The idea of the blockchain was first introduced in the year 2008 when it was invented for public monetary transactions. At the time, people were unaware of its possibilities, and now it is blooming. Blockchain has given recognition to digital assets and how can it be financed in order to create more reliable, secure, and third-entity involvement. This has ignited the spark for the new industrial revolution that can disrupt the customary ways of finance. And, Hut 8 Mining Corp. is all about transforming the world.
As blockchain technologies optimize how data is shared, they allow for more efficient data sharing without permission requirements, but with an auditable trail. In the case of digital assets, this means it is easy to track the transaction path, including the use of timestamps making the currency immutable and decentralized, it cannot be faked, diluted, or lost. Enter Hut 8. The company is uniquely equipped to handle this as they are the ‘Minters’ of the digital currency. It is an innovative digital asset producer, driving responsible mining in a way that creates sustainable and enduring value for its shareholders, stakeholders, and most importantly for the environment. It's understanding of the value of the digital currency and high-performance computing that pioneers the next frontier, and revolutionizing the future of finance through digital assets. The company comprehends the significance of blockchain that it has the potential to and has already started revolutionizing the way we think about the exchange of value as a society, along with many other transformational applications.
“We have a diversified business model that offers investors three lines of business in one crypto trade designed to bring in revenue regardless of the volatility associated with the bitcoin market”
Tackling world- changing ideas
Hut 8 traces its roots to 2017. Backed with breakthrough technology, and under the guidance of Jaime Leverton, CEO it has reached the utmost stature that the company deserves. “As one of North America’s oldest, largest and innovation-focused digital asset miners, Hut 8 is ranked #1 globally in held, self-mined Bitcoin among crypto miners and publicly traded companies and has one of the highest installed capacity rates in the industry,” says Jaime.
The company is—as they call themselves— “we are miners”, and manufacturers of digital currencies within the decentralized blockchain ecosystem. It is one of the most innovative digital asset miners in the world. “We have a diversified business model that offers investors three lines of business in one crypto trade designed to bring in revenue regardless of the volatility associated with the bitcoin market,” says Jaime. Though Hut 8 is four years young, it has quickly become an accomplished staple of the blockchain world and stands proudly as one of the oldest and largest digital asset mining pioneers in North America. Later achieving the milestone of becoming the first of its kind in Canada to be listed on the Toronto Stock Exchange. It has extended its reach from offices in Canada’s biggest city, Toronto, to the smaller Western Canadian locales Medicine Hat and Drumheller. “And in June 2021, the company officially began trading on the NASDAQ,” highlights Jaime.
Hut 8 firmly believes in decentralized systems, open access, and financial inclusion. Under this banner, they are helping to define the digital asset revolution to create value and positive impacts for generations to come with smart integration of innovation, imagination, and passion. “One of the key focus of our innovation has been advancing Hut 8’s ESG,” says Jaime. “Two recent examples are our Power Purchase Agreement with Validus Power.” It’s the largest power agreement happening in North America right now that will enable Hut 8 to initially secure up to 100MW of new power from the project on a physical off-take basis at highly competitive pricing. A portion of the energy production for the project will be generated from captured waste gas and converted to electricity by leveraging cutting-edge mobile power plant solutions to be provided by Validus Power Corp., which will support and advance Hut 8's long-term ESG objectives.
Moreover, Jaime states that ‘The Bitcoin Mining Council’ is another commitment that has allowed the company to showcase how innovative Hut 8 and its business model are. This allowed the company to make tangible commitments to sustainable practices and strengthen its position as an industry leader while collaborating with its peers to shape the relationship between digital asset miners and the environment; “which we see as a primary stakeholder in the blockchain industry,” says Jaime.
Along with the innovation, Hut 8 gives equal importance in maintaining an adequate corporate culture that apparently values diversity and transparency. In merely a few short years, it has established a 50 percent female leadership team and a culturally diverse board. He says, “The nature of our industry requires an openness that we value.” As quoted by Jaime, “Transparency is key”—he and his team work hard to build that trust with its investors and shareholders. He continues, “Diversity and Transparency are two values that we weave into every aspect of our business strategy.”
Driving disruptive innovations
Covid-19 had a devastating impact on so many businesses around the world. Hut 8 too was not immune to some of those negative consequences of lockdowns and health protocols. But the pandemic increased the focus on digital money. That sparked greater adoption of digital transactions and thus an increased interest in cryptocurrency is witnessed as a game-changer in an increasingly digital world. It is still largely accepted that this industry stands for future-forward thinking and inclusion. And Hut 8 is at the frontier of a technology that can address some of the biggest issues in the world like financial accessibility, economic growth in geographical regions where the economy is struggling, and powering innovative solutions like utilizing waste gases.
At Hut 8, as Jaime emphasizes, everyone hopes to continue to be not only an innovative digital asset miner but a great Canadian technology innovator. As mentioned before, the company drives responsible mining in a way that creates sustainable and enduring value for its shareholders, stakeholders also for the environment; and plans to continue to do so in the future.
Moreover, as stewards of powerful, industry-leading solutions, and drivers of innovation in digital asset mining and high-performance computing, the company applies a growth mindset to revenue diversification, ESG, and carbon footprint reduction strategy. The Hut 8 leadership team is continually looking for ways to accelerate innovation in high-performance computing, and the blockchain ecosystem. “And it’s working,” says Jaime. This year, Hut 8 has remarkably ranked 11th out of 10,000 on the 2021 OTCQX Best 50 and shows promise of more contribution to the evolution of this industry. To conclude, Jaime quotes, “Through a mixture of innovation, imagination, and passion, we will continue defining the crypto revolution and creating value for generations to come.”