Hut 8 Mining (HUT) 40-F 17 Mar 22 2021 FY Annual report (Canada) Financial data

Document and Entity Information

Document and Entity Information	12 Months Ended
	Dec. 31, 2021shares
Entity Addresses [Line Items]
Document Type	40-F
Amendment Flag	false
Document Registration Statement	false
Document Annual Report	true
Document Period End Date	Dec. 31, 2021
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	FY
Entity File Number	001-40487
Entity Registrant Name	HUT 8 MINING CORP.
Entity Central Index Key	0001731805
Entity Incorporation, State or Country Code	A1
Entity Primary SIC Number	7374
Entity Address, Address Line One	130 King Street West, Suite 1800
Entity Address, City or Town	Toronto
Entity Address, State or Province	ON
Entity Address, Country	CA
Entity Address, Postal Zip Code	M5X 1E3
City Area Code	647
Local Phone Number	256-1992
Title of 12(b) Security	Common Shares, no par value
Trading Symbol	HUT
Security Exchange Name	NASDAQ
Annual Information Form	true
Audited Annual Financial Statements	true
Entity Common Stock, Shares Outstanding	169,590,061
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
ICFR Auditor Attestation Flag	false
Auditor Name	Raymond Chabot Grant Thornton S.E.N.C.R.L.
Auditor Location	Montréal, Canada
Auditor Firm ID	1232
Business Contact [Member]
Entity Addresses [Line Items]
Contact Personnel Name	Puglisi & Associates
Entity Address, Address Line One	850 Library Avenue, Suite 204
Entity Address, City or Town	Newark
Entity Address, State or Province	DE
Entity Address, Postal Zip Code	19711
City Area Code	302
Local Phone Number	738-6680

Consolidated Statements of Fina

Consolidated Statements of Financial Position - CAD ($)	Dec. 31, 2021	Dec. 31, 2020
Current assets
Cash	$ 140,126,642	$ 2,815,939
Accounts receivable and other	647,428	451,061
Digital assets	323,945,795	101,961,671
Deposits and prepaid expenses	3,359,359	92,014
Current assets	468,079,224	105,320,685
Non-current assets
Plant and equipment	96,126,406	32,522,602
Deposits	156,502,931	7,359,046
Total assets	720,708,561	145,202,333
Current liabilities
Accounts payable and accrued liabilities	9,569,370	3,890,512
Loans payable and other liabilities	16,494,463	25,756,942
Current liabilities	26,063,833	29,647,454
Non-current liabilities
Loans payable and other liabilities	24,200,015	0
Warrant liability	99,021,368	0
Deferred tax liability	5,456,114	0
Total liabilities	154,741,330	29,647,454
Shareholders' equity
Share capital	636,597,470	178,231,290
Number of shares to be issued	0	398,317
Warrants	2,163,073	2,559,484
Contributed surplus	11,925,834	4,233,917
Accumulated deficit	(188,259,503)	(115,549,069)
AOCI - Unrealized gain on digital asset revaluation	103,540,357	45,680,940
Total shareholder's equity	565,967,231	115,554,879
Total liabilities and shareholders' equity	$ 720,708,561	$ 145,202,333

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Income (Loss)	12 Months Ended
	Dec. 31, 2021CAD ($)$ / shares	Dec. 31, 2020CAD ($)$ / shares
Consolidated Statements of Operations and Comprehensive Income (Loss) [Abstract]
Revenue	$ 173,773,979	$ 40,710,527
Cost of revenue	(84,975,577)	(59,243,516)
Gross profit (loss)	88,798,402	(18,532,989)
General and administrative expenses	(40,264,849)	(5,134,415)
Gain on disposition of digital assets	182,213	2,815,342
Revaluation of digital assets	0	13,713,962
Operating income (loss)	48,715,766	(7,138,100)
Foreign exchange gain (loss)	(3,142,906)	408,832
Finance expense	(1,355,346)	(2,449,167)
Finance income	2,853,716	8,301
Loss on revaluation of warrant liability	(114,161,368)	0
Reversal of impairment	0	13,155,936
Other gain	0	5,645
Net (loss) income before tax	(67,090,138)	3,991,447
Deferred income tax (expense) recovery	(5,620,296)	15,048,707
Net (loss) income	(72,710,434)	19,040,154
Other comprehensive income
Revaluation gain on digital assets, net of taxes	57,859,417	45,680,940
Total comprehensive income (loss)	$ (14,851,017)	$ 64,721,094
Earnings (loss) per share:
Basic (in dollars per share) | (per share)	$ (0.54)	$ 0.20
Diluted (in dollars per share) | (per share)	$ (0.54)	$ 0.20

Consolidated Statement of Cash

Consolidated Statement of Cash Flows - CAD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Operating activities:
Net (loss) income	$ (72,710,434)	$ 19,040,154
Change in non-cash operating items:
Digital assets mined	(165,397,736)	(38,962,425)
Digital assets traded for cash	1,291,060	41,570,430
Depreciation	23,287,650	21,264,918
Gain on disposition of digital assets	(182,213)	(2,815,342)
Loss on revaluation of warrant liability	0	(13,713,962)
Net finance (income) expense and other	9,875,359	(284,434)
Loss on revaluation of warrant liability	114,161,368	0
Income tax (recovery) expense	5,620,296	(15,048,707)
Net finance (income) expense and other	(1,498,370)	2,440,866
Foreign exchange (loss) gain	3,142,906	(408,832)
Reversal of impairment	0	(13,155,936)
Cash flows from operations before changes in working capital	(82,410,114)	(73,270)
Net change in working capital (note 20)	2,168,616	1,252,547
Net cash (used in) provided by operating activities	(80,241,498)	1,179,277
Investing activities
Purchase of mining servers and infrastructure	(86,431,354)	(5,810,969)
Deposits	(148,635,586)	(1,329,640)
Net cash used in investing activities	(235,066,940)	(7,140,609)
Financing activities
Repayment of loan payable	(25,372,000)	(6,621,300)
Finance draws from equipment financing	56,396,955	6,615,500
Debt issuance cost	(1,426,010)	0
Repayment of equipment financing	(14,950,113)	0
Proceeds from issuance of common shares, net of issuance cost	390,894,999	7,494,622
Exercise of warrants and options	49,359,030	838,112
Finance income received	2,412,552	8,301
Finance expense paid	(1,348,513)	(2,379,939)
Payment of lease obligations	(126,193)	(24,406)
Net cash provided by financing activities	455,840,707	5,930,890
Increase (decrease) in cash	140,532,269	(30,442)
Cash, beginning of year	2,815,939	2,946,017
Effect of movement in exchange rates on cash held in foreign currencies	(3,221,566)	(99,636)
Cash, end of year	$ 140,126,642	$ 2,815,939

Consolidated Statement of Cas_2

Consolidated Statement of Cash Flows (Parenthetical) - CAD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Consolidated Statement of Cash Flows [Abstract]
Derecognition of broker warrants	$ 67,812	$ 1,367,901
Settlement of accounts payable with common shares	$ 398,317	$ 0

Consolidated Statement of Chang

Consolidated Statement of Changes in Shareholders' Equity - CAD ($)	Total	Share Capital [Member]	Shares to be Issued [Member]	Warrants [Member]	Contributed Surplus [Member]	Accumulated Deficit [Member]	Accumulated Other Comprehensive Income [Member]
Balance at beginning of period at Dec. 31, 2019	$ 42,701,757	$ 170,622,599	$ 0	$ 1,367,901	$ 5,300,480	$ (134,589,223)	$ 0
Balance at beginning of period (in shares) at Dec. 31, 2019		90,438,009
Changes in equity [abstract]
Net (loss) income	19,040,154	$ 0		0	0	19,040,154	0
Other comprehensive income	45,680,940	0		0	0	0	45,680,940
Shares issued for equity raises	7,494,623	$ 4,731,093		2,763,530	0	0	0
Shares issued for equity raises (in shares)		5,750,456
Shares issued on vesting/exercise of RSU	0	$ 1,804,260		0	(1,804,260)	0	0
Shares issued on vesting/exercise of RSU (in shares)		543,359
Shares issued on exercise of options	37,997	$ 69,176		0	(31,179)	0	0
Shares issued on exercise of options (in shares)		33,333
Shares issued on exercise of warrants	800,116	$ 1,004,162		(204,046)	0	0	0
Shares issued on exercise of warrants (in shares)		480,066
Expiry of broker warrants	0	$ 0		(1,367,901)	1,367,901	0	0
Share based payments	(284,434)	0		0	(284,434)	0	0
Share based payments tax withholding	(68,669)	0		0	(68,669)	0	0
Shares to be issued	398,317	0	398,317	0	0	0	0
Loss on retirement of Bitfury debt	(245,922)	0		0	(245,922)	0	0
Balance at ending of period at Dec. 31, 2020	$ 115,554,879	$ 178,231,290	398,317	2,559,484	4,233,917	(115,549,069)	45,680,940
Balance at ending of period (in shares) at Dec. 31, 2020	90,438,009	97,245,223
Changes in equity [abstract]
Net (loss) income	$ (72,710,434)	$ 0		0	0	(72,710,434)	0
Other comprehensive income	57,859,417	0		0	0	0	57,859,417
Shares issued for equity raises	319,715,982	$ 314,756,418		4,959,564	0	0	0
Shares issued for equity raises (in shares)		58,682,500
Shares issued on vesting/exercise of RSU	0	$ 990,284		0	(990,284)	0	0
Shares issued on vesting/exercise of RSU (in shares)		317,313
Shares issued on vesting of DSU	0	$ 48,270		0	(48,270)	0	0
Shares issued on vesting of DSU (in shares)		42,500
Shares issued on exercise of options	722,538	$ 1,206,682		0	(484,144)	0	0
Shares issued on exercise of options (in shares)		170,639
Shares issued on exercise of warrants	26,390,553	$ 31,678,716		(5,288,163)	0	0	0
Shares issued on exercise of warrants (in shares)		8,661,887
Shares issued on exercise of warrant liability	109,287,493	$ 109,287,493		0	0	0	0
Shares issued on exercise of warrant liability (in shares)		4,089,999
Shares issued on settlement of accounts payable	0	$ 398,317	(398,317)	0	0	0	0
Shares issued on settlement of accounts payable (in shares)		380,000
Expiry of broker warrants	0	$ 0		(67,812)	67,812	0	0
Share based payments	9,875,359	0		0	9,875,359	0	0
Share based payments tax withholding	(728,556)	0		0	(728,556)	0	0
Balance at ending of period at Dec. 31, 2021	$ 565,967,231	$ 636,597,470	$ 0	$ 2,163,073	$ 11,925,834	$ (188,259,503)	$ 103,540,357
Balance at ending of period (in shares) at Dec. 31, 2021	93,837,221	169,590,061

Nature of presentation

Nature of presentation	12 Months Ended
	Dec. 31, 2021
Nature of presentation [Abstract]
Nature of presentation	1. Nature of presentation: Hut 8 Mining Corp. was incorporated under the laws of the Province of British Columbia on June 9, 2011. The registered office of the Company is located at 745 Thurlow Street, Suite 2400, Vancouver, BC, Canada V6E 0C5 and the headquarters are located at 24 Duncan St., Suite 500, Toronto, ON, Canada, M5V 2B8. The Company’s common shares are listed under the symbol “HUT” on the Toronto Stock Exchange and The Nasdaq Global Select Market. Hut 8 Mining Corp. and its subsidiaries (the “Company”) are primarily in the business of the mining of digital assets – with an operational focus on utilizing specialized equipment to solve complex computational problems to validate transactions on different blockchains and receiving Bitcoin in return for successful services. Additionally, the Company provides infrastructure solutions related to hosting services to institutional clients, for which services the Company receives monthly fees.

Basis of presentation

Basis of presentation	12 Months Ended
	Dec. 31, 2021
Basis of presentation [Abstract]
Basis of presentation	2. Basis of presentation: (a) Statement of compliance These consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”) and Interpretations issued by the International Financial Reporting Standards Interpretations Committee. These consolidated financial statements were approved and authorized for issuance by the Board of Directors on March 16, 2022. (b) Application of IFRS IFRS does not currently provide specific guidance to address many aspects of the digital asset industry. The Company is required to make judgments as to the (c) Basis of presentation These consolidated financial statements have been prepared on a historical cost basis except for some financial instruments that have been measured at fair value. All amounts are presented in Canadian Dollars (“CAD”), unless otherwise stated. Certain comparative figures have been reclassified where necessary to conform with current year presentation. (d) Consolidation These consolidated financial statements include the assets, liabilities, revenues and expenses of the Company and all entities in which the Company has a controlling interest. Subsidiaries are entities that the Company controls either when it is exposed, or has rights, to variable returns from its involvement with the entities and has the ability to affect those returns through its power over the entities. The significant operating subsidiary of the Company included in the consolidated financial statements is as follows: % Ownership Hut 8 Holdings Inc. 100% All intercompany transactions, balances, income and expenses are eliminated on consolidation. (e) Functional and presentation currency Items included in the consolidated financial statements of the Company and its wholly owned subsidiaries are measured using the currency of the primary economic environment in which the (f) Use of estimates and judgements The preparation of the Company’s consolidated financial statements requires management to make judgments, estimates and assumptions that affect the reported amounts. Uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of the asset or liability affected in future periods. Actual results may differ from those estimates. The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next fiscal year are described below. The Company based its assumptions and estimates on parameters available when the financial statements were prepared. Existing circumstances and assumptions about future developments, however, may change due to market changes or circumstances arising beyond the control of the Company. Estimates and underlying assumptions are reviewed by management on an ongoing basis, and revisions to accounting estimates are recognized in the period giving rise to the change. The future impact of uncertainties around the outbreak of the novel coronavirus (“COVID-19”) pandemic could generate, in future reporting periods, a significant risk of material adjustment to the reported amounts of assets, liabilities, revenue and expenses in the consolidated financial statements. Examples of accounting estimates and judgments that may be impacted by the pandemic include: revenue recognition, allowance for expected credit losses and deferred taxes. The following are the significant judgement, estimates and assumptions that have been made in applying the Company’s accounting policies that have the most significant effect on the amounts in the consolidated financial statements: (a) Taxes Uncertainties exist with respect to the interpretation of complex tax regulations, changes in tax laws, and the amount and timing of future taxable income. The Company’s liability for unrecognized tax benefits requires the use of assumptions and significant judgment to estimate the exposures associated with the Company’s filing position. Although the Company believes that the judgments and estimates made are reasonable, actual results could differ and resulting adjustments could materially affect effective income tax rate and income tax provision. Any changes, based on additional available information, are accounted for prospectively as a change in accounting estimate. (b) Impairment of non-financial assets Impairment exists when the carrying value of an asset exceeds its recoverable amount, which is the higher of its fair value less costs to sell and its value in use. These calculations are based on available data, other observable inputs and projections of cash flows, all of which are subject to estimates and assumptions. Recoverable amounts are also sensitive to assumptions about the future usefulness of in-process development and the related marketing rights. (c) Revenue recognition and value of digital assets There is currently no specific definitive guidance in IFRS or alternative accounting frameworks for the accounting for the mining of digital assets and subsequent measurement of the digital assets held. Management has exercised significant judgment in determining appropriate accounting treatment. Management has determined that revenues should be recognized as the fair value of digital assets received in exchange for mining services on the date that digital assets are received and subsequently measured as an intangible asset. In the event authoritative guidance is enacted by the IASB, the Company may be required to change its policies which could result in a change in the Company’s financial position and earnings. Management has exercised significant judgement in determining the completion stage for this revenue stream and examined various factors surrounding the substance of the Company’s operations and determined the stage of completion being the completion and addition of a block to blockchain. (d) Warrant liability The Company uses Black-Scholes method to determine the fair value of the warrant liability. The Black-Scholes method requires significant judgement in determining the fair value such as volatility and risk-free rate. A change in these inputs could lead to significant change in the fair value of the warrant liability. (e) Plant and equipment Estimates of useful lives, residual values and methods of depreciation are reviewed annually. Any changes, based on additional available information, are accounted for prospectively as a change in accounting estimate. (f) Functional and presentation currency The functional currency of the Company has been assessed by management based on consideration of the currency and economic factors that mainly influence the Company’s digital currencies assets, production and operating costs, financing and related transactions. Specifically, the Company considers the currencies in which digital currencies are most commonly denominated and the currencies in which expenses are settled, by each entity, as well as the currency in which each entity receives or raises financing. Changes to these factors may have an impact on the judgment applied in the determination of the Company’s functional currency.

Significant accounting policies

Significant accounting policies	12 Months Ended
	Dec. 31, 2021
Significant accounting policies [Abstract]
Significant accounting policies	3. Significant accounting policies: The accounting policies set out below have been applied consistently to all years presented, except for the change in estimate discussed in Note 4, in these consolidated financial statements. (i) Transactions in foreign currency Within each entity, transactions in currencies other than the functional currency are recorded at the rates of exchange prevailing on dates of transactions. At the end of each reporting period, monetary assets and liabilities denominated in foreign currencies are translated to the functional currency at the exchange rate at that date. Foreign exchange differences arising on translation are recognized in the statement of operations. Non-monetary assets and liabilities that are measured at historical cost are translated using the exchange rate at the date of the transaction. (ii) Cash Cash is comprised of bank balances and are primarily held in Canadian dollars and U.S. dollars. (iii) Revenue recognition The Company records revenue from contracts with customers in accordance with IFRS 15, Revenue from Contracts with Customers (“IFRS 15”) as follows: - Identify the contract with a customer; - Identify the performance obligations in the contract; - Determine the transaction price, which is the total consideration provided by the customer; - Allocate the transaction price among the performance obligations in the contract based on their relative fair values; and - Recognize revenue when (or as) the Company satisfies a performance obligation. The following are the specific revenue recognition criteria which must be met before revenue is recognized: a. Revenues from digital asset mining The Company has entered into contracts with mining pools and has undertaken the performance obligation of providing computing power to the mining pool in exchange for non-cash consideration in the form of digital asset. Revenue is recognized upon receipt of Bitcoin in exchange for its mining activities at the fair market value of the Bitcoin received. The fair value is determined using the closing Bitcoin price per www.coinmarketcap.com Management considers the prices quoted on Coinmarketcap to be a level 2 input under IFRS 13 Fair Value Measurement. Any difference between the fair value of digital assets recorded upon receipt from mining activities and the actual realized price upon disposal are recorded as a gain or loss on disposition of digital assets. b. Revenues from hosting The Company has also entered into hosting contracts where it operates mining equipment on behalf of third parties within its facilities. Revenue from hosting contracts is measured as the Company meets its obligation of operating the hosted equipment over time. (iv) Plant and equipment Plant and equipment are comprised of digital asset mining servers and related infrastructure and right of use of assets. Plant and equipment are recognized at initial cost less accumulated depreciation and impairment losses. Cost includes expenditures that are directly attributable to the acquisition of the asset, including those attributable to bringing the asset to its intended working condition. A gain or loss on disposal of a plant and equipment is determined by comparing the proceeds from disposal with its carrying amount, and is recognized as a gain (loss) on disposal in the consolidated statements of operations and comprehensive income (loss). Based on the Company and the industry’s limited history to date, Management is limited by the market data available. Furthermore, the data available also includes data derived from the use of economic modelling to forecast future digital assets and the assumptions reflected in such forecasts, including digital asset’s price and network difficulty, as well as derived from Management’s assumptions which are inherently judgmental. Based on current data available, Management has determined that the straight-line method of depreciation best reflects the current expected useful life of mining equipment and related infrastructure. Management will review estimates at each reporting date and will revise such estimates as and when data become available. Management will review the appropriateness of its assumption related to residual value at each reporting date. The estimated useful lives of the Company’s plant and equipment are as follows: Infrastructure assets 10 years Mining servers 2 years (v) Digital assets Digital assets meet the definition of intangible assets in IAS 38 Intangible Assets as they are identifiable non-monetary assets without physical substance. They are initially recorded at cost and the revaluation method is used to measure the digital assets subsequently. Where digital assets are recognized as revenue, the fair value of the Bitcoin received is considered to be the cost. Under the revaluation method, increases in fair value are recorded in other comprehensive income, while decreases are recorded in profit or loss. The Company revalues its digital assets at the end of each of its three interim financial reporting periods and at its annual financial reporting period end date. There is no recycling of gains from other comprehensive income to profit or loss. However, to the extent that an increase in fair value reverses a previous decrease in fair value that has been recorded in profit or loss, that increase is recorded in profit or loss. Decreases in fair value that reverse gains previously recorded in other comprehensive income are recorded in other comprehensive income. Digital assets are measured at fair value using the quoted price on Coinmarketcap. Coinmaketcap is a pricing aggregator, as the principal market or most advantageous market is not always known. The Company believes any price difference amongst the principal market and an aggregated price to be immaterial. Management considers this fair value to be a Level 2 input under IFRS 13 Fair Value Measurement The Company’s determination to classify its holding of Bitcoin as current assets is based on (vi) Financial Instruments (a) Recognition and initial measurement of financial assets: The Company initially recognizes accounts receivable on the date that they originated. All other financial assets are recognized initially on the trade date or when the Company becomes a party to the contractual provisions of the instrument. Financial assets except for those trade receivables that do not contain significant financing component and are measured at the transaction price in accordance with IFRS 15, all financial assets are initially measured at fair value adjusted for transaction costs (where applicable). (b) Classification and subsequent measurement of financial assets: On initial recognition, a financial asset is classified in one of those categories at amortized cost, fair value through other comprehensive income (FVOCI), or FVTPL. Financial assets are not subsequently reclassified except if and in the period the Company changes its business model for managing its financial assets. The amortized cost is subsequently reduced by impairment losses. Interest income, foreign exchange gains and losses and impairment are recognized in profit or loss. After initial recognition, financial assets carried at amortized cost are measured at amortized cost using the effective interest method. Discounting is omitted where the effect of discounted is immaterial. Assets at FVTPL are measured at fair value with gains and losses recognized in profit or loss. Financial assets that are measured using FVOCI are measured at fair value with gains and losses recognized in other comprehensive income. Financial assets carried at amortized costs include cash and accounts receivable. Deposits are recorded at FVTPL. (c) Financial liabilities: Classification, subsequent measurement, and gains and losses: The Company initially recognizes financial liabilities on the trade date at which time the Company becomes a party to the contractual provisions of the instrument. Financial liabilities are classified and measured at amortized cost or FVTPL. Financial liabilities at FVTPL are measured at fair value and net gains and losses, including any interest expense, are recognized in profit or loss. Other financial liabilities are subsequently measured at amortized cost using the effective interest method. Financial liabilities of the Company carried at the amortized cost include loans payable, and accounts payable and accrued liabilities. Warrant liability is carried at FVTPL. (d) Derecognition: Financial assets: The Company derecognizes a financial asset when the contractual rights to the cash flows from the asset expire, or it transfers the rights to receive the contractual cash flows on the financial asset in a transaction in which substantially all the risks and rewards of ownership of the financial asset are transferred. Any interest in transferred financial assets that is created or retained by the Company is recognized as a separate asset or liability. Any gain or loss on derecognition is recognized in profit or loss. Financial liabilities: The Company derecognizes a financial liability when its contractual obligations are discharged or cancelled or expire. The Company also derecognizes a financial liability when its terms are modified and the cash flows of the modified liability are substantially different, in which case a new financial liability based on the modified terms is recognized at fair value. On derecognition of a financial liability, the difference between the carrying amount extinguished and the consideration paid (including any non-cash assets transferred or liabilities assumed) is recognized in profit or loss. (e) Impairment The Company recognizes loss allowances for expected credit losses (“ECLs”). The Company uses the single expected credit loss impairment model, which is based on changes in credit quality since initial application. Measurement of ECLs: ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at an approximation of the original effective interest rate. Management establishes an allowance for ECLs for non-payment and delinquent accounts based on historic trends of the probability of default, timing of recoveries, and the amount of loss incurred, adjusted for Management’s judgment as to whether current economic and credit conditions are such that the actual losses are likely to be greater or less than suggested by historical trends. If future collections differ from estimates, future profits could be adversely affected. Presentation of allowance for ECLs in the statement of financial position: Loss allowances for financial assets measured at amortized cost are deducted from the gross carrying amount of the assets. (f) Fair value of financial instruments: Fair values of financial instruments are classified into one of three levels in the fair value hierarchy according to the relative reliability of the inputs used to estimate the fair values. The three levels of the fair value hierarchy are: ◾ Level 1 ‐ quoted prices (unadjusted) in active markets for identical assets or liabilities; ◾ Level 2 ‐ inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly; and ◾ Level 3 ‐ inputs for the asset or liability that are not based on observable market data. Each type of fair value is categorized based on the lowest level input that is significant to the fair value measurement. (vii) Impairment of non-financial asset The Company’s identifiable tangible assets with finite useful lives are reviewed for indicators of impairment at each statement of financial position date and when events or changes in circumstances indicate that they may be impaired. Impairments are recorded when the recoverable amount of assets are less than their carrying amounts. The recoverable amount is the higher of an asset’s fair value less cost of disposal or its value in use. (viii) Leases At the inception of a contract, the Company assesses whether a contract is or contains a lease based on whether the contract conveys a right to control the use of an identified asset for a period of time in exchange for consideration. The Company leases office premises, mining sites and equipment. Under IFRS 16, the Company recognizes a right-of-use asset and a lease liability at lease commencement date. The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred, less any lease incentives received. The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the end of the lease term. In addition, the right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain re-measurements of the lease liability. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Company’s incremental borrowing rate. Generally, the Company uses its incremental borrowing rate as the discount rate. The lease liability is measured at amortized cost using the effective interest method. The lease liability is subsequently increased by the interest cost on the lease liability and decreased by lease payments made. It is re measured when there is a change in future lease payments arising from a change in an index or rate, a change in the estimate of the amount expected to be payable under a residual value guarantee, or as appropriate, changes in the assessment of whether a purchase or extension option is reasonably certain to be exercised or a termination option is reasonably certain not to be exercised. The Company has applied judgment to determine the lease term for some lease contracts in which it is a lessee that include renewal options. The assessment of whether the Company is reasonably certain to exercise such options impacts the lease term, which significantly affects the amount of lease liabilities and right-of-use assets recognized. The Company leases equipment that are not material under IFRS 16. The Company presents right-of-use assets in plant and equipment, whereas lease liabilities are presented in loans payable and other liabilities in the statement of financial position. (ix) Non-monetary transactions Where the Company is settling a liability for the purchase of goods and services where the price was established in a fiat currency, the difference between the liability settled and the fair value of the digital assets transferred is recognized as a gain or loss on settlement. Otherwise, the transaction is measured based on the fair value of the digital assets exchanged. Any difference between the fair value of the digital assets exchanged and the carrying amount of the digital assets is recognized in profit and loss. (x) Earnings per share The calculation of earnings per common share is based on the reported net income divided by the weighted average number of shares outstanding during the period. Diluted earnings per share is calculated on the treasury stock basis. Where potentially dilutive equity instruments are anti-dilutive, basic and diluted earnings per share are the same. (xi) Share capital Common shares are classified as an equity instrument. Incremental costs directly attributable to the issuance of common shares are recognized as a reduction of equity, net of the related tax effect. (xii) Warrants The Company issues warrant, which entitles the holder to buy the Company’s common shares at an exercise price within a certain time frame. The warrants include a cashless exercise clause, which may result in a variable number of shares being issued for a fixed price due to the use of volume-weighted average price of shares. The Company does not expect the warrants to be exercised on a cash-less basis. The Company records these warrants as a financial liability. Upon exercising, the Company records the exercised warrants at fair value immediately before settlement and records the gain or loss through the consolidated statements of operations and comprehensive income (loss). The Company subsequently measures the warrants at fair value at each reporting date and records the gain or loss through the consolidated statements of operations and comprehensive income (loss). The broker warrants issued do not include a cashless exercise feature and are classified as equity instruments. Consideration received on the sale of a share and share purchase warrant is allocated using the fair value method. (xiii) Contributed Surplus Contributed surplus includes consideration recognized pursuant to equity-settled share based compensation. (xiv) Share based transactions Equity-settled share based payment transactions with parties other than employees are measured at the fair value of the goods or services received, except where that fair value cannot be estimated reliably, in which case they are measured at the fair value of the equity instruments granted, measured at the date the entity obtains the goods or the counterparty renders the service. The Company issued broker warrants as part of brokered private placement offering for common shares. Broker warrants are measured at fair value at the date of the offering and accounted for as a separate component of shareholders’ equity. When the broker warrants are exercised, the proceeds received together with the related amount allocated as a separate component of shareholders’ equity are allocated to capital stock. If the broker warrants expire unexercised, the related amount separately allocated to shareholders’ equity is allocated to contributed surplus. (xv) Share based compensation plan Under the Company’s long-term incentive plan, the Company may grant participants restricted share units (“RSUs”), deferred share units (“DSUs”) and stock options (“Options). RSUs, DSUs and Options, are collectively referred to as “LTIP Units.” LTIP Units are redeemable either for one common share or for an amount in cash equal to the fair market value of one common share (at the option of the Company). DSUs become redeemable only on the participant’s termination of employment. RSUs generally vest over a three-year period after the date of grant. The Options have different vesting term based on the individual agreement. The expense related to DSUs, RSUs and Options is measured based on the fair value of the awards at the grant date. The expense is recognized separately in the consolidated statements of operations and comprehensive income (loss) over the vesting period, which is the period over which all of the specified vesting conditions are satisfied. At the end of each reporting period, the Company reassesses its estimates of forfeitures, and recognizes the impact of any revisions into profit or loss. When LTIP units are redeemed, they are issued to the participant and are recorded as share capital. (xvi) Income taxes Income tax expense comprises current and deferred taxes. Current taxes and deferred taxes are recognized in profit or loss except items recognized directly in equity or in other comprehensive income. Deferred taxes are recognized in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred taxes are not recognized for the following temporary differences: the initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither accounting nor taxable profit or loss. Deferred taxes are measured at the tax rates that are expected to be applied to temporary differences when they reverse, based on the laws that have been enacted or substantively enacted by the reporting date. A deferred tax asset is recognized for unused tax losses, tax credits and deductible temporary differences, to the extent that it is probable that future taxable profits will be available against which they can be utilized. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realized. (xvii) Provisions Provisions are recognized when the Company has a present obligation to a third-party and it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation. The obligation may be legal, regulatory or contractual or it may represent a constructive obligation deriving from the Company’s actions where, by an established pattern of past practice or published policies, the Company creates a valid expectation on the part of other parties that the Company will discharge certain responsibilities. (xviii) Segment reporting The reporting segments are identified on the basis of information that is reviewed by the chief operating decision maker (“CODM”) to make decisions about resources to be allocated and assess its performance. Accordingly, for management purposes, the Company has one reporting segment and all revenues and non-current assets are in Canada. (xix) Standards that are not yet effective and have not been adopted early by the Company At the date of authorization of these consolidated financial statements, several new, but not yet effective, standards and amendments to existing standards and interpretation have been published by the IASB. None of these standards or amendments to existing standards have been adopted early by the Company. Management anticipates that all relevant pronouncements will be adopted for the first period beginning on or after the effective date of the pronouncement. New standards, amendments and interpretations not adopted in the current year have not been disclosed as they are not expected to have a material impact on the Company’s consolidated financial statements.

Change in estimate

Change in estimate	12 Months Ended
	Dec. 31, 2021
Change in estimate [Abstract]
Change in estimate	4. Change in estimate Plant and equipment During the year ended December 31, 2021, Management performed an operational efficiency review of its mining equipment, which resulted in changes in the expected useful life of its Infrastructure assets. Previously estimated with a 4-year useful life, the Infrastructure assets are now estimated to have a useful life of 10 years from the date put into service. The result is a change in estimate and applied prospectively. Notwithstanding any future addition to the Infrastructure assets, the effect of the change in useful life on actual and expected depreciation expense, effective the year ended December 31, 2021, is as follows: (in thousands) 2021 2022 2023 2024 2025 2026 2027 2028 2029 (Decrease) increase in depreciation expense (9,826 ) (4,672 ) 2,204 2,688 2,688 2,688 2,686 1,394 149 Change in tax position During the year ended December 31, 2021, Management determined that the tax treatment for the digital asset revaluation should be accounted for as capital gain in nature. Previously, the Company accounted for the revaluation as part of business income for tax purposes. The result is a change in estimate and applied prospectively. The Company recorded an income tax recovery of $7,213,097 to other comprehensive income and $2,136,463 was recorded to profit and loss for the year ended December 31, 2021.

Deposits and prepaid expenses

Deposits and prepaid expenses	12 Months Ended
	Dec. 31, 2021
Deposits and prepaid expenses [Abstract]
Deposits and prepaid expenses	5. Deposits and prepaid expenses The components of deposits and prepaid expenses are as follows: December 31, 2021 December 31, 2020 Current Prepaid insurance $ 1,580,298 $ 92,014 Prepaid electricity 1,308,297 - Miscellaneous deposits 470,764 - Total current deposits and prepaid expenses $ 3,359,359 $ 92,014 Non-current Deposits for plant and equipment purchase $ 110,760,561 $ 1,205,122 Deposits related to power purchase agreement 20,000,000 - Deposits related to operating site development 18,609,383 - Deposits related to electricity supply under electricity supply agreement (v) 6,252,735 5,952,735 Other 880,252 201,189 Total non-current deposits $ 156,502,931 $ 7,359,046

Digital assets

Digital assets	12 Months Ended
	Dec. 31, 2021
Digital assets [Abstract]
Digital assets	6. Digital Assets The Company’s Bitcoin are either held in custody, subject to lending arrangements or pledged as collateral. The details of the Bitcoin are as follows: Amount Number of digital assets As at December 31, 2021 December 31, 2020 December 31, 2021 December 31, 2020 Digital assets - held in custody $ 206,531,160 $ 75,505,472 3,518 2,046 Digital assets loaned or pledged Lending arrangements (i) 117,414,635 - 2,000 - Pledged as collateral (ii) - 26,456,199 - 716 Total digital assets $ 323,945,795 $ 101,961,671 5,518 2,762 (i) Bitcoin subject to lending arrangements. (ii) As of December 31, 2020, the Company had pledged 716 Bitcoin as collateral for a loan. This loan has been subsequently repaid in 2021 and all Bitcoin pledged as collateral has been returned to the Company. Below is the Company’s bitcoin mined and transacted: Amount Number of Bitcoin Total digital assets, December 31, 2019 $ 27,310,725 2,923 Bitcoin mined 38,962,425 2,798 Bitcoin traded for cash (41,526,945 ) (2,955 ) Bitcoin paid for services (43,485 ) (4 ) Gain on disposition of digital assets 2,815,342 - Revaluation of digital assets 74,443,609 - Total digital assets, December 31, 2020 $ 101,961,671 2,762 Bitcoin mined 165,397,736 2,786 Bitcoin traded for cash (1,291,060 ) (30 ) Gain on disposition of digital assets 182,213 - Revaluation of digital assets 57,695,235 - Total digital assets, December 31, 2021 $ 323,945,795 5,518 During the year ended ended December 31, 2021, the Company traded Bitcoin for cash totaling $1,291,060 (2020 - $41,526,945) with a cost of $1,108,847 (2020 - $38,755,088), which resulted in a realized gain on use of $182,213 (2020 - $2,815,342). Digital assets held are revalued each reporting period based on the fair market value of the price of Bitcoin on the reporting date. As of December 31, 2021, the price of Bitcoin was $58,707 (US$46,306), resulting in a revaluation gain for the year ended December 31, 2021, of $57,859,417, net of tax recovery of $164,182. This gain was recorded to other comprehensive income. As of December 31, 2020, the price of bitcoin was $36,925 (US$29,002) resulting in a revaluation gain of $74,443,609. Of this gain, $13,713,962 was recorded as a gain in the net income, which offset the revaluation losses recorded in prior years, and the remaining $60,729,647 was recorded to other comprehensive income net of taxes of $15,048,707. Digital Assets – lending arrangements The Company has entered into arrangements with third parties whereby, from time to time, the Company may lend a portion of its digital assets for a period of time (the “Lending Arrangements”). The third parties must return the same amount and type of digital assets upon expiry of the lending period or upon exercise of a call option by the Company. In return for access to certain of the Company’s digital assets, the third parties must pay a borrow fee to the Company. As of December 31, 2021, the Company has Lending Arrangements with Genesis Global Capital LLC (“Genesis”) and Galaxy Digital LLC (“Galaxy”). The Lending Arrangements with Genesis and Galaxy are subject to a borrow fee, unsecured, due on demand and repayable in the same amount and type of digital assets. As of December 31, 2021, there are 1,000 Bitcoin (December 31, 2020 - nil nil As of December 31, 2021, the Company determined the fair value of the digital assets loaned under the Lending Arrangements was $117,414,635 (December 31, 2020 - $ nil During the year ended December 31, 2021, the Company recorded borrow fee income of $2,762,590 (2020 - $ nil nil

Plant and equipment

Plant and equipment	12 Months Ended
	Dec. 31, 2021
Plant and equipment [Abstract]
Plant and equipment	7. Plant and equipment The changes in the carrying value of plant and equipment are as follows: Infrastructure Mining servers Right-of-use assets Total Cost Balance, January 1, 2020 $ 32,130,866 $ 82,403,481 $ 575,274 $ 115,109,621 Additions - 5,810,970 - 5,810,970 Expiration of lease - - (71,440 ) (71,440 ) Reversal of prior-year impairment 13,155,936 - - 13,155,936 Balance, December 31, 2020 45,286,802 88,214,451 503,834 134,005,087 Additions 1,419,151 85,012,203 460,100 86,891,454 Balance, December 31, 2021 $ 46,705,953 $ 173,226,654 $ 963,934 $ 220,896,541 Accumulated Depreciation Balance, January 1, 2020 $ 15,058,758 $ 65,093,519 $ 74,259 $ 80,226,536 Depreciation 6,801,080 14,428,573 35,265 21,264,918 Expiration of lease - - (32,973 ) (32,973 ) Accretion expense - - 24,004 24,004 Balance, December 31, 2020 21,859,838 79,522,092 100,555 101,482,485 Depreciation 6,025,591 17,073,105 188,954 23,287,650 Balance, December 31, 2021 $ 27,885,429 $ 96,595,197 $ 289,509 $ 124,770,135 Net book value as of December 31, 2020 $ 23,426,964 $ 8,692,359 $ 403,279 $ 32,522,602 December 31, 2021 $ 18,820,524 $ 76,631,457 $ 674,425 $ 96,126,406 At December 31, 2021, the Company updated its testing of Cash-Generating Units (CGUs) for impairment. Management has determined the recoverable amount as the Value in Use (“VIU”) for the Drumheller and Medicine Hat facilities. The significant assumptions in determining the VIU included the following: December 31, 2021 December 31, 2020 Starting Bitcoin price $ 58,707 (US$46,306) $ 36,925 (US$29,002) Starting network difficulty 26,643 billion 18,600 billion Discount rate 25.00 % 25.00 % Monthly Bitcoin price growth 3.00 % 1.21% - 5.13 % Difficulty growth rate 4.00 % 4.42 % Due to the positive mining economics, increasing prices of Bitcoin related to the difficulty levels during 2021, the Company did not record any impairment charges. In 2020, the Company reversed prior years’ impairment charges on Infrastructure based on Management’s conclusion that, using the above assumptions, the events and circumstances which led to previous years’ impairment charges no longer exist. Consequently, in the fourth quarter of 2020, the Company recorded a reversal of prior years’ impairment charges of $13.2 million.

Accounts payable and accrued li

Accounts payable and accrued liabilities	12 Months Ended
	Dec. 31, 2021
Accounts payable and accrued liabilities [Abstract]
Accounts payable and accrued liabilities	8. Accounts payable and accrued liabilities The components of accounts payable and accrued liabilities are as follows: December 31, 2021 December 31, 2020 Accounts payable $ 7,067,443 $ 3,726,309 Other accrued liabilities 2,501,927 164,203 Total accounts payable and accrued liabilities $ 9,569,370 $ 3,890,512

Loans payable and other liabili

Loans payable and other liabilities	12 Months Ended
	Dec. 31, 2021
Loans payable and other liabilities [Abstract]
Loans payable and other liabilities	9. Loans payable and other liabilities The components of loans payable are as follows: December 31, 2021 December 31, 2020 Loans payable (i) $ 40,051,428 $ 25,464,000 Lease liabilities (ii) 643,050 292,942 Total loans payable and other liabilities $ 40,694,478 $ 25,756,942 Current portion $ 16,494,463 $ 25,756,942 Non-current portion 24,200,015 - Total loans payable and other liabilities $ 40,694,478 $ 25,756,942 (i) Loans Payable The Company’s loans as at December 31, 2021, consist of $5,860,955 (December 31, 2020 - $ nil nil nil nil Trinity The Company entered into an equipment financing loan agreement of $38,328,000 (US$30,000,000) with Trinity on December 30, 2021. The Company drew the full $38,328,000 million (US$30.0 million) from the loan facility to finance the purchase of mining servers. The loan bears interest rate of 9.5% and is secured against the financed equipment. The Company made prepayments of $2,417,517 during the year ended December 31, 2021 and recorded a foreign exchange gain of $294,000. Foundry On January 22, 2021, the Company finalized an equipment financing loan of up to $18,068,955 (US$14,660,800) with Foundry, a wholly owned subsidiary of Digital Currency Group, which would be drawn in tranches from the Company. Each tranche of the equipment financing has a 12-month term with an annual interest rate of 16.5% and is secured against the financed equipment, as well as digital currency and future mined digital currencies by the financed equipment. During the year ended December 31, 2021, the Company has drawn all tranches of the loan, with an aggregate principal amount of $14,448,859 (US$11,728,640), net of $3,644,286 (US$2,951,660) prepayment. For the year ended December 31, 2021, the Company made principal payments totaling $8,883,310 (US$7,105,707), and interest payments of $882,023 (US$732,010). A foreign exchange loss of $300,406 was recognized for the year ended December 31, 2021. Genesis The Company fully paid off its $25,464,000 (US$20,000,000) loan with Genesis on February 11, 2021; subsequently all Bitcoin held by Genesis as collateral for the loan were returned to the Company. (ii) Lease liabilities The following table sets out a maturity analysis of lease liabilities, showing the undiscounted lease payments to be made after the reporting date: December 31, 2021 December 31, 2020 <1 year $ 265,964 $ 36,179 1-2 year 212,354 38,570 3-5 year 91,660 132,887 >5 year 135,696 135,696 Total 705,674 343,332 Discounting (62,624 ) (50,390 ) Lease Liabilities $ 643,050 $ 292,942 The Company’s lease liabilities comprise the following: December 31, 2021 December 31, 2020 Opening balance $ 292,942 $ 336,513 Payment of lease obligations (126,193 ) (24,406 ) Interest expense 16,201 24,948 Addition 460,100 - Modification of lease - (44,113 ) Ending balance $ 643,050 $ 292,942

Earnings per share

Earnings per share	12 Months Ended
	Dec. 31, 2021
Earnings per share
Earnings per share	10. Earnings per share Basic earnings per share was calculated by dividing profit attributable to common shares by the sum of the weighted average number of common shares outstanding during the period, plus vested LTIP awards. Diluted earnings per share was calculated using the basic calculation described above and adjusting for the potentially dilutive effect of total number of additional common shares that would have been issued by the Company on unvested LTIP awards and the redemption of warrants. The following details the earnings per share, basic and diluted, calculations for the years ended December 31, 2021 and 2020: For the year ended December 31 2021 2020 Net (loss) income attributable to common shareholders $ (72,710,434 ) $ 19,040,154 Weighted average number of common shares: January 1 93,837,221 90,438,009 Weighted average number of common shares issued 40,318,936 3,399,212 Basic number of common shares 134,156,157 93,837,221 Dilutive effect of unvested LTIP awards (i) - 406,667 Diluted number of common shares issued 134,156,157 94,243,888 Earnings per share: Basic $ (0.54 ) $ 0.20 Diluted $ (0.54 ) $ 0.20 (i) Unvested LTIP awards were excluded from the diluted shares calculation due to their anti-dilutive effect.

Warrant liability

Warrant liability	12 Months Ended
	Dec. 31, 2021
Warrant liability [Abstract]
Warrant liability	11. Warrant liability For the year ended December 31, 2021, the Company has completed the following issuances of warrants: Private Placement Public Bought Deal Closing date 13-Jan-21 15-Jun-21 Warrants issued 7,750,000 11,500,000 Warrants strike price $ 6.25 $ 6.25 Fair value of warrants issued $ 4.22 $ 3.12 Warrants term 24 months 24 months Warrant valuation assumptions Valuation model Black-Scholes Black-Scholes Expected life 2 years 2 years Risk-free rate 0.16 % 0.31 % Volatility 136 % 138 % Dividend yield 0 % 0 % The change in warrant liability is as follows: Number of warrants Weighted average exercise price Balance, December 31, 2020 - $ - Issued 19,250,000 3.56 Exercised (4,089,999 ) 10.20 Balance, December 31, 2021 15,160,001 $ 7.46 The Company recorded a non-cash loss on the revaluation of warrant liability of $114,161,368 during the year ended December 31, 2021.The $114,161,368 non-cash revaluation loss included $70,827,014 of loss related to the fair value measurement of the warrant liability immediately before derecognition of the warrants at the time of exercise. The Black-Scholes model and the inputs used in determining the values of the warrants prior to the derecognition of financial liability warrants are as follows: Private Placement Public Bought Deal Fair value of warrants exercised $ 3.45 - $15.10 $ 3.45 - $11.93 Warrant valuation assumptions Expected life 1.1 years 1.5 years Risk-free rate 0.31 % 0.31 % Volatility 142% - 195 % 139% - 165 % Dividend yield 0 % 0 %

Equity

Equity	12 Months Ended
	Dec. 31, 2021
Equity [Abstract]
Equity	12. Equity (a) Share Capital The Company has authorized share capital of an unlimited number of common shares. The changes in share capital are as follows: Number of shares Amount Balance, January 1, 2020 90,438,009 $ 170,622,599 Shares issued for RSUs (i) 543,359 1,804,260 Shares issued for exercise of options 33,333 69,176 Shares issued for equity raises, net of issuance cost (ii) 5,750,456 4,731,093 Shares issued for exercise of warrants 480,066 1,004,162 Balance, December 31, 2020 97,245,223 $ 178,231,290 Shares issued for services (iii) 380,000 398,317 Shares issued for RSUs and DSUs (iv) 359,813 1,038,554 Shares issued for exercise of options 170,639 1,206,682 Shares issued for equity raises, net of issuance cost ($ 4,003,448 58,682,500 314,756,418 Shares issued on exercise of warrant liability 4,089,999 109,287,493 Shares issued for exercise of warrants 8,661,887 31,678,716 Balance, December 31, 2021 169,590,061 $ 636,597,470 (i) During the year ended December 31, 2020, the Company issued 543,359 shares related to exercise of restricted share units (”RSU”) and reallocated $1,804,260, the relative fair value of RSU’s net of employment withholdings, from contributed surplus to share capital. (ii) On June 25, 2020, the Company completed a public offering (the “Offering”), and, with the underwriters exercising their over-allotment option, issued 5,750,456 units (“Unit”) for gross proceeds of $8,338,161. Each unit comprises of one common share (each a “Common Share”) and one Common Share purchase warrant of the Company (each a “Warrant”). Each Warrant entitles the holder thereof to acquire one additional common share of the Company at an exercise price of $1.80 per share at any time for a period of 18 months. The Warrants were valued at $2,635,544 under the relative fair value approach using the Black-Scholes Option Pricing model based on the following assumptions: expected life of 1.5 years, risk-free rate of 0.30%, volatility of 128% and dividend yield of 0%. The Company paid commissions and fees totaling $843,541 and issued 345,027 broker warrants with an exercise price of $1.45 per share and a fair value of $127,986. The broker warrants are determined using the Black-Scholes Option Pricing model based on the following assumptions: expected life of 2 years, interest rate of 0.30%, volatility of 118% and dividend yield of 0%. (iii) Shares issued as payment of invoices to key service providers. (iv) Shares issued upon vesting of RSUs and DSUs, net of employment tax withholdings. For the year ended December 31, 2021, the Company has completed the following issuance of equity securities: Private Placement Public Bought Deal Public Offering Closing date January 13, 2021 June 15, 2021 September 17, 2021 Gross proceeds $ 77.5 million $ 115.0 million $ 220.2 million US$172.5 million Common shares issued 15,500,000 23,000,000 20,182,500 Fair value of the shares issued $ 6.34 $ 4.93 $ 10.27 US$8.55 Broker warrants issued 930,000 144,000 70,200 Fair value of broker warrants issued $ 4.22 $ 3.12 $ 8.30 US$6.51 Broker warrants strike price $ 6.25 $ 6.25 $ 10.69 Broker warrants term 24 months 24 months 60 months Warrant valuation assumptions Valuation model Black-Scholes Black-Scholes Black-Scholes Expected life 2 years 2 years 5 years Risk-free rate 0.16 % 0.16 % 1.13 % Volatility 136 % 136 % 120 % Dividend yield 0 % 0 % 0 % Commissions and fees incurred $ 5,336,748 $ 7,335,588 $ 12,422,226 Commissions and fees unpaid – as at December 31, 2021 $ nil $ nil $ nil (b) Warrants The changes in warrants are as follows: Number of warrants Weighted average exercise price Balance, January 1, 2020 2,882,222 $ 4.61 Issued 6,095,483 1.78 Exercised (480,066 ) 1.67 Expired (660,000 ) 5.00 Balance, December 31, 2020 7,837,639 $ 2.56 Issued (i) 1,144,200 6.69 Expired (ii) (147,418 ) 1.80 Exercised (iii) (8,662,887 ) 3.05 Balance, December 31, 2021 171,554 $ 6.14 (i) The warrants issued comprise of 1,144,200 broker warrants related to the three equity issuances completed during the year ended December 31, 2021. (ii) The warrants expired comprised of 147,418 warrants with an exercise price of $1.80. (iii) The warrants exercised comprise of 5,305,838 2,222,222 930,000 144,094 The warrants issued and outstanding as of December 31, 2021 are as follows: Strike price Number Weighted average remaining contractual life (month) Expiry date Public offering warrants $ 13.36 9,477 23.00 9/17/2023 Bought deal warrants $ 6.25 19,440 18.00 6/15/2023 Private placement warrants $ 6.25 124,570 13.00 1/13/2023 Broker warrants $ 1.45 18,067 6.00 6/25/2022 171,554 13.38 The warrants issued and outstanding as of December 31, 2020 are as follows: Strike price Number Weighted average remaining contractual life (month) Expiry date $4.50 2,222,222 33.00 9/10/2023 $1.80 5,453,526 12.00 12/25/2021 $1.45 162,161 18.00 6/25/2022 $2.56 7,837,639 18.00 (c) Incentive plan On February 15, 2018, the Company adopted a Long-Term Incentive Plan (“LTIP”) under which it is authorized to grant stock options, RSUs and DSUs (“Awards”) to officers, directors, employees, and consultants enabling them to acquire common shares of the Company. The LTIP was further amended April 8, 2019, and May 14, 2021. The maximum number of common shares reserved for issuance of Awards that may be granted under the plan is 10% of the issued and outstanding common shares of the Company. Stock options Stock option activity is as follows: Number of options Weighted average exercise price Balance, January 1, 2020 910,000 $ 4.34 Forfeiture (115,000 ) 5.00 Exercised (33,333 ) 1.14 Balance, December 31, 2020 761,667 4.38 Granted 60,000 6.57 Forfeiture (104,361 ) 1.96 Exercised (170,639 ) 4.23 Options outstanding, December 31, 2021 546,667 $ 5.13 Options exercisable, December 31, 2021 480,000 $ 5.00 As of December 31, 2021, the Company had the following stock options outstanding: Exercise price – outstanding Number of options outstanding Number of options exercisable Weighted average exercise price Weighted average remaining life (months) $ 1.80 6,667 — $ 1.80 34 5.00 480,000 480,000 5.00 15 6.57 60,000 — 6.57 112 546,667 480,000 $ 5.00 26 The fair value of share price at the time of exercise ranged between $11.09 and $4.64. As of December 31, 2020, the Company had the following stock options outstanding: Exercise price – outstanding Number of options outstanding Number of options exercisable Weighted average exercise price Weighted average remaining life (months) $ 1.14 66,667 — $ 1.14 48 1.80 10,000 3,333 1.80 46 3.00 90,000 60,000 3.00 33 5.00 595,000 476,668 5.00 27 761,667 540,001 $ 5.00 30 During the year ended December 31, 2021, the Company recorded a total of $107,533 (2020 - $354,500) as share based compensation expense related to stock options. The Company also recorded a reversal of share based compensation totaling $120,959 due to forfeiture of options. The stock compensation expense was based on the fair value of each stock option on the date of grant using the Black-Scholes option pricing model with the following weighted average assumptions for the year ended December 31, 2021: expected life of 10 years, risk-free rate of , volatility of , and dividend yield of 0%.Expected volatility is an average of Hut 8’s share price volatility and bitcoin price volatility, which is a measure of the amount by which price has fluctuated during an observed period. The observed period should be the same as the expected life of an option. RSUs and DSUs The RSUs and DSUs activity is as follows: RSUs DSUs Balance, January 1, 2020 1,213,433 - Granted 290,000 170,000 Issued (591,716 ) - Forfeited (505,050 ) - Balance, December 31, 2020 406,667 170,000 Granted 3,215,000 123,919 Issued (610,833 ) (42,500 ) Forfeited (58,334 ) - Balance, December 31, 2021 2,952,500 251,419 During the twelve months ended December 31, 2021, the Company recorded a total $9,027,027 (2020 - $562,867) as share based compensation expense related to RSUs and $740,800 (2020 - $ nil

Related party transactions

Related party transactions	12 Months Ended
	Dec. 31, 2021
Related party transactions [Abstract]
Related party transactions	13. Related party transactions Key management includes members of the Board of Directors and its corporate officers. The aggregate value of transactions relating to key management personnel and entities over which they have control or significant influence were as follows: For the year ended December 31 2021 2020 Salary, fees, and other short-term benefits (i) $ 4,169,818 $ 1,048,195 Share based payments 8,186,082 722,055 $ 12,355,900 $ 1,770,250 (i) In connection with the issuance of shares related to the RSUs and DSUs granted, during the twelve months ended December 31, 2021, the Company incurred payroll tax expense of $728,556 (2020 - $ nil

Capital Management

Capital Management	12 Months Ended
	Dec. 31, 2021
Capital Management [Abstract]
Capital Management	14. Capital Management The Company manages its capital to maintain its ability to continue as a going concern and to provide returns to shareholders and benefits to other stakeholders. The capital structure of the Company consists of equity composed of issued share capital and reserves. The Company manages its capital structure and makes adjustments to it in light of economic conditions. The Company’s objectives when managing capital are to safeguard the entity’s ability to continue as a going concern while maintaining growth of the Company’s business through organic growth and new acquisitions. The Company, upon approval from its Board of Directors, will balance its overall capital structure through new share issuances or by undertaking other activities as deemed appropriate under the specific circumstances. The Company is not subject to externally imposed capital requirements and the Company’s overall strategy with respect to capital risk management remains unchanged from the year ended December 31, 2020.

Financial instruments and risk

Financial instruments and risk management	12 Months Ended
	Dec. 31, 2021
Financial instruments and risk management [Abstract]
Financial Instruments and Risk Management	15. Financial instruments and risk management Financial hierarchy: Financial instruments recorded at fair value are classified using a fair value hierarchy that reflects the significance of inputs used in making the measurements. The hierarchy is summarized as follows: Level 1: Unadjusted quoted prices in active markets for identical assets and liabilities; Level 2: Inputs other than quoted prices that are observable for the asset or liability either directly or indirectly from observable market data; and Level 3: Inputs that are not based on observable market data. The Company’s financial instruments have been classified as follows: December 31, 2021 Level 1 Level 2 Level 3 Total Fair value carried through profit and loss Warrant Liability - 99,021,368 - 99,021,368 Deposits 156,093,443 - - 156,093,443 December 31, 2020 Level 1 Level 2 Level 3 Total Fair value through profit and loss Deposits 7,157,857 - - 7,157,857 The Company determined that the carrying value of cash, accounts receivable, accounts payable and accrued liabilities approximate the corresponding fair value because of the relatively short periods to maturity of these instruments and the low credit risk. The loans payable balance has a carrying value of $40,051,428 (December 31, 2020 - $25,464,000) and a fair value of $41,477,438 (December 31, 2020 - $25,464,000). The fair value is determined based on the cost of borrowing for a company with a similar risk profile (Level 2).

Digital assets and risk managem

Digital assets and risk management	12 Months Ended
	Dec. 31, 2021
Digital assets and risk management [Abstract]
Digital assets and risk management	16. Digital assets and risk management (a) Digital assets Digital assets are measured using Level 2 fair values, determined by taking the rate from Coinmarketcap. Digital asset prices are affected by various forces including global supply and demand, interest rates, exchange rates, inflation or deflation and the global political and economic conditions. The profitability of the Company is directly related to the current and future market price of digital assets; in addition, the Company may not be able liquidate its inventory of digital assets at its desired price if required. A decline in the market prices for digital assets could negatively impact the Company’s future operations. The Company has not hedged the conversion of any of its sales of digital assets. Digital assets have a limited history and the fair value historically has been relatively volatile. Historical performance of digital assets is not indicative of their future price performance. The Company’s digital assets currently solely consist of Bitcoin. The Company’s digital assets subject to Lending Arrangements are exposed to credit risk. The Company limits its credit risk by loaning the digital assets to counterparties that are believed to have sufficient capital to meet their obligations as they come due based on the Company’s review of their size, credit quality and reputation. As of December 31, 2021, the Company does not expect a material loss on any of its digital assets subject to Lending Arrangements. As of each reporting period, the Company assesses if there are significant increases in credit risk requiring recognition of a loss or write-down. Such loss or write-down would be reflected in the fair value of the digital assets subject to Lending Arrangements. While the Company intends to only transact with counterparties that it believes to be creditworthy, there can be no assurance that a counterparty will not default and that the Company will not sustain a material loss on a transaction as a result. The Company uses the services of BitGo Trust Company Inc. (“BitGo”). BitGo carries a US$100 million insurance policy backing its digital asset custody services. Hut 8 does not self-custody its Bitcoin. The Company faces credit risk associated with the Genesis and Galaxy Bitcoin lending arrangements. Management believes this risk is limited based on the size, credit quality and reputation of these counterparties. As of December 31, 2021, had the market price of Bitcoin increased or decreased decrease (b) Financial risk management: The Company’s risk exposures and the impact on the Company’s financial instruments are summarized below. Credit risk Financial instruments that potentially subject the Company to a concentration of credit risk consist primarily of cash and accounts receivable. The Company limits its exposure to credit loss by placing its cash with high credit quality financial institutions. Interest rate risk Interest rate risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Company’s exposure to interest rate risk is limited and only relates to its ability to earn interest income on cash balances nominated in foreign currency at variable rates. Changes in short term interest rates will not have a significant effect on the fair value of the Company’s cash account. The interest rate on the Company’s loans are fixed in nature and have limited exposure to change interest rates. Liquidity risk Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they fall due. The Company currently settles its financial obligations out of cash and digital assets. The Company has a planning and budgeting process to help determine the funds required to support the Company’s normal spending requirements on an ongoing basis and its expansionary plans. The Company has a US$50 million open term revolving credit facility with Galaxy which the Company can draw on as an additional source of liquidity. As of December 31, 2021, the facility has an outstanding balance of $ nil nil As at December 31, 2021, the contractual maturities of financial and other liabilities, including estimated interest payments are as follows: Contractual cash flows Within 1 year 1 to 2 years 2 to 5 years 5+ years Accounts payable and accrued liabilities excluding salaries payable $ 9,398,781 $ 9,398,781 $ - $ - $ — Loans payable and interest 48,356,594 20,432,715 14,505,103 13,418,776 — Lease commitments $ 1,016,199 $ 244,506 $ 192,596 $ 52,731 526,366 Foreign currency risk Currency risk is the risk that the value of a financial instrument will fluctuate due to changes in foreign exchange rates. Currency risk arises from financial instruments (including cash) that are denominated in a currency other than Canadian dollars, which represents the functional currency of the Company. The Company’s functional currency is the Canadian dollar and most purchases are transacted in Canadian dollars. The Company has also transacted in US Dollars to purchase mining equipment and has loans payable denominated in US Dollars. Management currently does not hedge its foreign exchange risk. The table below indicates the foreign currencies to which the Company has significant exposure as of December 31, 2021 in Canadian dollar terms: As at December 31, 2021 December 31, 2020 Cash $ 107,601,184 $ 368,769 Accounts receivable 446,094 - Deposits (non-current) 94,996,281 - Accounts payable (1,371,103 ) (30,275 ) Loans payable (40,051,428 ) (25,464,000 ) The effect on earnings before tax of a 10% strengthening or weakening of the CAD exchange rate at the balance sheet date for financial instruments denominated in USD, with all other variables held constant, is $16,162,103 ($2,586,304 - December 31, 2020).

Revenue

Revenue	12 Months Ended
	Dec. 31, 2021
Revenue [Abstract]
Revenue	17. Revenue The details of our revenue by type are as follows: For the years ended December 31 2021 2020 Digital assets mined $ 165,397,736 $ 38,962,425 Hosting fees 8,376,243 1,748,102 Total revenue $ 173,773,979 $ 40,710,527

Costs of revenue

Costs of revenue	12 Months Ended
	Dec. 31, 2021
Costs of revenue [Abstract]
Costs of revenue	18. Costs of revenue The details of our costs of revenue by type are as follows: For the years ended December 31 2021 2020 Site operating costs $ (61,687,927 ) $ (37,978,598 ) Depreciation (23,287,650 ) (21,264,918 ) Total cost of revenue $ (84,975,577 ) $ (59,243,516 ) The presentation of the comparative figures reflects reclassification of the sales tax expense in a separate line item.

General and administrative expe

General and administrative expenses	12 Months Ended
	Dec. 31, 2021
General and administrative expenses [Abstract]
General and administrative expenses	19. General and administrative expenses The details of our general and administrative expenses by type are as follows: For the years ended December 31 2021 2020 Share based payments $ (9,875,359 ) $ 284,434 Professional fees (6,566,979 ) (1,486,218 ) Salary and benefits (4,046,261 ) (817,696 ) General, office and other (3,605,343 ) (346,562 ) Insurance expense (2,645,423 ) (673,974 ) Investor relations and regulatory (2,831,781 ) (148,980 ) Sales tax expense (10,693,703 ) (1,945,419 ) Total general and administrative expense $ (40,264,849 ) $ (5,134,415 ) The presentation of the comparative figures reflects reclassification of the sales tax expense in a separate line item.

Supplementary cash flow informa

Supplementary cash flow information	12 Months Ended
	Dec. 31, 2021
Supplementary cash flow information [Abstract]
Supplementary cash flow information	20. Supplementary cash flow information Change in working capital for the years ended December 31, 2021 and 2020 was as follows: For the years ended December 31 2021 2020 Accounts receivable and other $ 244,795 $ (451,061 ) Prepaid expenses (3,775,644 ) - Accounts payable and accrued liabilities 5,699,465 1,703,608 Net change in working capital $ 2,168,616 $ 1,252,547

Income taxes

Income taxes	12 Months Ended
	Dec. 31, 2021
Income taxes [Abstract]
Income taxes	21. Income taxes The income taxes recognized in profit or loss comprise the following: For the years ended December 31 2021 2020 Current tax expense $ - $ - Deferred tax (recovery) expense 5,620,296 (15,048,707 ) Total income tax expense (recovery) $ 5,620,296 $ (15,048,707 ) The income tax expense comprises of the following: For the 12 months ended December 31 2021 2020 Origination and reversal of temporary difference $ 16,793,233 $ 4,244,305 Change in unrecognized tax losses and tax benefits (13,638,014 ) (17,045,913 ) Change in prior year estimate and other 2,465,077 (2,247,099 ) Total income tax expense (recovery) $ 5,620,296 $ (15,048,707 ) The difference between income taxes calculated using the Company’s effective income tax rates and the amounts that would result from the application of the statutory income tax rates arises from the following: For the years ended December 31 2021 2020 Net (loss) income before recovery of income taxes $ (67,090,138 ) $ 3,991,447 Canadian statutory tax rate 26.5 % 26.5 % Expected income tax (recovery) expense (17,778,887 ) 1,057,733 Different tax rate for subsidiary and other adjustments (2,114,698 ) 2,799,784 Loss on revaluation on warrant liability 30,252,772 - Non-deductible expenses 5,624,359 386,788 True up to filing adjustments 3,263,592 (2,247,099 ) Utilization of losses not previously recognized - (15,048,707 ) Change in tax benefits not recognized (13,626,842 ) (1,997,206 ) Income tax expense (recovery) $ 5,620,296 $ (15,048,707 ) The income taxes recognized on components of other comprehensive income for the years ended December 31, 2021 and 2020 are as follows: For the years ended December 31 2021 2020 Revaluation gain on digital assets $ 57,695,235 $ 60,729,647 Tax recovery (expense) 164,182 (15,048,707 ) Revaluation gain on digital assets, net of tax $ 57,859,417 $ 45,680,940 The movement on the net deferred income tax assets and liabilities are as follows: For the years ended December 31 2021 2020 Balance, beginning $ - $ - Deferred tax recovery (expense) recorded in profit (5,620,296 ) 15,048,707 Movement recognized in other comprehensive income 164,182 (15,048,707 ) Net deferred tax liability $ (5,456,114 ) $ - The components of net deferred tax asset (liabilities) are as follows: As at December 31, 2021 December 31, 2020 Non-capital losses $ 15,764,000 $ 18,233,106 Lease liabilities 157,130 70,584 Capital losses 59,910 68,837 Capital loan (49,430 ) (133,426 ) Plant and equipment (4,557,194 ) - Digital assets (16,666,200 ) (18,141,931 ) Right-of-use asset (164,330 ) (97,170 ) Net deferred tax liability $ (5,456,114 ) $ - As at December 31, 2021, the Company had non-capital loss carryforwards of $14,662,222 (December 31, 2020 - $30,456,595) that may be used to offset future taxable income and will expire in periods between 2033 2041

Contingencies

Contingencies	12 Months Ended
	Dec. 31, 2021
Contingencies [Abstract]
Contingencies	22. Contingencies From time to time, the Company is involved in routine litigation incidental to the Company’s business. Management believes that adequate provisions have been made where required and the ultimate resolution with respect to any claim will not have a material adverse effect on the financial position or results of operations of the Company.

Subsequent event

Subsequent event	12 Months Ended
	Dec. 31, 2021
Subsequent event [Abstract]
Subsequent event	23. Subsequent event Data Centre acquisition On January 20, 2022, the Company announced the acquisition of certain assets, liabilities and contracts constituting a data center business, from TeraGo Inc. The acquisition was closed on January 31, 2022. The purchase price of the acquisition was $30.0 million, subject to working capital adjustments. The purchase was financed through existing cash available on the Company’s consolidated statements of financial position. The acquisition will be accounted for using the acquisition method of accounting. The assets acquired through this purchase include: intangible assets, plant and equipment, goodwill and net working capital. As the acquisition closed subsequent to December 31, 2021, the audited consolidated financial statements of the Company for the year ended December 31, 2021, do not include the fair value of the net assets acquired and operating results of this acquisition. At-the-market equity program On February 11, 2022, the Company entered in to an at-the-market offering agreement with an agent. During the term of the agreement, the Company will sell common shares of the Company with maximum proceeds of $82,563,000 (US$65,000,000). As of March 16, 2022, the Company issued 1,863,310 common shares in exchange for gross proceeds of $14,317,511 (US$11,232,520) at an average share price of approximately $7.68 (US$6.03).

Basis of presentation (Policies

Basis of presentation (Policies)	12 Months Ended
	Dec. 31, 2021
Basis of presentation [Abstract]
Statement of compliance	(a) Statement of compliance These consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”) and Interpretations issued by the International Financial Reporting Standards Interpretations Committee. These consolidated financial statements were approved and authorized for issuance by the Board of Directors on March 16, 2022.
Application of IFRS	(b) Application of IFRS IFRS does not currently provide specific guidance to address many aspects of the digital asset industry. The Company is required to make judgments as to the
Basis of presentation	(c) Basis of presentation These consolidated financial statements have been prepared on a historical cost basis except for some financial instruments that have been measured at fair value. All amounts are presented in Canadian Dollars (“CAD”), unless otherwise stated. Certain comparative figures have been reclassified where necessary to conform with current year presentation.
Consolidation	(d) Consolidation These consolidated financial statements include the assets, liabilities, revenues and expenses of the Company and all entities in which the Company has a controlling interest. Subsidiaries are entities that the Company controls either when it is exposed, or has rights, to variable returns from its involvement with the entities and has the ability to affect those returns through its power over the entities. The significant operating subsidiary of the Company included in the consolidated financial statements is as follows: % Ownership Hut 8 Holdings Inc. 100% All intercompany transactions, balances, income and expenses are eliminated on consolidation.
Functional and presentation currency	(e) Functional and presentation currency Items included in the consolidated financial statements of the Company and its wholly owned subsidiaries are measured using the currency of the primary economic environment in which the
Use of estimates and judgements	(f) Use of estimates and judgements The preparation of the Company’s consolidated financial statements requires management to make judgments, estimates and assumptions that affect the reported amounts. Uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of the asset or liability affected in future periods. Actual results may differ from those estimates. The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next fiscal year are described below. The Company based its assumptions and estimates on parameters available when the financial statements were prepared. Existing circumstances and assumptions about future developments, however, may change due to market changes or circumstances arising beyond the control of the Company. Estimates and underlying assumptions are reviewed by management on an ongoing basis, and revisions to accounting estimates are recognized in the period giving rise to the change. The future impact of uncertainties around the outbreak of the novel coronavirus (“COVID-19”) pandemic could generate, in future reporting periods, a significant risk of material adjustment to the reported amounts of assets, liabilities, revenue and expenses in the consolidated financial statements. Examples of accounting estimates and judgments that may be impacted by the pandemic include: revenue recognition, allowance for expected credit losses and deferred taxes. The following are the significant judgement, estimates and assumptions that have been made in applying the Company’s accounting policies that have the most significant effect on the amounts in the consolidated financial statements: (a) Taxes Uncertainties exist with respect to the interpretation of complex tax regulations, changes in tax laws, and the amount and timing of future taxable income. The Company’s liability for unrecognized tax benefits requires the use of assumptions and significant judgment to estimate the exposures associated with the Company’s filing position. Although the Company believes that the judgments and estimates made are reasonable, actual results could differ and resulting adjustments could materially affect effective income tax rate and income tax provision. Any changes, based on additional available information, are accounted for prospectively as a change in accounting estimate. (b) Impairment of non-financial assets Impairment exists when the carrying value of an asset exceeds its recoverable amount, which is the higher of its fair value less costs to sell and its value in use. These calculations are based on available data, other observable inputs and projections of cash flows, all of which are subject to estimates and assumptions. Recoverable amounts are also sensitive to assumptions about the future usefulness of in-process development and the related marketing rights. (c) Revenue recognition and value of digital assets There is currently no specific definitive guidance in IFRS or alternative accounting frameworks for the accounting for the mining of digital assets and subsequent measurement of the digital assets held. Management has exercised significant judgment in determining appropriate accounting treatment. Management has determined that revenues should be recognized as the fair value of digital assets received in exchange for mining services on the date that digital assets are received and subsequently measured as an intangible asset. In the event authoritative guidance is enacted by the IASB, the Company may be required to change its policies which could result in a change in the Company’s financial position and earnings. Management has exercised significant judgement in determining the completion stage for this revenue stream and examined various factors surrounding the substance of the Company’s operations and determined the stage of completion being the completion and addition of a block to blockchain. (d) Warrant liability The Company uses Black-Scholes method to determine the fair value of the warrant liability. The Black-Scholes method requires significant judgement in determining the fair value such as volatility and risk-free rate. A change in these inputs could lead to significant change in the fair value of the warrant liability. (e) Plant and equipment Estimates of useful lives, residual values and methods of depreciation are reviewed annually. Any changes, based on additional available information, are accounted for prospectively as a change in accounting estimate. (f) Functional and presentation currency The functional currency of the Company has been assessed by management based on consideration of the currency and economic factors that mainly influence the Company’s digital currencies assets, production and operating costs, financing and related transactions. Specifically, the Company considers the currencies in which digital currencies are most commonly denominated and the currencies in which expenses are settled, by each entity, as well as the currency in which each entity receives or raises financing. Changes to these factors may have an impact on the judgment applied in the determination of the Company’s functional currency.

Significant accounting polici_2

Significant accounting policies (Policies)	12 Months Ended
	Dec. 31, 2021
Significant accounting policies [Abstract]
Transaction in foreign currency	(i) Transactions in foreign currency Within each entity, transactions in currencies other than the functional currency are recorded at the rates of exchange prevailing on dates of transactions. At the end of each reporting period, monetary assets and liabilities denominated in foreign currencies are translated to the functional currency at the exchange rate at that date. Foreign exchange differences arising on translation are recognized in the statement of operations. Non-monetary assets and liabilities that are measured at historical cost are translated using the exchange rate at the date of the transaction.
Cash	(ii) Cash Cash is comprised of bank balances and are primarily held in Canadian dollars and U.S. dollars.
Revenue recognition	(iii) Revenue recognition The Company records revenue from contracts with customers in accordance with IFRS 15, Revenue from Contracts with Customers (“IFRS 15”) as follows: - Identify the contract with a customer; - Identify the performance obligations in the contract; - Determine the transaction price, which is the total consideration provided by the customer; - Allocate the transaction price among the performance obligations in the contract based on their relative fair values; and - Recognize revenue when (or as) the Company satisfies a performance obligation. The following are the specific revenue recognition criteria which must be met before revenue is recognized: a. Revenues from digital asset mining The Company has entered into contracts with mining pools and has undertaken the performance obligation of providing computing power to the mining pool in exchange for non-cash consideration in the form of digital asset. Revenue is recognized upon receipt of Bitcoin in exchange for its mining activities at the fair market value of the Bitcoin received. The fair value is determined using the closing Bitcoin price per www.coinmarketcap.com Management considers the prices quoted on Coinmarketcap to be a level 2 input under IFRS 13 Fair Value Measurement. Any difference between the fair value of digital assets recorded upon receipt from mining activities and the actual realized price upon disposal are recorded as a gain or loss on disposition of digital assets. b. Revenues from hosting The Company has also entered into hosting contracts where it operates mining equipment on behalf of third parties within its facilities. Revenue from hosting contracts is measured as the Company meets its obligation of operating the hosted equipment over time.
Plant and equipment	(iv) Plant and equipment Plant and equipment are comprised of digital asset mining servers and related infrastructure and right of use of assets. Plant and equipment are recognized at initial cost less accumulated depreciation and impairment losses. Cost includes expenditures that are directly attributable to the acquisition of the asset, including those attributable to bringing the asset to its intended working condition. A gain or loss on disposal of a plant and equipment is determined by comparing the proceeds from disposal with its carrying amount, and is recognized as a gain (loss) on disposal in the consolidated statements of operations and comprehensive income (loss). Based on the Company and the industry’s limited history to date, Management is limited by the market data available. Furthermore, the data available also includes data derived from the use of economic modelling to forecast future digital assets and the assumptions reflected in such forecasts, including digital asset’s price and network difficulty, as well as derived from Management’s assumptions which are inherently judgmental. Based on current data available, Management has determined that the straight-line method of depreciation best reflects the current expected useful life of mining equipment and related infrastructure. Management will review estimates at each reporting date and will revise such estimates as and when data become available. Management will review the appropriateness of its assumption related to residual value at each reporting date. The estimated useful lives of the Company’s plant and equipment are as follows: Infrastructure assets 10 years Mining servers 2 years
Digital assets	(v) Digital assets Digital assets meet the definition of intangible assets in IAS 38 Intangible Assets as they are identifiable non-monetary assets without physical substance. They are initially recorded at cost and the revaluation method is used to measure the digital assets subsequently. Where digital assets are recognized as revenue, the fair value of the Bitcoin received is considered to be the cost. Under the revaluation method, increases in fair value are recorded in other comprehensive income, while decreases are recorded in profit or loss. The Company revalues its digital assets at the end of each of its three interim financial reporting periods and at its annual financial reporting period end date. There is no recycling of gains from other comprehensive income to profit or loss. However, to the extent that an increase in fair value reverses a previous decrease in fair value that has been recorded in profit or loss, that increase is recorded in profit or loss. Decreases in fair value that reverse gains previously recorded in other comprehensive income are recorded in other comprehensive income. Digital assets are measured at fair value using the quoted price on Coinmarketcap. Coinmaketcap is a pricing aggregator, as the principal market or most advantageous market is not always known. The Company believes any price difference amongst the principal market and an aggregated price to be immaterial. Management considers this fair value to be a Level 2 input under IFRS 13 Fair Value Measurement The Company’s determination to classify its holding of Bitcoin as current assets is based on
Financial Instruments	(vi) Financial Instruments (a) Recognition and initial measurement of financial assets: The Company initially recognizes accounts receivable on the date that they originated. All other financial assets are recognized initially on the trade date or when the Company becomes a party to the contractual provisions of the instrument. Financial assets except for those trade receivables that do not contain significant financing component and are measured at the transaction price in accordance with IFRS 15, all financial assets are initially measured at fair value adjusted for transaction costs (where applicable). (b) Classification and subsequent measurement of financial assets: On initial recognition, a financial asset is classified in one of those categories at amortized cost, fair value through other comprehensive income (FVOCI), or FVTPL. Financial assets are not subsequently reclassified except if and in the period the Company changes its business model for managing its financial assets. The amortized cost is subsequently reduced by impairment losses. Interest income, foreign exchange gains and losses and impairment are recognized in profit or loss. After initial recognition, financial assets carried at amortized cost are measured at amortized cost using the effective interest method. Discounting is omitted where the effect of discounted is immaterial. Assets at FVTPL are measured at fair value with gains and losses recognized in profit or loss. Financial assets that are measured using FVOCI are measured at fair value with gains and losses recognized in other comprehensive income. Financial assets carried at amortized costs include cash and accounts receivable. Deposits are recorded at FVTPL. (c) Financial liabilities: Classification, subsequent measurement, and gains and losses: The Company initially recognizes financial liabilities on the trade date at which time the Company becomes a party to the contractual provisions of the instrument. Financial liabilities are classified and measured at amortized cost or FVTPL. Financial liabilities at FVTPL are measured at fair value and net gains and losses, including any interest expense, are recognized in profit or loss. Other financial liabilities are subsequently measured at amortized cost using the effective interest method. Financial liabilities of the Company carried at the amortized cost include loans payable, and accounts payable and accrued liabilities. Warrant liability is carried at FVTPL. (d) Derecognition: Financial assets: The Company derecognizes a financial asset when the contractual rights to the cash flows from the asset expire, or it transfers the rights to receive the contractual cash flows on the financial asset in a transaction in which substantially all the risks and rewards of ownership of the financial asset are transferred. Any interest in transferred financial assets that is created or retained by the Company is recognized as a separate asset or liability. Any gain or loss on derecognition is recognized in profit or loss. Financial liabilities: The Company derecognizes a financial liability when its contractual obligations are discharged or cancelled or expire. The Company also derecognizes a financial liability when its terms are modified and the cash flows of the modified liability are substantially different, in which case a new financial liability based on the modified terms is recognized at fair value. On derecognition of a financial liability, the difference between the carrying amount extinguished and the consideration paid (including any non-cash assets transferred or liabilities assumed) is recognized in profit or loss. (e) Impairment The Company recognizes loss allowances for expected credit losses (“ECLs”). The Company uses the single expected credit loss impairment model, which is based on changes in credit quality since initial application. Measurement of ECLs: ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at an approximation of the original effective interest rate. Management establishes an allowance for ECLs for non-payment and delinquent accounts based on historic trends of the probability of default, timing of recoveries, and the amount of loss incurred, adjusted for Management’s judgment as to whether current economic and credit conditions are such that the actual losses are likely to be greater or less than suggested by historical trends. If future collections differ from estimates, future profits could be adversely affected. Presentation of allowance for ECLs in the statement of financial position: Loss allowances for financial assets measured at amortized cost are deducted from the gross carrying amount of the assets. (f) Fair value of financial instruments: Fair values of financial instruments are classified into one of three levels in the fair value hierarchy according to the relative reliability of the inputs used to estimate the fair values. The three levels of the fair value hierarchy are: ◾ Level 1 ‐ quoted prices (unadjusted) in active markets for identical assets or liabilities; ◾ Level 2 ‐ inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly; and ◾ Level 3 ‐ inputs for the asset or liability that are not based on observable market data. Each type of fair value is categorized based on the lowest level input that is significant to the fair value measurement.
Impairment of non-financial asset	(vii) Impairment of non-financial asset The Company’s identifiable tangible assets with finite useful lives are reviewed for indicators of impairment at each statement of financial position date and when events or changes in circumstances indicate that they may be impaired. Impairments are recorded when the recoverable amount of assets are less than their carrying amounts. The recoverable amount is the higher of an asset’s fair value less cost of disposal or its value in use.
Leases	(viii) Leases At the inception of a contract, the Company assesses whether a contract is or contains a lease based on whether the contract conveys a right to control the use of an identified asset for a period of time in exchange for consideration. The Company leases office premises, mining sites and equipment. Under IFRS 16, the Company recognizes a right-of-use asset and a lease liability at lease commencement date. The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred, less any lease incentives received. The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the end of the lease term. In addition, the right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain re-measurements of the lease liability. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Company’s incremental borrowing rate. Generally, the Company uses its incremental borrowing rate as the discount rate. The lease liability is measured at amortized cost using the effective interest method. The lease liability is subsequently increased by the interest cost on the lease liability and decreased by lease payments made. It is re measured when there is a change in future lease payments arising from a change in an index or rate, a change in the estimate of the amount expected to be payable under a residual value guarantee, or as appropriate, changes in the assessment of whether a purchase or extension option is reasonably certain to be exercised or a termination option is reasonably certain not to be exercised. The Company has applied judgment to determine the lease term for some lease contracts in which it is a lessee that include renewal options. The assessment of whether the Company is reasonably certain to exercise such options impacts the lease term, which significantly affects the amount of lease liabilities and right-of-use assets recognized. The Company leases equipment that are not material under IFRS 16. The Company presents right-of-use assets in plant and equipment, whereas lease liabilities are presented in loans payable and other liabilities in the statement of financial position.
Non-monetary transactions	(ix) Non-monetary transactions Where the Company is settling a liability for the purchase of goods and services where the price was established in a fiat currency, the difference between the liability settled and the fair value of the digital assets transferred is recognized as a gain or loss on settlement. Otherwise, the transaction is measured based on the fair value of the digital assets exchanged. Any difference between the fair value of the digital assets exchanged and the carrying amount of the digital assets is recognized in profit and loss.
Earnings per share	(x) Earnings per share The calculation of earnings per common share is based on the reported net income divided by the weighted average number of shares outstanding during the period. Diluted earnings per share is calculated on the treasury stock basis. Where potentially dilutive equity instruments are anti-dilutive, basic and diluted earnings per share are the same.
Share capital	(xi) Share capital Common shares are classified as an equity instrument. Incremental costs directly attributable to the issuance of common shares are recognized as a reduction of equity, net of the related tax effect.
Warrants	(xii) Warrants The Company issues warrant, which entitles the holder to buy the Company’s common shares at an exercise price within a certain time frame. The warrants include a cashless exercise clause, which may result in a variable number of shares being issued for a fixed price due to the use of volume-weighted average price of shares. The Company does not expect the warrants to be exercised on a cash-less basis. The Company records these warrants as a financial liability. Upon exercising, the Company records the exercised warrants at fair value immediately before settlement and records the gain or loss through the consolidated statements of operations and comprehensive income (loss). The Company subsequently measures the warrants at fair value at each reporting date and records the gain or loss through the consolidated statements of operations and comprehensive income (loss). The broker warrants issued do not include a cashless exercise feature and are classified as equity instruments. Consideration received on the sale of a share and share purchase warrant is allocated using the fair value method.
Contributed Surplus	(xiii) Contributed Surplus Contributed surplus includes consideration recognized pursuant to equity-settled share based compensation.
Share based transactions	(xiv) Share based transactions Equity-settled share based payment transactions with parties other than employees are measured at the fair value of the goods or services received, except where that fair value cannot be estimated reliably, in which case they are measured at the fair value of the equity instruments granted, measured at the date the entity obtains the goods or the counterparty renders the service. The Company issued broker warrants as part of brokered private placement offering for common shares. Broker warrants are measured at fair value at the date of the offering and accounted for as a separate component of shareholders’ equity. When the broker warrants are exercised, the proceeds received together with the related amount allocated as a separate component of shareholders’ equity are allocated to capital stock. If the broker warrants expire unexercised, the related amount separately allocated to shareholders’ equity is allocated to contributed surplus.
Share based compensation plan	(xv) Share based compensation plan Under the Company’s long-term incentive plan, the Company may grant participants restricted share units (“RSUs”), deferred share units (“DSUs”) and stock options (“Options). RSUs, DSUs and Options, are collectively referred to as “LTIP Units.” LTIP Units are redeemable either for one common share or for an amount in cash equal to the fair market value of one common share (at the option of the Company). DSUs become redeemable only on the participant’s termination of employment. RSUs generally vest over a three-year period after the date of grant. The Options have different vesting term based on the individual agreement. The expense related to DSUs, RSUs and Options is measured based on the fair value of the awards at the grant date. The expense is recognized separately in the consolidated statements of operations and comprehensive income (loss) over the vesting period, which is the period over which all of the specified vesting conditions are satisfied. At the end of each reporting period, the Company reassesses its estimates of forfeitures, and recognizes the impact of any revisions into profit or loss. When LTIP units are redeemed, they are issued to the participant and are recorded as share capital.
Income taxes	(xvi) Income taxes Income tax expense comprises current and deferred taxes. Current taxes and deferred taxes are recognized in profit or loss except items recognized directly in equity or in other comprehensive income. Deferred taxes are recognized in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred taxes are not recognized for the following temporary differences: the initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither accounting nor taxable profit or loss. Deferred taxes are measured at the tax rates that are expected to be applied to temporary differences when they reverse, based on the laws that have been enacted or substantively enacted by the reporting date. A deferred tax asset is recognized for unused tax losses, tax credits and deductible temporary differences, to the extent that it is probable that future taxable profits will be available against which they can be utilized. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realized.
Provisions	(xvii) Provisions Provisions are recognized when the Company has a present obligation to a third-party and it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation. The obligation may be legal, regulatory or contractual or it may represent a constructive obligation deriving from the Company’s actions where, by an established pattern of past practice or published policies, the Company creates a valid expectation on the part of other parties that the Company will discharge certain responsibilities.
Segment reporting	(xviii) Segment reporting The reporting segments are identified on the basis of information that is reviewed by the chief operating decision maker (“CODM”) to make decisions about resources to be allocated and assess its performance. Accordingly, for management purposes, the Company has one reporting segment and all revenues and non-current assets are in Canada.
Standards that are not yet effective and have not been adopted early by the Company	(xix) Standards that are not yet effective and have not been adopted early by the Company At the date of authorization of these consolidated financial statements, several new, but not yet effective, standards and amendments to existing standards and interpretation have been published by the IASB. None of these standards or amendments to existing standards have been adopted early by the Company. Management anticipates that all relevant pronouncements will be adopted for the first period beginning on or after the effective date of the pronouncement. New standards, amendments and interpretations not adopted in the current year have not been disclosed as they are not expected to have a material impact on the Company’s consolidated financial statements.

Basis of presentation (Tables)

Basis of presentation (Tables)	12 Months Ended
	Dec. 31, 2021
Basis of presentation [Abstract]
Significant operating subsidiary	The significant operating subsidiary of the Company included in the consolidated financial statements is as follows: % Ownership Hut 8 Holdings Inc. 100%

Significant accounting polici_3

Significant accounting policies (Tables)	12 Months Ended
	Dec. 31, 2021
Significant accounting policies [Abstract]
Estimated useful lives of plant and equipment	The estimated useful lives of the Company’s plant and equipment are as follows: Infrastructure assets 10 years Mining servers 2 years The changes in the carrying value of plant and equipment are as follows: Infrastructure Mining servers Right-of-use assets Total Cost Balance, January 1, 2020 $ 32,130,866 $ 82,403,481 $ 575,274 $ 115,109,621 Additions - 5,810,970 - 5,810,970 Expiration of lease - - (71,440 ) (71,440 ) Reversal of prior-year impairment 13,155,936 - - 13,155,936 Balance, December 31, 2020 45,286,802 88,214,451 503,834 134,005,087 Additions 1,419,151 85,012,203 460,100 86,891,454 Balance, December 31, 2021 $ 46,705,953 $ 173,226,654 $ 963,934 $ 220,896,541 Accumulated Depreciation Balance, January 1, 2020 $ 15,058,758 $ 65,093,519 $ 74,259 $ 80,226,536 Depreciation 6,801,080 14,428,573 35,265 21,264,918 Expiration of lease - - (32,973 ) (32,973 ) Accretion expense - - 24,004 24,004 Balance, December 31, 2020 21,859,838 79,522,092 100,555 101,482,485 Depreciation 6,025,591 17,073,105 188,954 23,287,650 Balance, December 31, 2021 $ 27,885,429 $ 96,595,197 $ 289,509 $ 124,770,135 Net book value as of December 31, 2020 $ 23,426,964 $ 8,692,359 $ 403,279 $ 32,522,602 December 31, 2021 $ 18,820,524 $ 76,631,457 $ 674,425 $ 96,126,406

Change in estimate (Tables)

Change in estimate (Tables)	12 Months Ended
	Dec. 31, 2021
Change in estimate [Abstract]
Change in expected depreciation expense of plant and equipment	During the year ended December 31, 2021, Management performed an operational efficiency review of its mining equipment, which resulted in changes in the expected useful life of its Infrastructure assets. Previously estimated with a 4-year useful life, the Infrastructure assets are now estimated to have a useful life of 10 years from the date put into service. The result is a change in estimate and applied prospectively. Notwithstanding any future addition to the Infrastructure assets, the effect of the change in useful life on actual and expected depreciation expense, effective the year ended December 31, 2021, is as follows: (in thousands) 2021 2022 2023 2024 2025 2026 2027 2028 2029 (Decrease) increase in depreciation expense (9,826 ) (4,672 ) 2,204 2,688 2,688 2,688 2,686 1,394 149

Deposits and prepaid expenses (

Deposits and prepaid expenses (Tables)	12 Months Ended
	Dec. 31, 2021
Deposits and prepaid expenses [Abstract]
Components of Deposits and Prepaid Expenses	The components of deposits and prepaid expenses are as follows: December 31, 2021 December 31, 2020 Current Prepaid insurance $ 1,580,298 $ 92,014 Prepaid electricity 1,308,297 - Miscellaneous deposits 470,764 - Total current deposits and prepaid expenses $ 3,359,359 $ 92,014 Non-current Deposits for plant and equipment purchase $ 110,760,561 $ 1,205,122 Deposits related to power purchase agreement 20,000,000 - Deposits related to operating site development 18,609,383 - Deposits related to electricity supply under electricity supply agreement (v) 6,252,735 5,952,735 Other 880,252 201,189 Total non-current deposits $ 156,502,931 $ 7,359,046

Digital assets (Tables)

Digital assets (Tables)	12 Months Ended
	Dec. 31, 2021
Digital assets [Abstract]
Details of Bitcoin	The Company’s Bitcoin are either held in custody, subject to lending arrangements or pledged as collateral. The details of the Bitcoin are as follows: Amount Number of digital assets As at December 31, 2021 December 31, 2020 December 31, 2021 December 31, 2020 Digital assets - held in custody $ 206,531,160 $ 75,505,472 3,518 2,046 Digital assets loaned or pledged Lending arrangements (i) 117,414,635 - 2,000 - Pledged as collateral (ii) - 26,456,199 - 716 Total digital assets $ 323,945,795 $ 101,961,671 5,518 2,762 (i) Bitcoin subject to lending arrangements. (ii) As of December 31, 2020, the Company had pledged 716 Bitcoin as collateral for a loan. This loan has been subsequently repaid in 2021 and all Bitcoin pledged as collateral has been returned to the Company.
Bitcoin Mined and Transacted	Below is the Company’s bitcoin mined and transacted: Amount Number of Bitcoin Total digital assets, December 31, 2019 $ 27,310,725 2,923 Bitcoin mined 38,962,425 2,798 Bitcoin traded for cash (41,526,945 ) (2,955 ) Bitcoin paid for services (43,485 ) (4 ) Gain on disposition of digital assets 2,815,342 - Revaluation of digital assets 74,443,609 - Total digital assets, December 31, 2020 $ 101,961,671 2,762 Bitcoin mined 165,397,736 2,786 Bitcoin traded for cash (1,291,060 ) (30 ) Gain on disposition of digital assets 182,213 - Revaluation of digital assets 57,695,235 - Total digital assets, December 31, 2021 $ 323,945,795 5,518

Plant and equipment (Tables)

Plant and equipment (Tables)	12 Months Ended
	Dec. 31, 2021
Plant and equipment [Abstract]
Plant and Equipment	The estimated useful lives of the Company’s plant and equipment are as follows: Infrastructure assets 10 years Mining servers 2 years The changes in the carrying value of plant and equipment are as follows: Infrastructure Mining servers Right-of-use assets Total Cost Balance, January 1, 2020 $ 32,130,866 $ 82,403,481 $ 575,274 $ 115,109,621 Additions - 5,810,970 - 5,810,970 Expiration of lease - - (71,440 ) (71,440 ) Reversal of prior-year impairment 13,155,936 - - 13,155,936 Balance, December 31, 2020 45,286,802 88,214,451 503,834 134,005,087 Additions 1,419,151 85,012,203 460,100 86,891,454 Balance, December 31, 2021 $ 46,705,953 $ 173,226,654 $ 963,934 $ 220,896,541 Accumulated Depreciation Balance, January 1, 2020 $ 15,058,758 $ 65,093,519 $ 74,259 $ 80,226,536 Depreciation 6,801,080 14,428,573 35,265 21,264,918 Expiration of lease - - (32,973 ) (32,973 ) Accretion expense - - 24,004 24,004 Balance, December 31, 2020 21,859,838 79,522,092 100,555 101,482,485 Depreciation 6,025,591 17,073,105 188,954 23,287,650 Balance, December 31, 2021 $ 27,885,429 $ 96,595,197 $ 289,509 $ 124,770,135 Net book value as of December 31, 2020 $ 23,426,964 $ 8,692,359 $ 403,279 $ 32,522,602 December 31, 2021 $ 18,820,524 $ 76,631,457 $ 674,425 $ 96,126,406
Significant Assumptions in Determining Value In Use	The significant assumptions in determining the VIU included the following: December 31, 2021 December 31, 2020 Starting Bitcoin price $ 58,707 (US$46,306) $ 36,925 (US$29,002) Starting network difficulty 26,643 billion 18,600 billion Discount rate 25.00 % 25.00 % Monthly Bitcoin price growth 3.00 % 1.21% - 5.13 % Difficulty growth rate 4.00 % 4.42 %

Accounts payable and accrued _2

Accounts payable and accrued liabilities (Tables)	12 Months Ended
	Dec. 31, 2021
Accounts payable and accrued liabilities [Abstract]
Accounts Payable and Accrued Liabilities	The components of accounts payable and accrued liabilities are as follows: December 31, 2021 December 31, 2020 Accounts payable $ 7,067,443 $ 3,726,309 Other accrued liabilities 2,501,927 164,203 Total accounts payable and accrued liabilities $ 9,569,370 $ 3,890,512

Loans payable and other liabi_2

Loans payable and other liabilities (Tables)	12 Months Ended
	Dec. 31, 2021
Loans payable and other liabilities [Abstract]
Components of Loans Payable	The components of loans payable are as follows: December 31, 2021 December 31, 2020 Loans payable (i) $ 40,051,428 $ 25,464,000 Lease liabilities (ii) 643,050 292,942 Total loans payable and other liabilities $ 40,694,478 $ 25,756,942 Current portion $ 16,494,463 $ 25,756,942 Non-current portion 24,200,015 - Total loans payable and other liabilities $ 40,694,478 $ 25,756,942
Maturity Analysis of Lease Liabilities	The following table sets out a maturity analysis of lease liabilities, showing the undiscounted lease payments to be made after the reporting date: December 31, 2021 December 31, 2020 <1 year $ 265,964 $ 36,179 1-2 year 212,354 38,570 3-5 year 91,660 132,887 >5 year 135,696 135,696 Total 705,674 343,332 Discounting (62,624 ) (50,390 ) Lease Liabilities $ 643,050 $ 292,942
Lease Liabilities	The Company’s lease liabilities comprise the following: December 31, 2021 December 31, 2020 Opening balance $ 292,942 $ 336,513 Payment of lease obligations (126,193 ) (24,406 ) Interest expense 16,201 24,948 Addition 460,100 - Modification of lease - (44,113 ) Ending balance $ 643,050 $ 292,942

Earnings per share (Tables)

Earnings per share (Tables)	12 Months Ended
	Dec. 31, 2021
Earnings per share
Earnings per share	The following details the earnings per share, basic and diluted, calculations for the years ended December 31, 2021 and 2020: For the year ended December 31 2021 2020 Net (loss) income attributable to common shareholders $ (72,710,434 ) $ 19,040,154 Weighted average number of common shares: January 1 93,837,221 90,438,009 Weighted average number of common shares issued 40,318,936 3,399,212 Basic number of common shares 134,156,157 93,837,221 Dilutive effect of unvested LTIP awards (i) - 406,667 Diluted number of common shares issued 134,156,157 94,243,888 Earnings per share: Basic $ (0.54 ) $ 0.20 Diluted $ (0.54 ) $ 0.20 (i) Unvested LTIP awards were excluded from the diluted shares calculation due to their anti-dilutive effect.

Warrant liability (Tables)

Warrant liability (Tables)	12 Months Ended
	Dec. 31, 2021
Warrant liability [Abstract]
Issuances of Warrants	For the year ended December 31, 2021, the Company has completed the following issuances of warrants: Private Placement Public Bought Deal Closing date 13-Jan-21 15-Jun-21 Warrants issued 7,750,000 11,500,000 Warrants strike price $ 6.25 $ 6.25 Fair value of warrants issued $ 4.22 $ 3.12 Warrants term 24 months 24 months Warrant valuation assumptions Valuation model Black-Scholes Black-Scholes Expected life 2 years 2 years Risk-free rate 0.16 % 0.31 % Volatility 136 % 138 % Dividend yield 0 % 0 %
Change in Warrant Liability	The change in warrant liability is as follows: Number of warrants Weighted average exercise price Balance, December 31, 2020 - $ - Issued 19,250,000 3.56 Exercised (4,089,999 ) 10.20 Balance, December 31, 2021 15,160,001 $ 7.46
Fair Value Conversion Feature Using Black-Scholes Option Pricing	The Black-Scholes model and the inputs used in determining the values of the warrants prior to the derecognition of financial liability warrants are as follows: Private Placement Public Bought Deal Fair value of warrants exercised $ 3.45 - $15.10 $ 3.45 - $11.93 Warrant valuation assumptions Expected life 1.1 years 1.5 years Risk-free rate 0.31 % 0.31 % Volatility 142% - 195 % 139% - 165 % Dividend yield 0 % 0 %

Equity (Tables)

Equity (Tables)	12 Months Ended
	Dec. 31, 2021
Equity [Abstract]
Changes in Share Capital	The Company has authorized share capital of an unlimited number of common shares. The changes in share capital are as follows: Number of shares Amount Balance, January 1, 2020 90,438,009 $ 170,622,599 Shares issued for RSUs (i) 543,359 1,804,260 Shares issued for exercise of options 33,333 69,176 Shares issued for equity raises, net of issuance cost (ii) 5,750,456 4,731,093 Shares issued for exercise of warrants 480,066 1,004,162 Balance, December 31, 2020 97,245,223 $ 178,231,290 Shares issued for services (iii) 380,000 398,317 Shares issued for RSUs and DSUs (iv) 359,813 1,038,554 Shares issued for exercise of options 170,639 1,206,682 Shares issued for equity raises, net of issuance cost ($ 4,003,448 58,682,500 314,756,418 Shares issued on exercise of warrant liability 4,089,999 109,287,493 Shares issued for exercise of warrants 8,661,887 31,678,716 Balance, December 31, 2021 169,590,061 $ 636,597,470 (i) During the year ended December 31, 2020, the Company issued 543,359 shares related to exercise of restricted share units (”RSU”) and reallocated $1,804,260, the relative fair value of RSU’s net of employment withholdings, from contributed surplus to share capital. (ii) On June 25, 2020, the Company completed a public offering (the “Offering”), and, with the underwriters exercising their over-allotment option, issued 5,750,456 units (“Unit”) for gross proceeds of $8,338,161. Each unit comprises of one common share (each a “Common Share”) and one Common Share purchase warrant of the Company (each a “Warrant”). Each Warrant entitles the holder thereof to acquire one additional common share of the Company at an exercise price of $1.80 per share at any time for a period of 18 months. The Warrants were valued at $2,635,544 under the relative fair value approach using the Black-Scholes Option Pricing model based on the following assumptions: expected life of 1.5 years, risk-free rate of 0.30%, volatility of 128% and dividend yield of 0%. The Company paid commissions and fees totaling $843,541 and issued 345,027 broker warrants with an exercise price of $1.45 per share and a fair value of $127,986. The broker warrants are determined using the Black-Scholes Option Pricing model based on the following assumptions: expected life of 2 years, interest rate of 0.30%, volatility of 118% and dividend yield of 0%. (iii) Shares issued as payment of invoices to key service providers. (iv) Shares issued upon vesting of RSUs and DSUs, net of employment tax withholdings.
Issuance of Equity Securities	For the year ended December 31, 2021, the Company has completed the following issuance of equity securities: Private Placement Public Bought Deal Public Offering Closing date January 13, 2021 June 15, 2021 September 17, 2021 Gross proceeds $ 77.5 million $ 115.0 million $ 220.2 million US$172.5 million Common shares issued 15,500,000 23,000,000 20,182,500 Fair value of the shares issued $ 6.34 $ 4.93 $ 10.27 US$8.55 Broker warrants issued 930,000 144,000 70,200 Fair value of broker warrants issued $ 4.22 $ 3.12 $ 8.30 US$6.51 Broker warrants strike price $ 6.25 $ 6.25 $ 10.69 Broker warrants term 24 months 24 months 60 months Warrant valuation assumptions Valuation model Black-Scholes Black-Scholes Black-Scholes Expected life 2 years 2 years 5 years Risk-free rate 0.16 % 0.16 % 1.13 % Volatility 136 % 136 % 120 % Dividend yield 0 % 0 % 0 % Commissions and fees incurred $ 5,336,748 $ 7,335,588 $ 12,422,226 Commissions and fees unpaid – as at December 31, 2021 $ nil $ nil $ nil
Changes in Warrants	The changes in warrants are as follows: Number of warrants Weighted average exercise price Balance, January 1, 2020 2,882,222 $ 4.61 Issued 6,095,483 1.78 Exercised (480,066 ) 1.67 Expired (660,000 ) 5.00 Balance, December 31, 2020 7,837,639 $ 2.56 Issued (i) 1,144,200 6.69 Expired (ii) (147,418 ) 1.80 Exercised (iii) (8,662,887 ) 3.05 Balance, December 31, 2021 171,554 $ 6.14 (i) The warrants issued comprise of 1,144,200 broker warrants related to the three equity issuances completed during the year ended December 31, 2021. (ii) The warrants expired comprised of 147,418 warrants with an exercise price of $1.80. (iii) The warrants exercised comprise of 5,305,838 2,222,222 930,000 144,094
Issued and Outstanding Warrants	The warrants issued and outstanding as of December 31, 2021 are as follows: Strike price Number Weighted average remaining contractual life (month) Expiry date Public offering warrants $ 13.36 9,477 23.00 9/17/2023 Bought deal warrants $ 6.25 19,440 18.00 6/15/2023 Private placement warrants $ 6.25 124,570 13.00 1/13/2023 Broker warrants $ 1.45 18,067 6.00 6/25/2022 171,554 13.38 The warrants issued and outstanding as of December 31, 2020 are as follows: Strike price Number Weighted average remaining contractual life (month) Expiry date $4.50 2,222,222 33.00 9/10/2023 $1.80 5,453,526 12.00 12/25/2021 $1.45 162,161 18.00 6/25/2022 $2.56 7,837,639 18.00
Stock Options Activity	Stock option activity is as follows: Number of options Weighted average exercise price Balance, January 1, 2020 910,000 $ 4.34 Forfeiture (115,000 ) 5.00 Exercised (33,333 ) 1.14 Balance, December 31, 2020 761,667 4.38 Granted 60,000 6.57 Forfeiture (104,361 ) 1.96 Exercised (170,639 ) 4.23 Options outstanding, December 31, 2021 546,667 $ 5.13 Options exercisable, December 31, 2021 480,000 $ 5.00
Stock Options Outstanding	As of December 31, 2021, the Company had the following stock options outstanding: Exercise price – outstanding Number of options outstanding Number of options exercisable Weighted average exercise price Weighted average remaining life (months) $ 1.80 6,667 — $ 1.80 34 5.00 480,000 480,000 5.00 15 6.57 60,000 — 6.57 112 546,667 480,000 $ 5.00 26 As of December 31, 2020, the Company had the following stock options outstanding: Exercise price – outstanding Number of options outstanding Number of options exercisable Weighted average exercise price Weighted average remaining life (months) $ 1.14 66,667 — $ 1.14 48 1.80 10,000 3,333 1.80 46 3.00 90,000 60,000 3.00 33 5.00 595,000 476,668 5.00 27 761,667 540,001 $ 5.00 30

Related party transactions (Tab

Related party transactions (Tables)	12 Months Ended
	Dec. 31, 2021
Related party transactions [Abstract]
Related party transactions with key management personnel	Key management includes members of the Board of Directors and its corporate officers. The aggregate value of transactions relating to key management personnel and entities over which they have control or significant influence were as follows: For the year ended December 31 2021 2020 Salary, fees, and other short-term benefits (i) $ 4,169,818 $ 1,048,195 Share based payments 8,186,082 722,055 $ 12,355,900 $ 1,770,250 (i) In connection with the issuance of shares related to the RSUs and DSUs granted, during the twelve months ended December 31, 2021, the Company incurred payroll tax expense of $728,556 (2020 - $ nil

Financial instruments and ris_2

Financial instruments and risk management (Tables)	12 Months Ended
	Dec. 31, 2021
Financial instruments and risk management [Abstract]
Financial Instruments	The Company’s financial instruments have been classified as follows: December 31, 2021 Level 1 Level 2 Level 3 Total Fair value carried through profit and loss Warrant Liability - 99,021,368 - 99,021,368 Deposits 156,093,443 - - 156,093,443 December 31, 2020 Level 1 Level 2 Level 3 Total Fair value through profit and loss Deposits 7,157,857 - - 7,157,857

Digital assets and risk manag_2

Digital assets and risk management (Tables)	12 Months Ended
	Dec. 31, 2021
Digital assets and risk management [Abstract]
Disclosure of Offsetting of Financial Liabilities	As at December 31, 2021, the contractual maturities of financial and other liabilities, including estimated interest payments are as follows: Contractual cash flows Within 1 year 1 to 2 years 2 to 5 years 5+ years Accounts payable and accrued liabilities excluding salaries payable $ 9,398,781 $ 9,398,781 $ - $ - $ — Loans payable and interest 48,356,594 20,432,715 14,505,103 13,418,776 — Lease commitments $ 1,016,199 $ 244,506 $ 192,596 $ 52,731 526,366
Schedule of Foreign Currencies With Significant Exposure	The table below indicates the foreign currencies to which the Company has significant exposure as of December 31, 2021 in Canadian dollar terms: As at December 31, 2021 December 31, 2020 Cash $ 107,601,184 $ 368,769 Accounts receivable 446,094 - Deposits (non-current) 94,996,281 - Accounts payable (1,371,103 ) (30,275 ) Loans payable (40,051,428 ) (25,464,000 )

Revenue (Tables)

Revenue (Tables)	12 Months Ended
	Dec. 31, 2021
Revenue [Abstract]
Revenue	The details of our revenue by type are as follows: For the years ended December 31 2021 2020 Digital assets mined $ 165,397,736 $ 38,962,425 Hosting fees 8,376,243 1,748,102 Total revenue $ 173,773,979 $ 40,710,527

Costs of revenue (Tables)

Costs of revenue (Tables)	12 Months Ended
	Dec. 31, 2021
Costs of revenue [Abstract]
Costs of revenue	The details of our costs of revenue by type are as follows: For the years ended December 31 2021 2020 Site operating costs $ (61,687,927 ) $ (37,978,598 ) Depreciation (23,287,650 ) (21,264,918 ) Total cost of revenue $ (84,975,577 ) $ (59,243,516 )

General and administrative ex_2

General and administrative expenses (Tables)	12 Months Ended
	Dec. 31, 2021
General and administrative expenses [Abstract]
General and administrative expenses	The details of our general and administrative expenses by type are as follows: For the years ended December 31 2021 2020 Share based payments $ (9,875,359 ) $ 284,434 Professional fees (6,566,979 ) (1,486,218 ) Salary and benefits (4,046,261 ) (817,696 ) General, office and other (3,605,343 ) (346,562 ) Insurance expense (2,645,423 ) (673,974 ) Investor relations and regulatory (2,831,781 ) (148,980 ) Sales tax expense (10,693,703 ) (1,945,419 ) Total general and administrative expense $ (40,264,849 ) $ (5,134,415 )

Supplementary cash flow infor_2

Supplementary cash flow information (Tables)	12 Months Ended
	Dec. 31, 2021
Supplementary cash flow information [Abstract]
Change in working capital	Change in working capital for the years ended December 31, 2021 and 2020 was as follows: For the years ended December 31 2021 2020 Accounts receivable and other $ 244,795 $ (451,061 ) Prepaid expenses (3,775,644 ) - Accounts payable and accrued liabilities 5,699,465 1,703,608 Net change in working capital $ 2,168,616 $ 1,252,547

Income taxes (Tables)

Income taxes (Tables)	12 Months Ended
	Dec. 31, 2021
Income taxes [Abstract]
Income Taxes Recognized in Profit or Loss	The income taxes recognized in profit or loss comprise the following: For the years ended December 31 2021 2020 Current tax expense $ - $ - Deferred tax (recovery) expense 5,620,296 (15,048,707 ) Total income tax expense (recovery) $ 5,620,296 $ (15,048,707 )
Components of Income Tax Expense	The income tax expense comprises of the following: For the 12 months ended December 31 2021 2020 Origination and reversal of temporary difference $ 16,793,233 $ 4,244,305 Change in unrecognized tax losses and tax benefits (13,638,014 ) (17,045,913 ) Change in prior year estimate and other 2,465,077 (2,247,099 ) Total income tax expense (recovery) $ 5,620,296 $ (15,048,707 )
Difference Between Income Taxes Calculated Using Effective Income Tax Rates	The difference between income taxes calculated using the Company’s effective income tax rates and the amounts that would result from the application of the statutory income tax rates arises from the following: For the years ended December 31 2021 2020 Net (loss) income before recovery of income taxes $ (67,090,138 ) $ 3,991,447 Canadian statutory tax rate 26.5 % 26.5 % Expected income tax (recovery) expense (17,778,887 ) 1,057,733 Different tax rate for subsidiary and other adjustments (2,114,698 ) 2,799,784 Loss on revaluation on warrant liability 30,252,772 - Non-deductible expenses 5,624,359 386,788 True up to filing adjustments 3,263,592 (2,247,099 ) Utilization of losses not previously recognized - (15,048,707 ) Change in tax benefits not recognized (13,626,842 ) (1,997,206 ) Income tax expense (recovery) $ 5,620,296 $ (15,048,707 )
Components of Other Comprehensive Income	The income taxes recognized on components of other comprehensive income for the years ended December 31, 2021 and 2020 are as follows: For the years ended December 31 2021 2020 Revaluation gain on digital assets $ 57,695,235 $ 60,729,647 Tax recovery (expense) 164,182 (15,048,707 ) Revaluation gain on digital assets, net of tax $ 57,859,417 $ 45,680,940
Movement on net deferred income tax assets and liabilities	The movement on the net deferred income tax assets and liabilities are as follows: For the years ended December 31 2021 2020 Balance, beginning $ - $ - Deferred tax recovery (expense) recorded in profit (5,620,296 ) 15,048,707 Movement recognized in other comprehensive income 164,182 (15,048,707 ) Net deferred tax liability $ (5,456,114 ) $ -
Components of Net Deferred Tax Asset (Liabilities)	The components of net deferred tax asset (liabilities) are as follows: As at December 31, 2021 December 31, 2020 Non-capital losses $ 15,764,000 $ 18,233,106 Lease liabilities 157,130 70,584 Capital losses 59,910 68,837 Capital loan (49,430 ) (133,426 ) Plant and equipment (4,557,194 ) - Digital assets (16,666,200 ) (18,141,931 ) Right-of-use asset (164,330 ) (97,170 ) Net deferred tax liability $ (5,456,114 ) $ -

Basis of presentation (Details)

Basis of presentation (Details)	12 Months Ended
	Dec. 31, 2021
Hut 8 Holdings Inc. [Member]
Percentage of ownership interest [Abstract]
Percentage of ownership interest in subsidiary	100.00%

Significant accounting polici_4

Significant accounting policies, Plant and equipment (Details)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Infrastructure Assets [Member]
Estimated useful lives of plant and equipment [Abstract]
Estimated useful lives of plant and equipment	10 years	4 years
Mining Servers [Member]
Estimated useful lives of plant and equipment [Abstract]
Estimated useful lives of plant and equipment	2 years

Significant accounting polici_5

Significant accounting policies, Impairment of non-financial asset (Details)	12 Months Ended
	Dec. 31, 2021CAD ($)
Significant accounting policies [Abstract]
Impairment of non-financial asset	$ 0

Significant accounting polici_6

Significant accounting policies, Share based compensation plan (Details)	12 Months Ended
	Dec. 31, 2021shares
LTIP Units [Member] | Common Shares [Member]
Share based compensation plan [Abstract]
Number of units redeemed for awards granted (in shares)	1
RSUs [Member]
Share based compensation plan [Abstract]
Vesting period	3 years

Significant accounting polici_7

Significant accounting policies, Income taxes (Details) - CAD ($)	Dec. 31, 2021	Dec. 31, 2020
Significant accounting policies [Abstract]
Deferred tax assets	$ 0	$ 0

Significant accounting polici_8

Significant accounting policies, Segment Reporting (Details)	12 Months Ended
	Dec. 31, 2021Segment
Segment Reporting [Abstract]
Number of reportable segments	1

Change in estimate (Details)

Change in estimate (Details) - CAD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Expected (decrease) increase in depreciation expense [Abstract]
2021	$ (9,826,000)
2022	(4,672,000)
2023	2,204,000
2024	2,688,000
2025	2,688,000
2026	2,688,000
2027	2,686,000
2028	1,394,000
2029	149,000
Change in tax position [Abstract]
Income tax recovery recorded in other comprehensive income	7,213,097
Income tax recovery recorded in profit and loss	$ 2,136,463
Infrastructure Assets [Member]
Change in estimates [Abstract]
Estimated useful lives of plant and equipment	10 years	4 years

Deposits and prepaid expenses_2

Deposits and prepaid expenses (Details) - CAD ($)	Dec. 31, 2021	Dec. 31, 2020
Current [Abstract]
Prepaid insurance	$ 1,580,298	$ 92,014
Prepaid electricity	1,308,297	0
Miscellaneous deposits	470,764	0
Total current deposits and prepaids expenses	3,359,359	92,014
Non-current [Abstract]
Deposits for plant and equipment purchase	110,760,561	1,205,122
Deposits related to power purchase agreement	20,000,000	0
Deposits related to operating site development	18,609,383	0
Deposits related to electricity supply under Electricity Supply Agreement	6,252,735	5,952,735
Other	880,252	201,189
Total non-current deposits and prepaids expenses	$ 156,502,931	$ 7,359,046

Digital assets, details of bitc

Digital assets, details of bitcoin (Details)		Dec. 31, 2021CAD ($)Bitcoin	Dec. 31, 2020CAD ($)Bitcoin	Dec. 31, 2019CAD ($)Bitcoin
Amount of digital assets [Abstract]
Digital assets - held in custody | $		$ 206,531,160	$ 75,505,472
Digital assets loaned or pledged [Abstract]
Lending arrangements | $	[1]	117,414,635	0
Pledged as collateral | $	[2]	0	26,456,199
Total digital assets | $		$ 323,945,795	$ 101,961,671	$ 27,310,725
Number of digital assets [Abstract]
Number of digital assets held in custody | Bitcoin		3,518	2,046
Digital assets loaned or pledged [Abstract]
Number of digital assets in lending arrangements | Bitcoin	[1]	2,000	0
Number of digital assets pledged as collateral | Bitcoin	[2]	0	716
Number of digital assets | Bitcoin		5,518	2,762	2,923
[1]	Bitcoin subject to lending arrangements.
[2]	As of December 31, 2020, the Company had pledged 716 Bitcoin as collateral for a loan. This loan has been subsequently repaid in 2021 and all Bitcoin pledged as collateral has been returned to the Company.

Digital assets, bitcoin mined a

Digital assets, bitcoin mined and transacted (Details)	12 Months Ended
	Dec. 31, 2021CAD ($)Bitcoin	Dec. 31, 2020CAD ($)Bitcoin	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)
Amount of bitcoin [Abstract]
Digital assets, beginning balance	$ 101,961,671	$ 27,310,725
Bitcoin mined	165,397,736	38,962,425
Bitcoin traded for cash	(1,291,060)	(41,526,945)
Bitcoin paid for services		(43,485)
Gain on disposition of digital assets	182,213	2,815,342
Revaluation of digital assets	57,695,235	74,443,609
Digital assets, ending balance	$ 323,945,795	$ 101,961,671
Number of bitcoin [Abstract]
Bitcoins beginning balance | Bitcoin	2,762	2,923
Bitcoin mined | Bitcoin	2,786	2,798
Bitcoin traded for cash | Bitcoin	(30)	(2,955)
Bitcoin paid for services | Bitcoin		(4)
Bitcoins ending balance | Bitcoin	5,518	2,762
Bitcoin trading costs	$ 1,108,847	$ 38,755,088
Bitcoin price	58,707	36,925	$ 46,306	$ 29,002
Revaluation gain	57,859,417	60,729,647
Revaluation gain in net income	0	13,713,962
Tax recovery	$ 164,182	$ 15,048,707

Digital assets, lending arrange

Digital assets, lending arrangements (Details)		12 Months Ended
		Dec. 31, 2021CAD ($)Bitcoin	Dec. 31, 2020CAD ($)Bitcoin
Lending arrangements [Abstract]
Number of bitcoin lended | Bitcoin	[1]	2,000	0
Fair value of digital assets loaned | $	[1]	$ 117,414,635	$ 0
Borrow fee income | $		2,762,590	0
Borrow fee receivable | $		$ 441,162	$ 0
Bottom of Range [Member]
Lending arrangements [Abstract]
Percentage of borrow fee		2.00%
Top of Range [Member]
Lending arrangements [Abstract]
Percentage of borrow fee		2.25%
Genesis Global Capital LLC [Member]
Lending arrangements [Abstract]
Number of bitcoin lended | Bitcoin		1,000	0
Galaxy Digital LLC [Member]
Lending arrangements [Abstract]
Number of bitcoin lended | Bitcoin		1,000	0
[1]	Bitcoin subject to lending arrangements.

Plant and equipment, Cost and A

Plant and equipment, Cost and Accumulated Depreciation (Details) - CAD ($)	3 Months Ended	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2021	Dec. 31, 2020
Property plant and equipment [Abstract]
Property, plant and equipment, beginning balance		$ 32,522,602
Reversal of prior-year impairment	$ 13,200,000
Property, plant and equipment, ending balance	96,126,406	96,126,406	$ 32,522,602
Right-of-Use Assets [Member]
Property plant and equipment [Abstract]
Property, plant and equipment, beginning balance		403,279
Property, plant and equipment, ending balance	674,425	674,425	403,279
Infrastructure [Member]
Property plant and equipment [Abstract]
Property, plant and equipment, beginning balance		23,426,964
Property, plant and equipment, ending balance	18,820,524	18,820,524	23,426,964
Mining Servers [Member]
Property plant and equipment [Abstract]
Property, plant and equipment, beginning balance		8,692,359
Property, plant and equipment, ending balance	76,631,457	76,631,457	8,692,359
Cost [Member]
Property plant and equipment [Abstract]
Property, plant and equipment, beginning balance		134,005,087	115,109,621
Additions		86,891,454	5,810,970
Expiration of lease			(71,440)
Reversal of prior-year impairment			13,155,936
Property, plant and equipment, ending balance	220,896,541	220,896,541	134,005,087
Cost [Member] | Right-of-Use Assets [Member]
Property plant and equipment [Abstract]
Property, plant and equipment, beginning balance		503,834	575,274
Additions		460,100	0
Expiration of lease			(71,440)
Reversal of prior-year impairment			0
Property, plant and equipment, ending balance	963,934	963,934	503,834
Cost [Member] | Infrastructure [Member]
Property plant and equipment [Abstract]
Property, plant and equipment, beginning balance		45,286,802	32,130,866
Additions		1,419,151	0
Expiration of lease			0
Reversal of prior-year impairment			13,155,936
Property, plant and equipment, ending balance	46,705,953	46,705,953	45,286,802
Cost [Member] | Mining Servers [Member]
Property plant and equipment [Abstract]
Property, plant and equipment, beginning balance		88,214,451	82,403,481
Additions		85,012,203	5,810,970
Expiration of lease			0
Reversal of prior-year impairment			0
Property, plant and equipment, ending balance	173,226,654	173,226,654	88,214,451
Accumulated Depreciation [Member]
Property plant and equipment [Abstract]
Property, plant and equipment, beginning balance		(101,482,485)	(80,226,536)
Depreciation		23,287,650	21,264,918
Expiration of lease		(32,973)
Accretion expense		(24,004)
Property, plant and equipment, ending balance	(124,770,135)	(124,770,135)	(101,482,485)
Accumulated Depreciation [Member] | Right-of-Use Assets [Member]
Property plant and equipment [Abstract]
Property, plant and equipment, beginning balance		(100,555)	(74,259)
Depreciation		188,954	35,265
Expiration of lease		(32,973)
Accretion expense		(24,004)
Property, plant and equipment, ending balance	(289,509)	(289,509)	(100,555)
Accumulated Depreciation [Member] | Infrastructure [Member]
Property plant and equipment [Abstract]
Property, plant and equipment, beginning balance		(21,859,838)	(15,058,758)
Depreciation		6,025,591	6,801,080
Expiration of lease		0
Accretion expense		0
Property, plant and equipment, ending balance	(27,885,429)	(27,885,429)	(21,859,838)
Accumulated Depreciation [Member] | Mining Servers [Member]
Property plant and equipment [Abstract]
Property, plant and equipment, beginning balance		(79,522,092)	(65,093,519)
Depreciation		17,073,105	14,428,573
Expiration of lease		0
Accretion expense		0
Property, plant and equipment, ending balance	$ (96,595,197)	$ (96,595,197)	$ (79,522,092)

Plant and equipment, Significan

Plant and equipment, Significant Assumptions in Determining Value In Use (Details)	3 Months Ended
	Dec. 31, 2021CAD ($)	Dec. 31, 2021USD ($)	Dec. 31, 2020CAD ($)	Dec. 31, 2020USD ($)
Property plant and equipment [Abstract]
Starting bitcoin price	$ 58,707	$ 46,306	$ 36,925	$ 29,002
Starting network difficulty	$ 26,643,000,000,000		$ 18,600,000,000,000
Discount rate	25.00%	25.00%	25.00%	25.00%
Monthly bitcoin price growth	3.00%	3.00%
Difficulty growth rate	4.00%	4.00%	4.42%	4.42%
Reversal of prior-year impairment	$ 13,200,000
Bottom of range [member]
Property plant and equipment [Abstract]
Monthly bitcoin price growth			1.21%	1.21%
Top of range [member]
Property plant and equipment [Abstract]
Monthly bitcoin price growth			5.13%	5.13%

Accounts payable and accrued _3

Accounts payable and accrued liabilities (Details) - CAD ($)	Dec. 31, 2021	Dec. 31, 2020
Accounts payable and accrued liabilities [Abstract]
Accounts payable	$ 7,067,443	$ 3,726,309
Other accrued liabilities	2,501,927	164,203
Total accounts payable and accrued liabilities	$ 9,569,370	$ 3,890,512

Loans payable and other liabi_3

Loans payable and other liabilities, Components of Loans Payable (Details) - CAD ($)	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Loans payable and other liabilities [Abstract]
Loans payable	$ 40,051,428	$ 25,464,000
Lease liabilities	643,050	292,942	$ 336,513
Current portion	16,494,463	25,756,942
Non-current portion	24,200,015	0
Total loans payable and other liabilities	$ 40,694,478	$ 25,756,942

Loans payable and other liabi_4

Loans payable and other liabilities, Loans Payable (Details)	12 Months Ended
	Dec. 31, 2021CAD ($)	Dec. 31, 2021USD ($)	Dec. 31, 2021USD ($)	Dec. 30, 2021CAD ($)	Dec. 30, 2021USD ($)	Feb. 11, 2021CAD ($)	Feb. 11, 2021USD ($)	Jan. 22, 2021CAD ($)	Jan. 22, 2021USD ($)	Dec. 31, 2020CAD ($)
Disclosure of detailed information about borrowings [line items]
Loans	$ 40,051,428									$ 25,464,000
Deferred finance cost	1,426,010									0
Trinity Capital Inc. [Member]
Disclosure of detailed information about borrowings [line items]
Loans	34,190,473									0
Equipment financing loan				$ 38,328,000	$ 30,000,000
Amount withdrawn from loan facility	$ 38,328,000		$ 30,000,000
Interest rate	9.50%		9.50%
Prepayments	$ 2,417,517
Foreign exchange gain	294,000
Foundry Digital LLC [Member]
Disclosure of detailed information about borrowings [line items]
Loans	$ 5,860,955									0
Equipment financing loan								$ 18,068,955	$ 14,660,800
Interest rate	16.50%		16.50%
Term of loan	12 months	12 months
Aggregate principal amount drawn	$ 14,448,859	$ 11,728,640
Prepayments	3,644,286	2,951,660
Principal payments	8,883,310		$ 7,105,707
Repayment of interest amount on borrowings	882,023	$ 732,010
Foreign exchange gain	300,406
Genesis [Member]
Disclosure of detailed information about borrowings [line items]
Deferred finance cost	$ 0									$ 25,464,000
Repayment of borrowings on equipment loan						$ 25,464,000	$ 20,000,000

Loans payable and other liabi_5

Loans payable and other liabilities, Maturity Analysis of Lease Liabilities (Details) - CAD ($)	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Maturity Analysis of Lease Liabilities [Abstract]
Gross lease liabilities	$ 705,674	$ 343,332
Discounting	(62,624)	(50,390)
Lease Liabilities	643,050	292,942	$ 336,513
1 Year [member]
Maturity Analysis of Lease Liabilities [Abstract]
Gross lease liabilities	265,964	36,179
1-2 Year [member]
Maturity Analysis of Lease Liabilities [Abstract]
Gross lease liabilities	212,354	38,570
3-5 Year [member]
Maturity Analysis of Lease Liabilities [Abstract]
Gross lease liabilities	91,660	132,887
>5 Year [member]
Maturity Analysis of Lease Liabilities [Abstract]
Gross lease liabilities	$ 135,696	$ 135,696

Loans payable and other liabi_6

Loans payable and other liabilities, Lease Liabilities (Details) - CAD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Lease liabilities [abstract]
Opening balance	$ 292,942	$ 336,513
Payment of lease obligations	(126,193)	(24,406)
Interest expense	16,201	24,948
Addition	460,100	0
Modification of lease	0	(44,113)
Closing balance	$ 643,050	$ 292,942

Earnings per share (Details)

Earnings per share (Details)		12 Months Ended
		Dec. 31, 2021CAD ($)$ / sharesshares	Dec. 31, 2021$ / sharesshares	Dec. 31, 2020CAD ($)$ / sharesshares	Dec. 31, 2020$ / sharesshares
Earnings per share
Net (loss) income attributable to common shareholders | $		$ (72,710,434)		$ 19,040,154
Weighted average number of common shares [Abstract]
January 1 (in shares)		93,837,221	93,837,221	90,438,009	90,438,009
Weighted average number of common shares issued (in shares)		40,318,936		3,399,212
Basic number of common shares (in shares)		134,156,157		93,837,221
Dilutive effect of unvested LTIP awards (in shares)	[1]	0		406,667
Diluted number of common shared issued (in shares)		134,156,157		94,243,888
Earnings per share [Abstract]
Basic (in dollars per share) | (per share)		$ (0.54)	$ (0.54)	$ 0.20	$ 0.20
Diluted (in dollars per share) | (per share)		$ (0.54)	$ (0.54)	$ 0.20	$ 0.20
[1]	Unvested LTIP awards were excluded from the diluted shares calculation due to their anti-dilutive effect.

Warrant liability, Issuance of

Warrant liability, Issuance of Warrants Liability (Details)	12 Months Ended
	Dec. 31, 2021$ / sharesshares
Private Placement [Member]
Issuance of warrants liability [Abstract]
Closing date	Jan. 13, 2021
Warrants issued (in shares) | shares	7,750,000
Warrants strike price (in dollars per share)	$ 6.25
Fair value of warrants issued (in dollars per share)	$ 4.22
Warrants term	24 months
Warrant valuation assumptions [Abstract]
Valuation model	Black-Scholes
Expected life	2 years
Risk-free rate	0.16%
Volatility	136.00%
Dividend yield	0.00%
Public Bought Deal [Member]
Issuance of warrants liability [Abstract]
Closing date	Jun. 15, 2021
Warrants issued (in shares) | shares	11,500,000
Warrants strike price (in dollars per share)	$ 6.25
Fair value of warrants issued (in dollars per share)	$ 3.12
Warrants term	24 months
Warrant valuation assumptions [Abstract]
Valuation model	Black-Scholes
Expected life	2 years
Risk-free rate	0.31%
Volatility	138.00%
Dividend yield	0.00%

Warrant liability, Change in Wa

Warrant liability, Change in Warrants Liability (Details)	12 Months Ended
	Dec. 31, 2021CAD ($)shares	Dec. 31, 2021USD ($)shares$ / shares	Dec. 31, 2020CAD ($)shares
Number of warrants [Roll Forward]
Beginning balance (in shares) | shares	0	0
Issued (in shares) | shares	19,250,000	19,250,000
Exercised (in shares) | shares	(4,089,999)	(4,089,999)
Ending balance (in shares) | shares	15,160,001	15,160,001	0
Weighted average exercise price [Roll Forward]
Beginning balance (in dollars per share) | $ / shares		$ 0
Issued (in dollars per share) | $ / shares		3.56
Exercised (in dollars per share) | $ / shares		10.20
Ending balance (in dollars per share) | $ / shares		$ 7.46
Non-cash loss on the revaluation of warrant liability	$ (114,161,368)	$ 114,161,368	$ 0
loss related to the fair value measurement of warrant liability | $		$ 70,827,014

Warrant liability, Black-Schole

Warrant liability, Black-Scholes Option (Details)	12 Months Ended
	Dec. 31, 2021$ / shares
Private Placement [Member]
Warrant valuation assumptions [Abstract]
Expected life	2 years
Risk-free rate	0.16%
Volatility	136.00%
Dividend yield	0.00%
Public Bought Deal [Member]
Warrant valuation assumptions [Abstract]
Expected life	2 years
Risk-free rate	0.31%
Volatility	138.00%
Dividend yield	0.00%
Derecognition [Member] | Private Placement [Member]
Warrant valuation assumptions [Abstract]
Expected life	1 year 1 month 6 days
Risk-free rate	0.31%
Dividend yield	0.00%
Derecognition [Member] | Private Placement [Member] | Bottom of range [member]
Fair Values Options Using Option Pricing Model [Abstract]
Fair value of warrants exercised (in dollars per share)	$ 3.45
Warrant valuation assumptions [Abstract]
Volatility	142.00%
Derecognition [Member] | Private Placement [Member] | Top of range [member]
Fair Values Options Using Option Pricing Model [Abstract]
Fair value of warrants exercised (in dollars per share)	$ 15.10
Warrant valuation assumptions [Abstract]
Volatility	195.00%
Derecognition [Member] | Public Bought Deal [Member]
Warrant valuation assumptions [Abstract]
Expected life	1 year 6 months
Risk-free rate	0.31%
Dividend yield	0.00%
Derecognition [Member] | Public Bought Deal [Member] | Bottom of range [member]
Fair Values Options Using Option Pricing Model [Abstract]
Fair value of warrants exercised (in dollars per share)	$ 3.45
Warrant valuation assumptions [Abstract]
Volatility	139.00%
Derecognition [Member] | Public Bought Deal [Member] | Top of range [member]
Fair Values Options Using Option Pricing Model [Abstract]
Fair value of warrants exercised (in dollars per share)	$ 11.93
Warrant valuation assumptions [Abstract]
Volatility	165.00%

Equity, Changes in Share Capita

Equity, Changes in Share Capital (Details)		Jun. 25, 2020CAD ($)shares$ / shares	Dec. 31, 2021CAD ($)shares		Dec. 31, 2020CAD ($)shares
Number of shares [Abstract]
Balance at beginning of period (in shares) | shares			90,438,009
Balance at ending of period (in shares) | shares			93,837,221		90,438,009
Amount [Abstract]
Balance at beginning of period			$ 178,231,290
Shares issued for exercise of options			722,538		$ 37,997
Shares issued for equity raises, net of issuance cost			319,715,982		7,494,623
Shares issued on exercise of warrant liability			26,390,553		800,116
Balance at end of period			636,597,470		178,231,290
Share issuance cost			$ 4,003,448
Share capital reallocated from contributed surplus					1,804,260
Gross proceeds from issuance of equity		$ 8,338,161
Number of common shares for each unit (in shares) | shares		1
Number of common shares each warrant holder entitles to acquire (in shares) | shares		1
Warrant valuation assumptions [Abstract]
Commissions and fees incurred		$ 843,541
Warrants issued (in shares) | shares			19,250,000
Warrants [Member]
Amount [Abstract]
Shares issued for exercise of options			$ 0		0
Shares issued for equity raises, net of issuance cost			4,959,564		2,763,530
Shares issued on exercise of warrant liability			$ (5,288,163)		$ (204,046)
Number of warrants for each unit (in shares) | shares		1
Warrants exercise price (in dollars per share) | $ / shares		$ 1.80
Warrants vesting period			18 months
Fair value of warrants		$ 2,635,544
Warrant valuation assumptions [Abstract]
Expected life		1.5
Risk-free rate		0.30%
Volatility		128.00%
Dividend yield		0.00%
Warrants issued (in shares) | shares			1,144,200	[1]	6,095,483
Broker Warrants [Member]
Amount [Abstract]
Warrants exercise price (in dollars per share) | $ / shares		$ 1.45
Fair value of warrants		$ 127,986
Warrant valuation assumptions [Abstract]
Expected life		2
Risk-free rate		0.30%
Volatility		118.00%
Dividend yield		0.00%
Warrants issued (in shares) | shares		345,027	1,144,200
Common Shares [Member]
Number of shares [Abstract]
Balance at beginning of period (in shares) | shares			97,245,223		90,438,009
Shares issued for services (in shares) | shares	[2]		380,000
Shares issued for RSU (in shares) | shares	[3]				543,359
Shares issued for RSUs and DSUs (in shares) | shares	[4]		359,813
Shares issued on exercise of options (in shares) | shares			170,639		33,333
Shares issued for equity raises, net of issuance cost (in shares) | shares			58,682,500		5,750,456	[5]
Shares issued on exercise of warrant liability (in shares) | shares			4,089,999
Shares issued for exercise of warrants (in shares) | shares			8,661,887		480,066
Balance at ending of period (in shares) | shares			169,590,061		97,245,223
Amount [Abstract]
Balance at beginning of period			$ 178,231,290		$ 170,622,599
Shares issued for services	[2]		398,317
Shares issued for RSUs	[3]				1,804,260
Shares issued for RSUs and DSUs	[4]		1,038,554
Shares issued for exercise of options			1,206,682		69,176
Shares issued for equity raises, net of issuance cost			314,756,418		4,731,093	[5]
Shares issued on exercise of warrant liability			109,287,493
Shares issued on exercise of warrant liability			31,678,716		1,004,162
Balance at end of period			$ 636,597,470		$ 178,231,290
[1]	The warrants issued comprise of 1,144,200 broker warrants related to the three equity issuances completed during the year ended December 31, 2021.
[2]	Shares issued as payment of invoices to key service providers.
[3]	During the year ended December 31, 2020, the Company issued 543,359 shares related to exercise of restricted share units (”RSU”) and reallocated $1,804,260, the relative fair value of RSU’s net of employment withholdings, from contributed surplus to share capital.
[4]	Shares issued upon vesting of RSUs and DSUs, net of employment tax withholdings.
[5]	On June 25, 2020, the Company completed a public offering (the “Offering”), and, with the underwriters exercising their over-allotment option, issued 5,750,456 units (“Unit”) for gross proceeds of $8,338,161. Each unit comprises of one common share (each a “Common Share”) and one Common Share purchase warrant of the Company (each a “Warrant”). Each Warrant entitles the holder thereof to acquire one additional common share of the Company at an exercise price of $1.80 per share at any time for a period of 18 months. The Warrants were valued at $2,635,544 under the relative fair value approach using the Black-Scholes Option Pricing model based on the following assumptions: expected life of 1.5 years, risk-free rate of 0.30%, volatility of 128% and dividend yield of 0%. The Company paid commissions and fees totaling $843,541 and issued 345,027 broker warrants with an exercise price of $1.45 per share and a fair value of $127,986. The broker warrants are determined using the Black-Scholes Option Pricing model based on the following assumptions: expected life of 2 years, interest rate of 0.30%, volatility of 118% and dividend yield of 0%.

Equity, Issuance of Equity Secu

Equity, Issuance of Equity Securities (Details) $ / shares in Units, $ / shares in Units, $ in Millions	Jun. 25, 2020CAD ($)shares	Dec. 31, 2021CAD ($)shares$ / shares		Dec. 31, 2021USD ($)shares		Dec. 31, 2020shares$ / shares	Dec. 31, 2021$ / shares
Issuance of equity securities [Abstract]
Gross proceeds	$ 8,338,161
Warrants issued (in shares) | shares		19,250,000		19,250,000
Warrant valuation assumptions [Abstract]
Commissions and fees incurred	$ 843,541
Broker Warrants [Member]
Issuance of equity securities [Abstract]
Warrants issued (in shares) | shares	345,027	1,144,200		1,144,200
Warrants strike price (in dollars per share) | $ / shares		$ 1.45				$ 2.56
Warrant valuation assumptions [Abstract]
Expected life	2
Risk-free rate	0.30%
Volatility	118.00%
Dividend yield	0.00%
Warrants [Member]
Issuance of equity securities [Abstract]
Warrants issued (in shares) | shares		1,144,200	[1]	1,144,200	[1]	6,095,483
Warrant valuation assumptions [Abstract]
Expected life	1.5
Risk-free rate	0.30%
Volatility	128.00%
Dividend yield	0.00%
Private Placement [Member]
Issuance of equity securities [Abstract]
Closing date		Jan. 13, 2021		Jan. 13, 2021
Gross proceeds		$ 77,500,000
Common shares issued (in shares) | shares		15,500,000
Fair value of the shares issued (in dollars per share) | $ / shares		$ 6.34
Warrant valuation assumptions [Abstract]
Commissions and fees incurred		$ 5,336,748
Commissions and fees unpaid
Private Placement [Member] | Broker Warrants [Member]
Issuance of equity securities [Abstract]
Warrants issued (in shares) | shares		930,000		930,000
Fair value of warrants issued (in dollars per share) | $ / shares		$ 4.22
Warrants strike price (in dollars per share) | $ / shares		$ 6.25
Warrants term		24 months		24 months
Private Placement [Member] | Warrants [Member]
Warrant valuation assumptions [Abstract]
Valuation model		Black-Scholes		Black-Scholes
Expected life		2		2
Risk-free rate		0.16%		0.16%
Volatility		136.00%		136.00%
Dividend yield		0.00%		0.00%
Public Bought Deal [Member]
Issuance of equity securities [Abstract]
Closing date		Jun. 15, 2021		Jun. 15, 2021
Gross proceeds		$ 115,000,000
Common shares issued (in shares) | shares		23,000,000
Fair value of the shares issued (in dollars per share) | $ / shares		$ 4.93
Warrant valuation assumptions [Abstract]
Commissions and fees incurred		$ 7,335,588
Commissions and fees unpaid
Public Bought Deal [Member] | Broker Warrants [Member]
Issuance of equity securities [Abstract]
Warrants issued (in shares) | shares		144,000		144,000
Fair value of warrants issued (in dollars per share) | $ / shares		$ 3.12
Warrants strike price (in dollars per share) | $ / shares		$ 6.25
Warrants term		24 months		24 months
Public Bought Deal [Member] | Warrants [Member]
Warrant valuation assumptions [Abstract]
Valuation model		Black-Scholes		Black-Scholes
Expected life		2		2
Risk-free rate		0.16%		0.16%
Volatility		136.00%		136.00%
Dividend yield		0.00%		0.00%
Public Offering [Member]
Issuance of equity securities [Abstract]
Closing date		Sep. 17, 2021		Sep. 17, 2021
Gross proceeds		$ 220,200,000		$ 172.5
Common shares issued (in shares) | shares		20,182,500
Fair value of the shares issued (in dollars per share) | (per share)		$ 10.27					$ 8.55
Warrant valuation assumptions [Abstract]
Commissions and fees incurred		$ 12,422,226
Commissions and fees unpaid
Public Offering [Member] | Broker Warrants [Member]
Issuance of equity securities [Abstract]
Warrants issued (in shares) | shares		70,200		70,200
Fair value of warrants issued (in dollars per share) | (per share)		$ 8.30					$ 6.51
Warrants strike price (in dollars per share) | $ / shares		$ 10.69
Warrants term		60 months		60 months
Public Offering [Member] | Warrants [Member]
Warrant valuation assumptions [Abstract]
Valuation model		Black-Scholes		Black-Scholes
Expected life		5		5
Risk-free rate		1.13%		1.13%
Volatility		120.00%		120.00%
Dividend yield		0.00%		0.00%
[1]	The warrants issued comprise of 1,144,200 broker warrants related to the three equity issuances completed during the year ended December 31, 2021.

Equity, Change in Warrants (Det

Equity, Change in Warrants (Details)	Jun. 25, 2020shares	Dec. 31, 2021sharesEquityIssuance$ / shares		Dec. 31, 2021sharesEquityIssuance$ / shares		Dec. 31, 2020shares$ / shares	Dec. 31, 2020shares$ / shares
Number of Warrants [Abstract]
Beginning balance (in shares)		0		0
Issued (in shares)		19,250,000		19,250,000
Exercised (in shares)		(4,089,999)		(4,089,999)
Ending balance (in shares)		15,160,001		15,160,001		0	0
Weighted Average Exercise Price [Abstract]
Beginning balance (in dollars per share) | $ / shares		$ 0
Issued (in dollars per share) | $ / shares		3.56
Exercised (in dollars per share) | $ / shares		10.20
Ending balance (in dollars per share) | $ / shares		$ 7.46				$ 0
Exercise Price $1.80 [Member]
Number of Warrants [Abstract]
Exercised (in shares)		(5,305,838)		(5,305,838)
Weighted Average Exercise Price [Abstract]
Exercised (in dollars per share) | $ / shares				$ 1.80
Exercise Price $4.50 [Member]
Number of Warrants [Abstract]
Exercised (in shares)		(2,222,222)		(2,222,222)
Weighted Average Exercise Price [Abstract]
Exercised (in dollars per share) | $ / shares				$ 4.50
Exercise Price $6.25 [Member]
Number of Warrants [Abstract]
Exercised (in shares)		(930,000)		(930,000)
Weighted Average Exercise Price [Abstract]
Exercised (in dollars per share) | $ / shares				$ 6.25
Exercise Price $1.45 [Member]
Number of Warrants [Abstract]
Exercised (in shares)		(144,094)		(144,094)
Weighted Average Exercise Price [Abstract]
Exercised (in dollars per share) | $ / shares				$ 1.45
Exercise Price $13.36 [Member]
Number of Warrants [Abstract]
Exercised (in shares)		(60,723)		(60,723)
Weighted Average Exercise Price [Abstract]
Exercised (in dollars per share) | $ / shares				$ 13.36
Warrants [Member]
Number of Warrants [Abstract]
Beginning balance (in shares)		7,837,639		7,837,639		2,882,222	2,882,222
Issued (in shares)		1,144,200	[1]	1,144,200	[1]	6,095,483	6,095,483
Exercised (in shares)		(8,662,887)	[2]	(8,662,887)	[2]	(480,066)	(480,066)
Expired (in shares)		(147,418)	[3]	(147,418)	[3]	(660,000)	(660,000)
Ending balance (in shares)		171,554		171,554		7,837,639	7,837,639
Weighted Average Exercise Price [Abstract]
Beginning balance (in dollars per share) | $ / shares				$ 2.56			$ 4.61
Issued (in dollars per share) | $ / shares				6.69	[1]		1.78
Exercised (in dollars per share) | $ / shares				3.05	[2]		1.67
Expired (in dollars per share) | $ / shares				1.80	[3]		5
Ending balance (in dollars per share) | $ / shares				$ 6.14			$ 2.56
Broker Warrants [Member]
Number of Warrants [Abstract]
Beginning balance (in shares)		7,837,639		7,837,639
Issued (in shares)	345,027	1,144,200		1,144,200
Ending balance (in shares)		18,067		18,067		7,837,639	7,837,639
Weighted Average Exercise Price [Abstract]
Number of equity issuance completed | EquityIssuance		3		3
[1]	The warrants issued comprise of 1,144,200 broker warrants related to the three equity issuances completed during the year ended December 31, 2021.
[2]	The warrants exercised comprise of 5,305,838 2,222,222 930,000 144,094
[3]	The warrants expired comprised of 147,418 warrants with an exercise price of $1.80.

Equity, Warrants Issued and Out

Equity, Warrants Issued and Outstanding (Details)	12 Months Ended
	Dec. 31, 2021shares$ / shares	Dec. 31, 2020shares$ / shares	Dec. 31, 2019shares
Warrants issued and outstanding [Abstract]
Number (in shares)	15,160,001	0
Warrants [Member]
Warrants issued and outstanding [Abstract]
Number (in shares)	171,554	7,837,639	2,882,222
Weighted average remaining contractual life	13 months 11 days
Public Offering Warrants [Member]
Warrants issued and outstanding [Abstract]
Warrants strike price (in dollars per share) | $ / shares	$ 13.36	$ 4.50
Number (in shares)	9,477	2,222,222
Weighted average remaining contractual life	23 months	33 months
Expiration date	Sep. 17, 2023	Sep. 10, 2023
Bought Deal Warrants [Member]
Warrants issued and outstanding [Abstract]
Warrants strike price (in dollars per share) | $ / shares	$ 6.25	$ 1.80
Number (in shares)	19,440	5,453,526
Weighted average remaining contractual life	18 months	12 months
Expiration date	Jun. 15, 2023	Dec. 25, 2021
Private Placement Warrants [Member]
Warrants issued and outstanding [Abstract]
Warrants strike price (in dollars per share) | $ / shares	$ 6.25	$ 1.45
Number (in shares)	124,570	162,161
Weighted average remaining contractual life	13 months	18 months
Expiration date	Jan. 13, 2023	Jun. 25, 2022
Broker Warrants [Member]
Warrants issued and outstanding [Abstract]
Warrants strike price (in dollars per share) | $ / shares	$ 1.45	$ 2.56
Number (in shares)	18,067	7,837,639
Weighted average remaining contractual life	6 months	18 months
Expiration date	Jun. 25, 2022

Equity, Stock Option Activity (

Equity, Stock Option Activity (Details)	12 Months Ended
	Dec. 31, 2021shares$ / shares	Dec. 31, 2020shares$ / shares
Equity [Abstract]
Maximum authorised percentage to grant awards	10.00%
Stock Options [Member]
Number of options [Abstract]
Options outstanding, balance (in share) | shares	761,667	910,000
Granted (in shares) | shares	60,000
Forfeited (in shares) | shares	(104,361)	(115,000)
Exercised (in shares) | shares	(170,639)	(33,333)
Options outstanding, balance (in shares) | shares	546,667	761,667
Options exercisable (in shares) | shares	480,000	540,001
Weighted average exercise price [Abstract]
Options outstanding, balance (in dollars per share) | $ / shares	$ 4.38	$ 4.34
Granted (in dollars per share) | $ / shares	6.57
Forfeited (in dollars per share) | $ / shares	1.96	5
Exercised (in dollars per share) | $ / shares	4.23	1.14
Options outstanding, balance (in dollars per share) | $ / shares	5.13	4.38
Options exercisable (in dollars per share) | $ / shares	$ 5	$ 5

Equity, Stock Options Outstandi

Equity, Stock Options Outstanding (Details)	12 Months Ended
	Dec. 31, 2021CAD ($)shares$ / shares	Dec. 31, 2020CAD ($)shares$ / shares	Dec. 31, 2019shares$ / shares
Stock options outstanding [Abstract]
Share based compensation expense | $	$ 9,875,359	$ (284,434)
Stock Options [Member]
Stock options outstanding [Abstract]
Exercise price - outstanding (in dollars per share) | $ / shares	$ 5.13	$ 4.38	$ 4.34
Number of options outstanding (in shares) | shares	546,667	761,667	910,000
Number of options exercisable (in shares) | shares	480,000	540,001
Weighted average exercise price (in dollars per share) | $ / shares	$ 5	$ 5
Weighted average remaining life	26 months	30 months
Weighted average share price (in dollars per share) | $ / shares	$ 11.09	$ 4.64
Share based compensation expense | $	$ 107,533	$ 354,500
Reversal of share based compensation | $	$ 120,959
Forfeited (in shares) | shares	(104,361)	(115,000)
Weighted average assumptions [Abstract]
Expected life	10
Risk-free rate	1.53%
Volatility	205.80%
Dividend yield	0.00%
Stock Options [Member] | Exercise Price $1.80 [Member]
Stock options outstanding [Abstract]
Exercise price - outstanding (in dollars per share) | $ / shares	$ 1.80	$ 1.80
Number of options outstanding (in shares) | shares	6,667	10,000
Number of options exercisable (in shares) | shares	0	3,333
Weighted average exercise price (in dollars per share) | $ / shares	$ 1.80	$ 1.80
Weighted average remaining life	34 months	46 months
Stock Options [Member] | Exercise Price $5.00 [Member]
Stock options outstanding [Abstract]
Exercise price - outstanding (in dollars per share) | $ / shares	$ 5
Number of options outstanding (in shares) | shares	480,000
Number of options exercisable (in shares) | shares	480,000
Weighted average exercise price (in dollars per share) | $ / shares	$ 5
Weighted average remaining life	15 months
Stock Options [Member] | Exercise Price $6.57 [Member]
Stock options outstanding [Abstract]
Exercise price - outstanding (in dollars per share) | $ / shares	$ 6.57
Number of options outstanding (in shares) | shares	60,000
Number of options exercisable (in shares) | shares	0
Weighted average exercise price (in dollars per share) | $ / shares	$ 6.57
Weighted average remaining life	112 months
Stock Options [Member] | Exercise Price $1.14 [Member]
Stock options outstanding [Abstract]
Exercise price - outstanding (in dollars per share) | $ / shares		$ 1.14
Number of options outstanding (in shares) | shares		66,667
Number of options exercisable (in shares) | shares		0
Weighted average exercise price (in dollars per share) | $ / shares		$ 1.14
Weighted average remaining life		48 months
Stock Options [Member] | Exercise Price $3.00 [Member]
Stock options outstanding [Abstract]
Exercise price - outstanding (in dollars per share) | $ / shares		$ 3
Number of options outstanding (in shares) | shares		90,000
Number of options exercisable (in shares) | shares		60,000
Weighted average exercise price (in dollars per share) | $ / shares		$ 3
Weighted average remaining life		33 months
Stock Options [Member] | Exercise Price $5.00 [Member]
Stock options outstanding [Abstract]
Exercise price - outstanding (in dollars per share) | $ / shares		$ 5
Number of options outstanding (in shares) | shares		595,000
Number of options exercisable (in shares) | shares		476,668
Weighted average exercise price (in dollars per share) | $ / shares		$ 5
Weighted average remaining life		27 months

Equity, RSUs and DSUs (Details)

Equity, RSUs and DSUs (Details)	12 Months Ended
	Dec. 31, 2021CAD ($)shares	Dec. 31, 2020CAD ($)shares
RSUs and DSUs activity [Abstract]
Beginning balance (in shares)	0
Granted (in shares)	19,250,000
Ending balance (in shares)	15,160,001	0
Share based compensation expense | $	$ 9,875,359	$ (284,434)
RSUs [Member]
RSUs and DSUs activity [Abstract]
Beginning balance (in shares)	406,667	1,213,433
Granted (in shares)	3,215,000	290,000
Issued (in shares)	(610,833)	(591,716)
Forfeited (in shares)	(58,334)	(505,050)
Ending balance (in shares)	2,952,500	406,667
Share based compensation expense | $	$ 9,027,027	$ 562,867
DSUs [Member]
RSUs and DSUs activity [Abstract]
Beginning balance (in shares)	170,000	0
Granted (in shares)	123,919	170,000
Issued (in shares)	(42,500)	0
Forfeited (in shares)	0	0
Ending balance (in shares)	251,419	170,000
Share based compensation expense | $	$ 740,800	$ 0

Related party transactions (Det

Related party transactions (Details) - CAD ($)		12 Months Ended
		Dec. 31, 2021	Dec. 31, 2020
Related party transactions [Abstract]
Payroll tax expense		$ 728,556	$ 0
Key Management Personnel [Member]
Related party transactions [Abstract]
Salary, fees, and other short-term benefits	[1]	4,169,818	1,048,195
Share based payments		8,186,082	722,055
Total related party transactions		$ 12,355,900	$ 1,770,250
[1]	In connection with the issuance of shares related to the RSUs and DSUs granted, during the twelve months ended December 31, 2021, the Company incurred payroll tax expense of $728,556 (2020 - $ nil

Financial instruments and ris_3

Financial instruments and risk management (Details) - CAD ($)	Dec. 31, 2021	Dec. 31, 2020
Financial Instruments and Digital Assets [Abstract]
Liabilities	$ 154,741,330	$ 29,647,454
Loans Payable [Member]
Financial Instruments and Digital Assets [Abstract]
Financial liability, carrying value	40,051,428	25,464,000
Financial liability, at fair value	41,477,438	25,464,000
Fair Value through Other Comprehensive Income [Member] | Deposits [Member]
Financial Instruments and Digital Assets [Abstract]
Liabilities	156,093,443	7,157,857
Fair Value through Other Comprehensive Income [Member] | Level 1 [Member] | Deposits [Member]
Financial Instruments and Digital Assets [Abstract]
Liabilities	156,093,443	7,157,857
Fair Value through Other Comprehensive Income [Member] | Level 2 [Member] | Deposits [Member]
Financial Instruments and Digital Assets [Abstract]
Liabilities	0	0
Fair Value through Other Comprehensive Income [Member] | Level 3 [Member] | Deposits [Member]
Financial Instruments and Digital Assets [Abstract]
Liabilities	0	$ 0
Financial Value Carried Through Profit and Loss [member] | Warrants Liability [Member]
Financial Instruments and Digital Assets [Abstract]
Liabilities	99,021,368
Financial Value Carried Through Profit and Loss [member] | Level 1 [Member] | Warrants Liability [Member]
Financial Instruments and Digital Assets [Abstract]
Liabilities	0
Financial Value Carried Through Profit and Loss [member] | Level 2 [Member] | Warrants Liability [Member]
Financial Instruments and Digital Assets [Abstract]
Liabilities	99,021,368
Financial Value Carried Through Profit and Loss [member] | Level 3 [Member] | Warrants Liability [Member]
Financial Instruments and Digital Assets [Abstract]
Liabilities	$ 0

Digital assets and risk manag_3

Digital assets and risk management, Digital Assests (Details) - 12 months ended Dec. 31, 2021 $ in Millions	CAD ($)	USD ($)
Credit risk [member]
Disclosure of risk management strategy related to hedge accounting [line items]
Insurance policy amount		$ 100
Digital Assets [Member] | Market Risk [Member] | 10% Increase [Member]
Disclosure of risk management strategy related to hedge accounting [line items]
Percentage of increase (decrease)	10.00%
Increase (decrease) in financial assets	$ 32,394,580
Digital Assets [Member] | Market Risk [Member] | 10% Decrease [Member]
Disclosure of risk management strategy related to hedge accounting [line items]
Percentage of increase (decrease)	(10.00%)
Increase (decrease) in financial assets	$ (32,394,580)

Digital assets and risk manag_4

Digital assets and risk management, Liquidity risk (Details) $ in Millions	Dec. 31, 2021CAD ($)	Dec. 31, 2021USD ($)	Dec. 31, 2020CAD ($)
Liquidity Risk [Abstract]
Outstanding balance	$ 40,051,428		$ 25,464,000
Liquidity risk [member]
Contractual Maturities of Financial Liabilities [Abstract]
Financial liabilities	9,398,781
Liquidity risk [member] | Loans Payable and Interest [Member]
Contractual Maturities of Financial Liabilities [Abstract]
Financial liabilities	48,356,594
Liquidity risk [member] | Lease Commitments [Member]
Contractual Maturities of Financial Liabilities [Abstract]
Financial liabilities	1,016,199
Liquidity risk [member] | Within 1 Year [Member]
Contractual Maturities of Financial Liabilities [Abstract]
Financial liabilities	9,398,781
Liquidity risk [member] | Within 1 Year [Member] | Loans Payable and Interest [Member]
Contractual Maturities of Financial Liabilities [Abstract]
Financial liabilities	20,432,715
Liquidity risk [member] | Within 1 Year [Member] | Lease Commitments [Member]
Contractual Maturities of Financial Liabilities [Abstract]
Financial liabilities	244,506
Liquidity risk [member] | 1 to 2 Years [Member]
Contractual Maturities of Financial Liabilities [Abstract]
Financial liabilities	0
Liquidity risk [member] | 1 to 2 Years [Member] | Loans Payable and Interest [Member]
Contractual Maturities of Financial Liabilities [Abstract]
Financial liabilities	14,505,103
Liquidity risk [member] | 1 to 2 Years [Member] | Lease Commitments [Member]
Contractual Maturities of Financial Liabilities [Abstract]
Financial liabilities	192,596
Liquidity risk [member] | 2 to 5 Years [Member]
Contractual Maturities of Financial Liabilities [Abstract]
Financial liabilities	0
Liquidity risk [member] | 2 to 5 Years [Member] | Loans Payable and Interest [Member]
Contractual Maturities of Financial Liabilities [Abstract]
Financial liabilities	13,418,776
Liquidity risk [member] | 2 to 5 Years [Member] | Lease Commitments [Member]
Contractual Maturities of Financial Liabilities [Abstract]
Financial liabilities	52,731
Liquidity risk [member] | +5 Year [member]
Contractual Maturities of Financial Liabilities [Abstract]
Financial liabilities	0
Liquidity risk [member] | +5 Year [member] | Loans Payable and Interest [Member]
Contractual Maturities of Financial Liabilities [Abstract]
Financial liabilities	0
Liquidity risk [member] | +5 Year [member] | Lease Commitments [Member]
Contractual Maturities of Financial Liabilities [Abstract]
Financial liabilities	526,366
Liquidity risk [member] | Galaxy Digital LLC [Member]
Liquidity Risk [Abstract]
Amount of revolving credit facility		$ 50
Outstanding balance	$ 0

Digital assets and risk manag_5

Digital assets and risk management, Foreign currency risk (Details)	12 Months Ended
	Dec. 31, 2021CAD ($)	Dec. 31, 2021USD ($)	Dec. 31, 2020CAD ($)	Dec. 31, 2020USD ($)
Foreign Currency Risk [Abstract]
Earnings before tax	$ (67,090,138)		$ 3,991,447
Foreign Currency Risk [Member]
Foreign Currency Risk [Abstract]
Exchange rate	0.10
Earnings before tax		$ 16,162,103		$ 2,586,304
Foreign Currency Risk [Member] | Accounts Payable [Member]
Foreign Currency Risk [Abstract]
Financial liabilities	$ (1,371,103)		(30,275)
Foreign Currency Risk [Member] | Loans Payable [Member]
Foreign Currency Risk [Abstract]
Financial liabilities	(40,051,428)		(25,464,000)
Foreign Currency Risk [Member] | Cash [Member]
Foreign Currency Risk [Abstract]
Financial assets	107,601,184		368,769
Foreign Currency Risk [Member] | Accounts Receivable [Member]
Foreign Currency Risk [Abstract]
Financial assets	446,094		0
Foreign Currency Risk [Member] | Deposits (non-current) [Member]
Foreign Currency Risk [Abstract]
Financial assets	$ 94,996,281		$ 0

Revenue (Details)

Revenue (Details) - CAD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Disclosure of disaggregation of revenue from contracts with customers [abstract]
Revenue	$ 173,773,979	$ 40,710,527
Digital assets mined [member]
Disclosure of disaggregation of revenue from contracts with customers [abstract]
Revenue	165,397,736	38,962,425
Hosting fees [member]
Disclosure of disaggregation of revenue from contracts with customers [abstract]
Revenue	$ 8,376,243	$ 1,748,102

Costs of revenue (Details)

Costs of revenue (Details) - CAD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Costs of revenue [Abstract]
Site operating costs	$ (61,687,927)	$ (37,978,598)
Depreciation	(23,287,650)	(21,264,918)
Total cost of revenue	$ (84,975,577)	$ (59,243,516)

General and administrative ex_3

General and administrative expenses (Details) - CAD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
General and administrative expenses [Abstract]
Share based payments	$ (9,875,359)	$ 284,434
Professional fees	(6,566,979)	(1,486,218)
Salary and benefits	(4,046,261)	(817,696)
General, office and other	(3,605,343)	(346,562)
Insurance expense	(2,645,423)	(673,974)
Investor relations and regulatory	(2,831,781)	(148,980)
Sales tax expense	(10,693,703)	(1,945,419)
Total general and administrative expense	$ (40,264,849)	$ (5,134,415)

Supplementary cash flow infor_3

Supplementary cash flow information (Details) - CAD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Supplementary cash flow information [Abstract]
Accounts receivable and other	$ 244,795	$ (451,061)
Prepaid expenses	(3,775,644)	0
Accounts payable and accrued liabilities	5,699,465	1,703,608
Net change in working capital	$ 2,168,616	$ 1,252,547

Income taxes, Recognized Profit

Income taxes, Recognized Profit or loss (Details) - CAD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Income taxes [Abstract]
Current tax expense	$ 0	$ 0
Deferred tax (recovery) expense	5,620,296	(15,048,707)
Total income tax expense (recovery)	$ 5,620,296	$ (15,048,707)

Income taxes, Components of Inc

Income taxes, Components of Income Tax Expense (Details) - CAD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Income tax expense [Abstract]
Origination and reversal of temporary difference	$ 16,793,233	$ 4,244,305
Change in unrecognized tax losses and tax benefits	(13,638,014)	(17,045,913)
Change in prior year estimate and other	2,465,077	(2,247,099)
Total income tax expense (recovery)	$ 5,620,296	$ (15,048,707)

Income taxes, Calculated Taxes

Income taxes, Calculated Taxes Using Effective Income Tax Rates (Details) - CAD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Income taxes [Abstract]
Net (loss) income before recovery of income taxes	$ (67,090,138)	$ 3,991,447
Canadian statutory tax rate	26.50%	26.50%
Expected income tax (recovery) expense	$ (17,778,887)	$ 1,057,733
Different tax rate for subsidiary and other adjustments	(2,114,698)	2,799,784
Loss on revaluation on warrant liability	30,252,772	0
Non-deductible expenses	5,624,359	386,788
True up to filing adjustments	3,263,592	(2,247,099)
Utilization of losses not previously recognized	0	(15,048,707)
Change in tax benefits not recognized	(13,626,842)	(1,997,206)
Total income tax expense (recovery)	$ 5,620,296	$ (15,048,707)

Income taxes, Components of Oth

Income taxes, Components of Other Comprehensive Income (Loss) (Details) - CAD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Income taxes [Abstract]
Revaluation gain on digital assets	$ 57,695,235	$ 60,729,647
Tax recovery (expense)	164,182	(15,048,707)
Revaluation gain on digital assets, net of tax	$ 57,859,417	$ 45,680,940

Income taxes, Net Deferred Tax

Income taxes, Net Deferred Tax Liability (Details) - CAD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Income taxes [Abstract]
Balance, beginning	$ 0	$ 0
Deferred tax recovery (expense) recorded in profit	(5,620,296)	15,048,707
Movement recognized in other comprehensive income	164,182	(15,048,707)
Net deferred tax liability	$ (5,456,114)	$ 0

Income taxes, Movement on Net D

Income taxes, Movement on Net Deferred Income Tax Assets and Liabilities (Details) - CAD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Taxes Disclosure [Abstract]
Net deferred tax liability	$ (5,456,114)	$ 0	$ 0
Non-capital loss carryforwards	0	0
Income tax relating to other tax	$ 21,899,470
Top of range [member]
Income Taxes Disclosure [Abstract]
Expiry year	2033
Bottom of range [member]
Income Taxes Disclosure [Abstract]
Expiry year	2041
Non-capital Losses [Member]
Income Taxes Disclosure [Abstract]
Net deferred tax liability	$ 15,764,000	18,233,106
Non-capital loss carryforwards	14,662,222	30,456,595
Lease liabilities [Member]
Income Taxes Disclosure [Abstract]
Net deferred tax liability	157,130	70,584
Capital Losses [Member]
Income Taxes Disclosure [Abstract]
Net deferred tax liability	59,910	68,837
Capital Loan [Member]
Income Taxes Disclosure [Abstract]
Net deferred tax liability	(49,430)	(133,426)
Property, Plant and Equipment [Member]
Income Taxes Disclosure [Abstract]
Net deferred tax liability	(4,557,194)	0
Digital Assets [Member]
Income Taxes Disclosure [Abstract]
Net deferred tax liability	(16,666,200)	(18,141,931)
Right-of-Use Assets [Member]
Income Taxes Disclosure [Abstract]
Net deferred tax liability	$ (164,330)	$ (97,170)

Subsequent event (Details)

Subsequent event (Details)	Mar. 16, 2022CAD ($)$ / sharesshares	Mar. 16, 2022USD ($)	Feb. 11, 2022CAD ($)	Feb. 11, 2022USD ($)	Dec. 31, 2021CAD ($)	Dec. 31, 2020CAD ($)	Mar. 16, 2022$ / sharesshares	Jan. 31, 2022CAD ($)
At-the-market equity program [Abstract]
Proceeds from issuance of common shares					$ 390,894,999	$ 7,494,622
Subsequent Event [Member]
At-the-market equity program [Abstract]
Common shares issued (in shares) | shares	1,863,310						1,863,310
Gross proceeds from issue of ordinary shares	$ 14,317,511	$ 11,232,520
Average share price (in dollars per share) | (per share)	$ 7.68						$ 6.03
Subsequent Event [Member] | Top of Range [Member]
At-the-market equity program [Abstract]
Proceeds from issuance of common shares			$ 82,563,000	$ 65,000,000
Subsequent Event [Member] | TeraGo Inc [Member]
Data Center acquisition [Abstract]
Purchase price								$ 30,000,000