As part of its commitment to shareholders repayment to
The Genesis loan allowed the company to hold a larger bitcoin balance by using its bitcoin as collateral for a loan. This strategy has provided significant benefit to Hut 8 as the price of bitcoin has increased far more than the interest on the loan of 8% per annum.
Hut 8 plans to repay the Genesis loan in full in mid-February, 2021 as a one month repayment notice was required, which will provide a financial benefit of
"Paying the Genesis loan is a major step in improving Hut 8's balance sheet and cash flow by turning
"I am proud of Hut 8's strategic and economic approach to refinancing prior debt and am pleased to be announcing our plans for a bullet repayment in February of this year." said
To realize the full potential of Hut 8 in the current market and beyond, the company has steadily been building momentum with proactive steps to strengthen its fleet and equipment management as well as new strategic hires including
About Hut 8: Hut 8 is a bitcoin mining company with industrial scale operations in
The Company's common shares are listed under the symbol "HUT" on the TSX and as "HUTMF" on the OTCQX Exchange.
Key investment highlights and FAQ's: https://www.hut8mining.com/investors.
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FORWARD-LOOKING STATEMENTS
Certain information in this press release constitutes forward-looking information. In some cases, but not necessarily in all cases, forward-looking information can be identified by the use of forward-looking terminology, such as "plans", "targets", "expects" or "does not expect", "is expected", "estimates", "intends", "assumes", "anticipates" or "does not anticipate" or "believes", or variations of such words and phrases, or state that certain actions, events or results "may", "could", "would", "might", "will" or "will be taken", "occur" or "be achieved". In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances contain forward-looking information. Statements containing forward-looking information are not historical facts, but instead represent management's expectations, estimates and projections regarding future events.
Forward-looking information is necessarily based on a number of opinions, assumptions and estimates that, while considered reasonable by Hut 8 as of the date of this press release, are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information, including but not limited to the factors described in greater detail in the "Risk Factors" section of the Filing Statement dated
Neither the TSX nor its Regulation Services Provider (as that term is defined in the policies of the TSX) accepts responsibility for the adequacy or accuracy of this release.
SOURCE
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