TORONTO, Nov. 20, 2023 (GLOBE NEWSWIRE) — Hut 8 Mining Corp. (NASDAQ | TSX: HUT) (“Cottage 8” Or “company”), one of North America’s largest, innovation-focused digital asset mining pioneers and high-performance computing infrastructure providers, has partnered with Sparta Group, founded by their e-waste division, ERS International, with the goal of achieving carbon neutrality by 2025. Has partnered with the carbon credit program of. In 2023, Hut 8 has collected approximately 369 metric tons of electronic waste in the program, generating 7,500 metric tons of carbon dioxide equivalent of sequestered carbon credits.
Under the recycling program, the first of its kind in Canada, for every metric tonne of carbon dioxide removed from the landfill, a carbon credit is generated, after accounting for shipping and processing costs. Carbon credits are verified by AET Group, who have been verifiers with BGIS and Brookfield.
Efforts around this initiative are ongoing, as Hut 8 staff recently completed a 3-week blitz, during which approximately 813,425 pounds (or 369 metric tons) of e-waste – including obsolete ASIC miners, hash-boards, electrical Supply Units (PSUs). , cables and other components were collected, classified and loaded for shipping at ERS facilities. Once with ERS, the materials are either sold to a third party for re-use or recycled appropriately – no materials are sent to landfill.
Hut 8 is set to generate 7,500 carbon credits by the end of 2023, a 44% increase from the 5,200 generated in 2022. All carbon credits generated in 2023 will be verified and realized by the second quarter of 2024.
“We are committed to finding innovative ways to reduce our carbon footprint, and this program has proven extremely effective in that regard,” said Arnold Lee, director of ESG at Hut 8. Credits on CSA Group registries, but our e-waste continues to be recycled and processed responsibly, at the same time we remove CO2 from our atmosphere.
“We are very proud of the significant progress made at ERS through the e-Carbon programme,” said Joseph Cimorelli, Director of Global Business Development at ERS International. Our collaboration with Hut 8 stands as a testament to the success of the programme. The lasting impact is resonating not just within the mining sector, but across entire industries. The team at Hut 8 and their commitment to creating environmentally impactful alternatives with their ingredients has set an admirable standard for the industry. We look forward to an ongoing partnership dedicated to responsibly addressing e-commerce. The challenges of waste inherent in such a huge industry.
About Hut 8
Through innovation, imagination and passion, Hut 8’s experienced executive team is passionate about building and operating the computing infrastructure that powers Bitcoin mining, traditional data centers, and emerging technologies like AI and machine learning. Hut 8’s infrastructure portfolio consists of seven sites: five high performance computing data centers in British Columbia and Ontario that provide cloud, co-location, managed services, AI, machine learning and VFX rendering computing solutions, and southern Alberta. There are two Bitcoin mining sites located in. , Long revered for its unique treasury strategy, Hut 8 has one of the largest inventories of self-mined Bitcoin of any publicly traded company globally. For more information, visit www.hut8.com and follow us on Instagram (formerly known as Twitter) @Hut8Mining.
Cautionary Note Regarding Forward-Looking Information
This press release contains “forward-looking information” and “forward-looking statements” within the meaning of Canadian securities laws and United States securities laws, respectively (collectively, “forward-looking information”). This press release contains all information, other than statements of historical fact, that addresses activities, events or developments that the Company expects or expects to occur or may occur in the future, including future business strategy, competitive strengths, Things like target, scope etc are included. and the growth of the Company’s businesses, operations, plans and other such matters are forward-looking information. Forward-looking information is often identified by the words “may”, “will”, “could”, “should”, “will”, “intend”, “plan”, “estimate”, “will”, “believe”, ” goes. “Estimates”, “expects”, “predicts”, “could”, “may”, “potential”, “predicts”, “designed for”, “likely” or similar expressions. In addition, any statements in this press release that refer to expectations, projections or other characterizations of future events or circumstances constitute forward-looking information and include statements regarding the Company’s plans, goals, objectives, commitments and strategies going forward. Contains statements. Its environmental, social and governance objectives, what steps the company plans to take to meet those objectives, the company’s strategy for ESG alignment, and plans to expand on any ESG practices, the company’s goal of carbon neutrality by 2025 the target to be achieved, the number of carbon credits the company will receive, and the timing thereof, and any other details that are not historical facts.
Statements containing forward-looking information are not historical facts, but rather represent management’s expectations, estimates and projections about future events based on certain material factors and assumptions at the time the statements are made. While considered reasonable by Hut 8 as of the date of this press release, such statements are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause actual results, levels of activity, performance or achievements to differ materially. Are. Express or implied by such forward-looking information, including, but not limited to, security and cybersecurity threats and hacks, malicious actors or botnets gaining control of the processing power on the Bitcoin network, further development and acceptance of the Bitcoin network, changes in Bitcoin Are not. Difficulty in mining, loss or destruction of private keys, increasing fees for recording transactions in the blockchain, erroneous transactions, reliance on a limited number of key employees, reliance on third-party mining pool service providers, regulatory changes, classification and taxes changes, speed pricing risks, fraud and failure related to digital asset exchanges, difficulty obtaining banking services and financing, difficulty obtaining insurance, permits and licenses, Internet and power disruptions, geopolitical events, development of cryptographic and algorithmic protocols. Uncertainty, including uncertainty about the acceptance or widespread use of digital assets, failure to anticipate technology innovations, the COVID19 pandemic, climate change, currency risk, credit risk and recovery of potential losses, litigation risk, business integration risk, market demand alterations, changes in networks and infrastructure, system interruptions, changes in lease arrangements, failure to achieve the intended benefits of power purchase agreements, the possibility of disruption of energy supplies or suspension of deliveries at the Company’s mining sites, and digital assets. and other risks related to the data center business. For a complete list of factors affecting the Company, please refer to the “Risk Factors” section of the Company’s Annual Information Form dated March 9, 2023 and Hut 8’s other continuous disclosure documents which are available on the Company’s profile on the System. for electronic document analysis and retrieval at www.sedar.com and on the EDGAR section of the U.S. Securities and Exchange Commission’s website at www.sec.gov.
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