North Bay, Ontario, will begin with 35MW of capacity and is expected to be online by the end of 2021. The North Bay site will enable Hut 8 to generate power using a blend of by-product steam, hydrogen and natural gas along with a secondary geothermal system that ties in the data centre facility.

"We couldn't be more excited to diversify our power blend across the country and to continue to take advantage of Canada's favourable climate," said Jaime Leverton, CEO of Hut 8. "This third location demonstrates our commitment to sustainable technological innovation as we continue to expand our operations and strive to remain an industry leading Bitcoin miner."

Earlier this year the Company reported it would be developing a third site in Alberta, Canada. Supply chain constraints and COVID disruptions in Alberta challenged the development timelines and therefore a strategic decision has been made to accelerate the development of the third site at a Validus-owned location in North Bay, Ontario.

"We've been working very closely with Hut 8 to advance our collective clean energy strategies and power efficiency," commented Todd Shortt, President and CEO of Validus Power. "This is a unique combination of power and data centre operations. We are thrilled to launch this site in Northern Ontario."