Hut 8 Mining (HUT) 40-F 9 Mar 23 2022 FY Annual report (Canada) Financial data

Document and Entity Information

Document and Entity Information	12 Months Ended
	Dec. 31, 2022 shares
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, 2022
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
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	24 Duncan Street, Suite 500
Entity Address, City or Town	Toronto
Entity Address, State or Province	ON
Entity Address, Country	CA
Entity Address, Postal Zip Code	M5V 2B8
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	220,547,442
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 LLP
Auditor Location	Montréal Quebec
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 ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Current assets
Cash	$ 30,515	$ 140,127
Accounts receivable and other	1,589	647
Digital assets	203,627	323,946
Deposits and prepaid expenses	9,892	3,359
Current assets	245,623	468,079
Non-current assets
Plant and equipment	124,959	96,126
Deposits and prepaid expenses	27,220	156,503
Intangible assets and goodwill	15,135	0
Total assets	412,937	720,708
Current liabilities
Accounts payable and accrued liabilities	13,916	9,569
Lease liabilities	4,325	216
Loans payable	11,892	16,278
Current liabilities	30,133	26,063
Non-current liabilities
Lease liabilities	16,973	427
Loans payable	14,229	23,773
Warrant liability	212	99,021
Deferred tax liabilities	0	5,456
Total liabilities	61,547	154,740
Shareholders' equity
Share capital	767,641	636,597
Warrants	2,122	2,163
Contributed surplus	12,700	11,928
Accumulated deficit	(431,073)	(188,260)
AOCI - Unrealized gain on digital asset revaluation	0	103,540
Total shareholders' equity	351,390	565,968
Total liabilities and shareholders' equity	$ 412,937	$ 720,708

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Loss $ in Thousands	12 Months Ended
	Dec. 31, 2022 CAD ($) $ / shares	Dec. 31, 2021 CAD ($) $ / shares
Consolidated Statements of Operations and Comprehensive Loss [Abstract]
Revenue	$ 150,682	$ 173,774
Cost of revenue	(175,649)	(84,976)
Gross (loss) profit	(24,967)	88,798
General and administrative expenses	(49,821)	(40,265)
Gain on disposition of digital assets	0	182
Impairment of mining infrastructure and servers	(113,876)	0
Operating (loss) income	(188,664)	48,715
Foreign exchange loss	(1,276)	(3,143)
Finance expense	(7,592)	(1,355)
Finance income	922	2,853
Amortization	(648)	0
Gain (loss) on revaluation of warrant liability	98,810	(114,161)
Net loss before tax and revaluation on digital assets	(98,448)	(67,091)
Loss on revaluation of digital assets	(134,772)	0
Deferred income tax expense	(9,593)	(5,620)
Net loss	(242,813)	(72,711)
Other comprehensive income
Revaluation (loss) gain on digital assets, net of taxes	(103,540)	57,859
Total comprehensive loss	$ (346,353)	$ (14,852)
Loss per share:
Basic (in dollars per share) | (per share)	$ (1.29)	$ (0.54)
Diluted (in dollars per share) | (per share)	$ (1.29)	$ (0.54)

Consolidated Statement of Cash

Consolidated Statement of Cash Flows - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Operating activities:
Net loss	$ (242,813)	$ (72,711)
Change in non-cash operating items:
Digital assets mined	(133,040)	(165,398)
Digital assets traded for cash	0	1,291
Depreciation and amortization	94,528	23,288
Impairment of mining infrastructure and servers	113,876	0
Gain on disposition of digital assets	0	(182)
Loss on revaluation of digital assets	134,772	0
(Gain) loss on revaluation of warrant liability	(98,810)	114,161
Share based payments	6,913	9,876
Deferred income tax expense	9,593	5,620
Net finance (income) expense and other	6,670	(1,498)
Foreign exchange loss	1,276	3,143
Cash flows from operations before changes in working capital	(107,035)	(82,410)
Net change in working capital (note 23)	2,001	2,169
Net cash used in operating activities	(105,034)	(80,241)
Investing activities
Purchase of plant and equipment	(72,701)	(86,431)
Deposits and prepaid expenses	(733)	(148,636)
Business acquisition	(30,174)	0
Net cash used in investing activities	(103,608)	(235,067)
Financing activities
Repayment of loan payable	0	(25,372)
Finance draws from equipment financing	0	56,397
Debt issuance cost	0	(1,426)
Repayment of loan payable for financed equipment	(16,380)	(14,950)
Proceeds from issuance of common shares, net of issuance cost	124,855	390,895
Proceeds from exercise of warrants and options	14	49,359
Finance income received	923	2,413
Finance expense paid	(5,012)	(1,349)
Payment of lease obligations	(4,574)	(126)
Net cash provided by financing activities	99,826	455,841
(Decrease) Increase in cash	(108,816)	140,533
Cash, beginning of year	140,127	2,816
Effect of movement in exchange rates on cash held in foreign currencies	(796)	(3,222)
Cash, end of year	$ 30,515	$ 140,127

Consolidated Statement of Chang

Consolidated Statement of Changes in Shareholders' Equity - CAD ($) $ in Thousands	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, 2020	$ 115,555	$ 178,231	$ 398	$ 2,560	$ 4,234	$ (115,549)	$ 45,681
Balance at beginning of period (in shares) at Dec. 31, 2020		97,245,223
Changes in equity [abstract]
Net loss	(72,711)	$ 0		0	0	(72,711)	0
Other comprehensive (loss) income	57,859	0		0	0	0	57,859
Comprehensive income (loss)	(14,852)	0		0	0	(72,711)	57,859
Other equity movements
Shares issued for equity raises	319,715	$ 314,756		4,959	0	0	0
Shares issued for equity raises (in shares)		58,682,500
Shares issued on vesting/exercise of RSU	0	$ 990		0	(990)	0	0
Shares issued on vesting/exercise of RSU (in shares)		317,313
Shares issued on vesting of DSU	0	$ 48		0	(48)	0	0
Shares issued on vesting of DSU (in shares)		42,500
Shares issued on exercise of warrants	26,391	$ 31,679		(5,288)	0	0	0
Shares issued on exercise of warrants (in shares)		8,661,887
Shares issued on exercise of options	723	$ 1,207		0	(484)	0	0
Shares issued on exercise of options (in shares)		170,639
Shares issued on exercise of warrant liability	109,288	$ 109,288		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	(398)	0	0	0	0
Shares issued on settlement of accounts payable (in shares)		380,000
Expiry of broker warrants	0	$ 0		(68)	68	0	0
Share based payments	9,876	0		0	9,876	0	0
Share based payments tax withholding	(728)	0		0	(728)	0	0
Balance at ending of period at Dec. 31, 2021	$ 565,968	$ 636,597	$ 0	2,163	11,928	(188,260)	103,540
Balance at ending of period (in shares) at Dec. 31, 2021	97,245,223	169,590,061
Changes in equity [abstract]
Net loss	$ (242,813)	$ 0		0	0	(242,813)	0
Other comprehensive (loss) income	(103,540)	0		0	0	0	(103,540)
Comprehensive income (loss)	(346,353)	0		0	0	(242,813)	(103,540)
Other equity movements
Shares issued for equity raises	124,771	$ 124,771		0	0	0	0
Shares issued for equity raises (in shares)		49,646,368
Shares issued on vesting/exercise of RSU	0	$ 5,601		0	(5,601)	0	0
Shares issued on vesting/exercise of RSU (in shares)		1,197,499
Shares issued on vesting of DSU	0	$ 574		0	(574)	0	0
Shares issued on vesting of DSU (in shares)		76,296
Shares issued under employee stock purchase plan	84	$ 84		0	0	0	0
Shares issued under employee stock purchase plan (in shares)		33,022
Shares issued on exercise of warrants	1	$ 3		(2)	0	0	0
Shares issued on exercise of warrants (in shares)		863
Shares issued on exercise of options	6	$ 11		0	(5)	0	0
Shares issued on exercise of options (in shares)		3,333
Expiry of broker warrants	0	$ 0		(39)	39	0	0
Share based payments	6,913	0		0	6,913	0	0
Balance at ending of period at Dec. 31, 2022	$ 351,390	$ 767,641		$ 2,122	$ 12,700	$ (431,073)	$ 0
Balance at ending of period (in shares) at Dec. 31, 2022	169,590,061	220,547,442

Nature of presentation

Nature of presentation	12 Months Ended
	Dec. 31, 2022
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 Suite 2500 Park Place 666 Burrard Street, Vancouver, BC, Canada V6C 2X8 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 operates cloud and colocation date centre facilities in Canada targeting enterprise customers seeking high performance computing services.

Basis of presentation

Basis of presentation	12 Months Ended
	Dec. 31, 2022
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 8, 2023. (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 subsidiaries of the Company included in the consolidated financial statements are as follows: % Ownership Hut 8 Holdings Inc. 100% Hut 8 High Performance Computing 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 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: (i) Taxes and income 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. Provisions for taxes are made using the best estimate of the amount expected to be paid based on a qualitative assessment of all relevant factors. The Company reviews the adequacy of these provisions at the end of the reporting period. However, it is possible that at some future date an additional liability could result from audits by taxing authorities. Where the final outcome of these tax-related matters is different from the amounts that were initially recorded, such differences will affect the tax provisions in the period in which such determination is made. (ii) Impairment of non-financial assets and goodwill 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. (iii) 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. (iv) Warrant liability The Company uses the Black-Scholes method to determine the fair value of the warrant liability for the warrants that are not publicly traded. The Black-Scholes method requires significant judgement in determining the fair value such as volatility and a risk-free rate of return. A change in these inputs could lead to significant change in the fair value of the warrant liability. The Company uses the publicly listed prices for the warrants that are traded on the public markets to determine the fair value of the warrant liability. (v) 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. (vi) 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. (vii) Goodwill The Company’s assessment of the recoverability of goodwill allocated to its cash-generating units involves significant estimates and assumptions regarding cash flow projections, growth projections, economic risk, and cost of capital. If future events or results differ adversely from these estimates and assumptions, the Company could incur impairment charges in future periods. (viii) Accounts receivable and other The Company is required to assess whether accounts receivables are collectible from customers. Accordingly, Management establishes an allowance for expected credit losses (“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. (ix) Business combinations Management uses various valuation techniques when determining the fair values of certain assets and liabilities acquired in a business combination (see Note 5). Estimates that have an impact on the determination of fair values include the selected weighted average cost of capital, growth rate, and forecast of future cash flows.

Significant accounting policies

Significant accounting policies	12 Months Ended
	Dec. 31, 2022
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) Business combinations Acquisitions of businesses are accounted for using the acquisition method. The acquisition cost is measured at the acquisition date at the fair value of the consideration transferred, including all contingent consideration. Subsequent changes in contingent consideration are accounted for in the consolidated statements of operations and comprehensive loss. (iii) Cash Cash is comprised of bank balances and are primarily held in Canadian dollars and U.S. dollars. (iv) 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. c. Revenues from high performance computing The high performance computing business earns revenue by providing cloud and colocation services to clients. Revenue is measured at the fair value of the consideration received or receivable for services, net of discounts and sales taxes. Revenue is recognized as the related services are provided to customers. The Company applies the five step IFRS 15 Revenue from Contracts with Customers model in determining the appropriate treatment of its various sources of revenue. The principal sources of revenue to the Company and recognition of these revenues are as follows: - Monthly recurring revenue (“MRR”) from high performance computing services are recognized as service revenue ratably over the enforceable term of individual contracts which is typically the stated term. The Company satisfies its performance obligation as these services are made available over time. The Company believes this method to be the best representation of transfer of services as it is consistent with industry practice to measure satisfaction through passage of time. - Transaction price is determined as the list price of services (net of discounts) that the Company delivers to its customers, taking into account the term of each individual contract, and the ability to enforce and collect the consideration. - Revenue from installation services, which are not treated as distinct performance obligations, are recognized over the enforceable term of individual contracts consistent with the schedule of MRR discussed above. - Usage revenue (overage and consumption-based services) is recorded as service revenue in the month the usage is incurred/service is consumed by the customer, based on a fixed agreed upon amount per unit consumed. - Payment is typically due at the beginning of each month for MRR services and at the end of each month for usage revenue. Sale of bundled services (v) 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 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: Mining infrastructure 6 – 10 years Mining servers 2 years Data centre infrastructure 8 years Computer and network equipment 3 years Leasehold improvements 3 years (vi) 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 (vii) 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. (viii) Impairment of non-financial asset and goodwill The Company’s identifiable tangible and intangible 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. For impairment assessment purposes, assets are grouped at the lowest levels for which there are largely independent cash inflows (cash-generating units). As a result, some assets are tested individually for impairment and some are tested at cash-generating unit level. Goodwill is allocated to those cash-generating units that are expected to benefit from synergies of a related business combination and represent the lowest level within the Group at which management monitors goodwill. (ix) 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 separately in the statement of financial position. (x) Goodwill Goodwill represents the excess of the cost of the Company’s business acquisitions over the fair value of the Company’s share of the net identifiable assets of the acquired subsidiary at the date of acquisition. Goodwill is carried at cost less accumulated impairment charges and is not amortized but is subject to an impairment test annually and whenever impairment indicators are identified. (xi) Intangible assets Intangible assets consist of customer relationships acquired through acquisitions or business combinations. Intangible assets acquired as part of business acquisitions are measured initially at fair value. Intangible assets with a finite life are amortized on a straight-line basis over their estimated useful lives. Amortization is recognized over the assets’ estimated useful lives as follows: Customer relationships 6 years Residual values and useful lives are reviewed at each reporting date. Amortization expense has been presented in profit or loss as amortization. Assets are removed from asset and accumulated amortization balances once they become fully amortized. Proceeds from disposals are netted against the related assets and accumulated amortization, and resulting gains and losses are included in profit or loss. (xii) 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. (xiii) Loss 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. (xiv) 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. (xv) 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 cashless 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 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 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. (xvi) Contributed Surplus Contributed surplus includes consideration recognized pursuant to equity-settled share based compensation. (xvii) 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. (xviii) 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, and may be subject to performance vesting criteria. The Options have different vesting terms 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 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. (xix) Income taxes Income tax comprises current and deferred tax. Income tax is recognized in profit or loss except to the extent that it relates to items recognized directly in equity or other comprehensive income, in which case the income tax is also recognized directly in equity or other comprehensive income. Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted at the end of the reporting period, and any adjustment to tax payable in respect of previous years. Current tax assets and current tax liabilities are only offset if a legally enforceable right exists to offset the amounts and the Company intends to settle on a net basis, or to realize the asset and settle the liability simultaneously. Deferred tax is recognized in respect of all qualifying temporary differences arising between the tax basis of assets and liabilities and their carrying amounts in the financial statements. Deferred income tax is determined on a non-discounted basis using tax rates and laws that have been enacted or substantively enacted at the end of the reporting period and are expected to apply when the deferred tax asset or liability is settled. Deferred tax assets are recognized to the extent that it is probable that the assets can be recovered. Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset tax assets and liabilities and when the deferred tax balances relate to the same taxation authority. Deferred tax assets are recognized to the extent future recovery is probable. At each reporting period end, deferred tax assets are reduced to the extent that it is no longer probable that sufficient taxable earnings will be available to allow all or part of the asset to be recovered. (xx) 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. (xxi) 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. (xxii) 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, 2022
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: 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 to other comprehensive income and $2,136 was recorded to profit and loss for the year ended December 31, 2021.

Business acquisition

Business acquisition	12 Months Ended
	Dec. 31, 2022
Business acquisition [Abstract]
Business acquisition	5. Business acquisition On January 31, 2022, the Company completed its acquisition of TeraGo’s cloud and colocation high performance computing business. The purchase price of the acquisition was $30.2 million. The purchase price on Closing was satisfied by delivering cash. The acquisition consisted of five data centres across Canada. The high performance computing business spans from Toronto, Ontario to Vancouver, British Columbia with more than 36,000 square feet of geo-diverse data centre space. The primary reason for the acquisition was to diversify the Company’s revenue streams with recurring revenues. The acquisition has been accounted for using the acquisition method of accounting. The goodwill is primarily attributable to the ability to expand the Company’s presence in the digital asset ecosystem and strengthen its competitive position. The goodwill is deductible for tax purposes. The fair value of identifiable asset acquired and the liabilities assumed as at acquisition date was determined using a discounted cash flow model. The final allocation of the purchase consideration for this acquisition is as follows: Fair value Accounts receivable and other $ 1,887 Plant and equipment 23,239 Intangible assets 4,240 Goodwill 11,543 Accounts payable and accrued liabilities (1,212 ) Lease liabilities (9,523 ) $ 30,174 As at December 31, 2022, $1.1 million of acquisition-related costs had been incurred and are included in the consolidated statements of operations and comprehensive loss for the year ended December 31, 2022. From the date of acquisition up to and including December 31, 2022, the acquisition has contributed operating revenues of $16.9 million and a loss of $4.7 million (which includes a pre-tax amortization charge of $0.6 million for acquisition related intangibles). Had this acquisition occurred on January 1, 2022, the Company estimates that the consolidated revenues of the Company would have been higher by $1.5 million and the consolidated profit would be lower by $0.4 million, including additional pre-tax amortization of acquired intangibles of $0.1 million.

Deposits and prepaid expenses

Deposits and prepaid expenses	12 Months Ended
	Dec. 31, 2022
Deposits and prepaid expenses [Abstract]
Deposits and prepaid expenses	6. Deposits and prepaid expenses The components of deposits and prepaid expenses are as follows: As at December 31, 2022 December 31, 2021 Current Prepaid insurance $ 1,778 $ 1,580 Prepaid electricity 3,191 1,308 Deposits related to power purchase agreement 3,000 – Miscellaneous deposits 1,923 471 Total current deposits and prepaid expenses $ 9,892 $ 3,359 Non-current Deposits for equipment purchase $ – $ 110,761 Deposits related to power purchase agreement 17,000 20,000 Deposits related to operating site development 902 18,609 Deposits related to electricity supply under electricity supply agreement 8,522 6,252 Other 796 881 Total non-current deposits and prepaid expenses $ 27,220 $ 156,503

Digital assets

Digital assets	12 Months Ended
	Dec. 31, 2022
Digital assets [Abstract]
Digital assets	7. 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, 2022 December 31, 2021 December 31, 2022 December 31, 2021 Digital assets - held in custody $ 203,627 $ 206,531 9,086 3,518 Digital assets loaned or pledged Lending arrangements (i) – 117,415 – 2,000 Total digital assets $ 203,627 $ 323,946 9,086 5,518 (i) Bitcoin subject to lending arrangements. Below is the Company’s bitcoin mined and transacted: Amount Number of Bitcoin Total digital assets, January 1, 2021 $ 101,962 2,762 Bitcoin mined 165,398 2,786 Bitcoin traded for cash (1,291 ) (30 ) Gain on disposition of digital assets 182 – Revaluation of digital assets 57,695 – Total digital assets, December 31, 2021 $ 323,946 5,518 Bitcoin mined 133,040 3,568 Revaluation of digital assets (253,359 ) – Total digital assets, December 31, 2022 $ 203,627 9,086 During the year ended December 31, 2022, the Company traded Bitcoin for cash totaling $ nil nil nil Digital assets held are revalued each reporting period based on the fair market value of the price of Bitcoin on the reporting date. As at December 31, 2022, the price of Bitcoin was $22,412 (US$16,548) (December 31, 2021 – $58,707 (US$46,306)), resulting in a revaluation loss for the year ended December 31, 2022, of $253.4 million. The Company recorded $103.5 million of the loss in other comprehensive loss, net of taxes of $15.1 million, and the remaining $134.8 million was recorded in the statement of operations. As at 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 $57.9 million, net of tax recovery of $0.2 million. This gain was recorded to other comprehensive income. Digital Assets – lending arrangements The Company 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. During the year ended December 31, 2022, the Company suspended its Lending Arrangements with Genesis Global Capital LLC (“Genesis”) and Galaxy Digital LLC (“Galaxy”). The Lending Arrangements with Genesis and Galaxy were subject to a borrow fee, unsecured, due on demand, and repayable in the same amount and type of digital assets. As at December 31, 2022, there are nil nil As of December 31, 2022, the Company determined the fair value of the digital assets loaned under the Lending Arrangements was $ nil During the year ended December 31, 2022, the Company recorded borrow fee income of $0.9 million (December 31, 2021 – $2.8 million). Borrow fee income is recognized within finance income on the consolidated statements of operations and comprehensive loss. As at December 31, 2022, the Company has a borrow fee receivable balance of $ nil

Plant and equipment

Plant and equipment	12 Months Ended
	Dec. 31, 2022
Plant and equipment [Abstract]
Plant and equipment	8. Plant and equipment The changes in the carrying value of plant and equipment are as follows: Mining infrastructure Mining servers Data centre infrastructure Computer and network equipment Leasehold improvements Right-of-use assets Total Cost Balance, January 1, 2021 $ 45,287 $ 88,215 $ – $ – $ – $ 504 $ 134,006 Additions 1,420 85,012 – – – 460 86,892 Balance, December 31, 2021 46,707 173,227 – – – 964 220,898 Additions 35,229 157,176 444 6,297 572 13,632 213,350 Acquired through business acquisition – – 8,815 4,531 287 9,606 23,239 Balance, December 31, 2022 $ 81,936 $ 330,403 $ 9,259 $ 10,828 $ 859 $ 24,202 $ 457,487 Accumulated Depreciation and Impairment Balance, January 1, 2021 $ 21,860 $ 79,522 $ – $ – $ – $ 101 $ 101,483 Depreciation 6,027 17,073 – – – 189 23,289 Balance, December 31, 2021 27,887 96,595 – – – 290 124,772 Depreciation 5,177 81,820 1,222 2,083 160 3,418 93,880 Impairment 25,999 87,877 – – – – 113,876 Balance, December 31, 2022 $ 59,063 $ 266,292 $ 1,222 $ 2,083 $ 160 $ 3,708 $ 332,528 Net book value as of December 31, 2021 $ 18,820 $ 76,632 $ – $ – $ – $ 674 $ 96,126 December 31, 2022 $ 22,873 $ 64,111 $ 8,037 $ 8,745 $ 699 $ 20,494 $ 124,959 During the year ended December 31, 2022, the Company made $13.6 million (December 31, 2021 – $ nil nil The Company has assessed four cash generating units (“CGUs”): Drumheller, North Bay, Medicine Hat that are part of the digital asset mining line of business, and a separate CGU for high performance computing line of business with the same name. For the year ended December 31, 2022, the Company identified indicators of impairment for its digital asset mining Cash-Generating Units (“CGU”) and tested its digital asset mining CGUs for impairment. Management has determined the recoverable amount as the Value in Use (“VIU”) for the three digital asset mining CGUs based on geographical area and distinct cashflows: Medicine Hat, Drumheller, and North Bay. These CGUs include mining infrastructure and mining server plant and equipment. The significant assumptions in determining the VIU included the following: December 31, 2022 Starting Bitcoin price $ 22,412(US$16,548) Starting network difficulty 35,364 billion Discount rate 18.80% –18.90 % Monthly Bitcoin price growth 2.00% – 2.80 % Difficulty growth rate 2.80 % For the year ended December 31, 2022, the Company assessed the VIU of the digital asset mining CGUs. Due to depressed digital asset mining economics, specifically decline in the price of Bitcoin throughout periods during the year ended December 31, 2022, the Company recorded an impairment charge on its digital asset mining CGUs. The difference between the carrying value and recoverable amount of the Company’s digital asset mining CGUs was $98.6 million. The impairment of mining infrastructure and servers by CGU is listed below: CGU Carrying value Recoverable value Impairment Medicine Hat $ 79,449 $ 44,000 $ 35,449 Drumheller 38,062 10,000 28,062 North Bay 73,130 38,000 35,130 $ 190,641 $ 92,000 $ 98,641 For the year ended December 31, 2022, the Company identified indicators of impairment for its graphics processing unit (“GPU”) mining group of assets and tested its GPU mining group of assets for impairment. Management has determined the recoverable amount of the GPU mining group of assets to be its fair value less costs of disposal (“FVLCD”). Due to the Ethereum Merge during the year ended December 31, 2022, where the Ethereum network changed its consensus mechanism from proof-of-work to proof-of-stake, the Company was unable to mine the Ethereum network using the GPU mining group of assets. The Company was unsuccessful in finding an alternative digital asset to mine with profitable mining economics using the GPU mining group of assets. As a result, the Company recorded an impairment charge on its GPU mining group of assets. The difference between the pre-impairment carrying value and the recoverable amount of the Company’s GPU mining group of assets is $15.2 million. During the year ended December 31, 2021, due to the positive mining economics, increasing prices of Bitcoin relative to the network difficulty levels, the Company did not record any impairment charges.

Intangible assets and goodwill

Intangible assets and goodwill	12 Months Ended
	Dec. 31, 2022
Intangible assets and goodwill [Abstract]
Intangible assets and goodwill	9. Intangible assets and goodwill Customer relationships Goodwill Total Cost Balance, December 31, 2021 – – – Acquired through business acquisition $ 4,240 $ 11,543 $ 15,783 Balance, December 31, 2022 $ 4,240 $ 11,543 $ 15,783 Balance, December 31, 2021 – – – Amortization 648 – 648 Balance, December 31, 2022 $ 648 $ – $ 648 Net book value as of December 31, 2021 $ – $ – $ – December 31, 2022 $ 3,592 $ 11,543 $ 15,135 Impairment test of goodwill For the purposes of impairment testing of goodwill, the Company has assessed its four CGUs: Drumheller, North Bay, Medicine Hat and high performance computing. All intangible assets and goodwill are allocated to the high performance computing business, acquired during the year ended December 31, 2022. No goodwill was allocated to the three digital asset mining CGUs disclosed in Note 8. Goodwill impairment is assessed on an annual basis and whenever there is an indication that the asset may be impaired. During the year ended December 31, 2022, the Company performed an impairment test on the high performance computing (“HPC”) CGU. The valuation techniques, significant assumptions and sensitivities applied in the goodwill impairment test as at December 31, 2022 are described below. (i) Valuation technique As at December 31, 2022, the recoverable amount of the HPC CGU was calculated based on VIU. The VIU is determined by the value of the future cash flows that the HPC CGU is expected to generate going forward. The discounted cash flow (“DCF”) method was used, which involved projecting cash flows and converting them into a present value equivalent through discounting. The discounting process uses a rate of return that is commensurate with the risks associated with the business and the time value of money. This approach requires assumptions about revenue growth rates, EBITDA margins, prevailing tax rates, and discount rates, which are Level 3 inputs based on the fair value hierarchy. The significant assumptions and sensitivities of this methodology considered are described below. (ii) Growth and EBITDA margins The assumptions used were based on the Company’s internal forecasts. The Company projected revenue, EBITDA margins, working capital, and capital expenditures for a period of five years, and applied a long-term stable growth rate thereafter. Customer retention rates, past experience, economic trends (i.e., GDP, CPI, interest rate, and unemployment rate projections), and human resource industry and market trends were also considered in deriving these forecasts. A terminal growth rate of 2.5% was applied in determining the recoverable amount of the HPC CGU. (iii) Discount rate A discount rate was required to calculate the present value of projected cash flows. The discount rate represented a weighted average cost of capital (“WACC”) applicable to the HPC CGU. The WACC is an estimate of the overall required after-tax rate of return on investment required by all investors of capital and serves as the basis for developing the appropriate discount rate. Determination of the discount rate requires separate analysis of the cost of equity and debt, and considers a market risk premium based on an assessment of specific risks related to the projected cash flows of the HPC CGU. Discount rates represent the volatility assessment of expected cash flows based on past performance, competition, market conditions, and other factors. A discount rate of 12.7% was applied in determining the recoverable amount of HPC CGU. The recoverable amount of the HPC CGU assessed as at December 31, 2022 was in excess of the respective carrying amount. The Company has also performed a sensitivity analysis on the terminal growth rate and discount rate in assessing the recoverable amount of the HPC CGU. Sensitivity analysis indicates that reasonable changes to key assumptions will not have a material impact.

Accounts payable and accrued li

Accounts payable and accrued liabilities	12 Months Ended
	Dec. 31, 2022
Accounts payable and accrued liabilities [Abstract]
Accounts payable and accrued liabilities	10. Accounts payable and accrued liabilities The components of accounts payable and accrued liabilities are as follows: December 31, 2022 December 31, 2021 Accounts payable $ 5,959 $ 7,067 Other accrued liabilities 7,957 2,502 Total accounts payable and accrued liabilities $ 13,916 $ 9,569

Loans payable

Loans payable	12 Months Ended
	Dec. 31, 2022
Loans payable [Abstract]
Loans payable	11. Loans payable The components of loans payable are as follows: December 31, 2022 December 31, 2021 Current portion $ 11,892 $ 16,278 Non-current portion 14,229 23,773 Total loans payable $ 26,121 $ 40,051 The Company’s loans as at December 31, 2022, consist of $27.1 million with Trinity Capital Inc. (“Trinity”) (December 31, 2021 – $34.2 million), net of deferred financing costs of $1.0 million (December 31, 2021 – $1.4 million), $ nil nil nil Trinity The Company entered into an equipment financing loan agreement of $38.3 million (US$30.0 million) with Trinity on December 30, 2021. The Company drew the full $38.3 million (US$30.0 million) from the loan facility to finance the purchase of mining servers and recorded $1.4 million (US$1.1 million) in deferred financing costs. The loan bears an interest rate of 9.5% and is secured against the financed equipment. During the year ended December 31, 2022, the Company made principal payments totaling $10.5 million (US$8.1 million), interest payments of $4.3 million (US$3.3 million), recorded deferred finance cost amortization of $0.5 million (US$0.4 million), and recorded a foreign exchange loss of $2.0 million, net of deferred financing costs. During the year ended December 31, 2021, the Company made prepayments of $2.4 million (US$1.9 million) and recorded a foreign exchange gain of $0.3 million, net of deferred financing costs. Foundry On January 22, 2021, the Company finalized an equipment financing loan of up to $18.1 million (US$14.7 million) 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. The Company has drew on all tranches of the loan during the year ended December 31, 2021, with an aggregate principal amount of $14.4 million (US$11.7 million), net of $3.6 million (US$3.0 million) prepayment. During the year ended December 31, 2022, the Company made principal repayments totaling $5.9 million (US$4.6 million), interest payments of $0.2 million (US$0.2 million), and recorded a foreign exchange gain of $0.01 million. During the year ended December 31, 2021, the Company made principal payments totaling $8.9 million (US$7.1 million), interest payments of $0.9 million (US$0.7 million), and recorded a foreign exchange loss of $0.3 million. Genesis The Company fully paid off its $25.5 million (US$20.0 million) loan with Genesis on February 11, 2021; subsequently, all Bitcoin held by Genesis as collateral for the loan were returned to the Company.

Lease liabilities

Lease liabilities	12 Months Ended
	Dec. 31, 2022
Lease liabilities [Abstract]
Lease liabilities	12. 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, 2022 December 31, 2021 <1 year $ 6,525 $ 266 1-2 year 6,094 212 2-5 year 11,459 92 >5 year 4,446 136 Total 28,524 706 Discounting (7,226 ) (63 ) Lease Liabilities $ 21,298 $ 643 The Company’s lease liabilities comprise the following: December 31, 2022 December 31, 2021 Opening balance $ 643 $ 293 Payment of lease obligations (4,574 ) (126 ) Interest expense 2,074 16 Acquired through business acquisition 9,523 – Addition 13,632 460 Ending balance 21,298 643 Less current portion 4,325 216 Non-current portion $ 16,973 $ 427

Loss per share

Loss per share	12 Months Ended
	Dec. 31, 2022
Loss per share [Abstract]
Loss per share	13. Loss 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, 2022 and 2021: For the year ended December 31 2022 2021 Net loss attributable to common shareholders $ (242,813 ) $ (72,711 ) Number of common shares outstanding on January 1 169,590,061 97,245,223 Weighted average number of common shares issued 18,179,510 40,318,936 Basic number of common shares 187,769,571 137,564,159 Dilutive effect of unvested LTIP awards (i) – – Diluted number of common shares issued 187,769,571 137,564,159 Earnings per share: Basic $ (1.29 ) $ (0.54 ) Diluted $ (1.29 ) $ (0.54 ) (i) Unvested LTIP awards were excluded from the diluted shares calculation due to their anti-dilutive effect for the years ended December 31, 2022, and December 31, 2021.

Warrant liability

Warrant liability	12 Months Ended
	Dec. 31, 2022
Warrant liability [Abstract]
Warrant liability	14. Warrant liability For the year ended December 31, 2022, the Company issued no warrants. For the year ended December 31, 2021, the Company had 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 – as at issuance $ 4.22 $ 3.12 Warrants term 24 months 24 months Warrant valuation assumptions – as at issuance Valuation model Black-Scholes Black-Scholes Expected life 2.00 years 2.00 years Risk-free rate 0.16% 0.31% Volatility 136% 138% Dividend yield 0% 0% 2022 2021 2022 2021 Fair value of warrants – as at December 31 $ – $ 7.46 $ 0.02 $ 7.46 Warrant valuation assumptions – as at December 31 2022 2021 2022 2021 Valuation model Black-Scholes Black-Scholes Expected life 0.04 years 1.04 years 0.44 years 1.44 Risk-free rate 4.06 % 0.95 % 4.06 % 0.95 % Volatility 30 % 195 % 126 % 165 % Dividend yield 0 % 0 % 0 % 0 % The change in warrant liability is as follows: Number of warrants Weighted average exercise price Balance, December 31, 2020 – $ – Issued (i) 19,250,000 3.56 Exercised (ii) (4,089,999 ) 10.20 Balance, December 31, 2021 15,160,001 $ 7.46 Balance, December 31, 2022 15,160,001 $ 0.01 (i) The warrants issued comprise of 7,750,000 private placement warrants and 11,500,000 public bought deal warrants related to the January 13, 2021, and June 15, 2021, equity issuances, respectively, completed during the year ended December 31, 2021. (ii) The warrants exercised comprise of 3,875,000 private placement warrants with a weighted average exercise price of $10.27 and 214,999 public bought deal warrants with a weighted average exercise price of $9.03. During the year ended December 31, 2022, the Company recorded a non-cash gain on the revaluation of warrant liability of $98.8 million. During the year ended December 31, 2021, the Company recorded a non-cash loss on the revaluation of warrant liability of $114.2 million, which included $70.8 million 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 During the years ended December 31 2021 2021 Fair value of warrants exercised $ 3.45 - $15.10 $ 3.45 - $11.93 Warrant valuation assumptions – during the years ended December 31, 2021 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, 2022
Equity [Abstract]
Equity	15. 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, December 31, 2020 97,245,223 $ 178,231 Shares issued for services (i) 380,000 398 Shares issued for RSUs and DSUs (ii) 359,813 1,039 Shares issued for exercise of options 170,639 1,207 Shares issued for equity raises, net of issuance cost ($ 4,003 58,682,500 314,756 Shares issued on exercise of warrant liability 4,089,999 109,287 Shares issued for exercise of warrants 8,661,887 31,679 Balance, December 31, 2021 169,590,061 $ 636,597 Shares issued for equity raises, net of issuance cost ($ 3,197 49,646,368 124,771 Shares issued for RSUs and DSUs (iii) 1,273,795 6,175 Shares issued under employee stock purchase plan 33,022 84 Shares issued for exercise of options 3,333 11 Shares issued on exercise of warrants 863 3 Balance, December 31, 2022 220,547,442 $ 767,641 (i) Shares issued as payment of invoices to key service providers. (ii) Shares issued upon vesting of RSUs and DSUs, net of employment tax withholdings. (iii) Shares issued upon vesting of RSUs and DSUs. February 2022 At-the-market Equity Program (“February 2022 ATM”) On February 11, 2022, the Company entered into the February 2022 ATM offering agreement to sell the Company’s common shares with maximum proceeds of up to $82.9 million (US$65.0 million). The Company completed the February 2022 ATM on July 18, 2022, and during the year ended December 31, 2022, issued 24,429,460 common shares totaling $82.9 million (US$65.0 million) under the ATM and incurred $2.2 million (US$1.7 million) in issuance cost. August 2022 At-the-market Equity Program (“August 2022 ATM”) On August 17, 2022, the Company entered into the August 2022 ATM equity distribution agreement to sell the Company’s commons shares with maximum proceeds of up to $270.9 million (US$200.0 million). During the year ended December 31, 2022, the Company issued 25,216,908 common shares totaling $45.1 million (US$33.6 million) under the August 2022 ATM and incurred $1.0 million (US$0.8 million) in issuance cost. Subsequent to the year ended December 31, 2022, the Company did not complete any issuances under the August 2022 ATM. 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 $ 13.36 US$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 $ 5,337 $ 7,336 $ 12,422 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, December, 2020 7,837,639 $ 2.56 Issued (i) 1,144,200 6.69 Expired (ii) (147,418 ) 1.80 Exercised (iii) (8,661,887 ) 3.05 Balance, December 31, 2021 172,534 $ 6.14 Issued – – Expired (iv) (17,204 ) 1.45 Exercised (v) (863 ) 1.45 Balance, December 31, 2022 154,467 $ 6.69 (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 2,222,222 929,010 144,094 (iv) The warrants expired comprise of 17,204 warrants with an exercise price of $1.45. (v) The warrants exercised comprise of 863 warrants with an exercise price of $1.45. The warrants issued and outstanding as at December 31, 2022, are as follows: Strike price Number Weighted average remaining contractual life (month) Expiry date Public offering warrants $ 13.36 9,477 45 9/17/2026 Bought deal warrants $ 6.25 19,440 6 6/15/2023 Private placement warrants $ 6.25 125,550 1 1/13/2023 154,467 4.33 The warrants issued and outstanding as at December 31, 2021, are as follows: Strike price Number Weighted average remaining contractual life (month) Expiry date Public offering warrants $ 13.36 9,477 57 9/17/2026 Bought deal warrants $ 6.25 19,440 18 6/15/2023 Private placement warrants $ 6.25 125,550 13 1/13/2023 Broker warrants $ 1.45 18,067 6 6/25/2022 172,534 15.25 (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, May 14, 2021, January 15, 2022, and August 22, 2022. 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, 2021 761,667 $ 4.38 Granted 60,000 6.57 Exercised (i) (170,639 ) 4.23 Forfeiture (104,361 ) 1.96 Balance, December 31, 2021 546,667 5.13 Granted – – Exercised (ii) (3,333 ) 1.80 Forfeiture (63,334 ) 6.32 Options outstanding, December 31, 2022 480,000 $ 5.00 Options exercisable, December 31, 2022 480,000 $ 5.00 (i) The options exercised comprise of 107,306 options with an exercise price of $5.00 and weighted average underlying common share price of $9.81 at the times of exercise, 3,333 options with an exercise price of $1.80 and underlying common share price of $8.65 at the time of exercise, and 60,000 options with an exercise price of $3.00 and underlying common share price of $4.64 at the time of exercise. (ii) The options exercised comprise of 3,333 options with an exercise price of $1.80 and underlying common share price of $7.23 at the time of exercise. During the year ended December 31, 2022, the fair value of the share price ranged between $1.10 and $10.32. As at December 31, 2022, 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) 5.00 480,000 480,000 $ 5.00 18 480,000 480,000 $ 5.00 18 During the year ended December 31, 2021, the fair value of the share price ranged between $3.89 and $19.80. As at 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 During the year ended December 31, 2022, the Company recorded a total of $0.1 million (December 31, 2021 – $0.1 million) as share based compensation expense related to stock options. The Company also recorded a reversal of share based compensation totaling $ due to forfeiture of 63,334 (December 31, 2021 – 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 years ended December 31, 2022 and December 31, 2021: expected life of 10 years, risk-free rate of , volatility of , dividend yield of 0% and exercise price of $5.00. 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 was commensurate to the expected life of the option. For the year ended December 31, 2022, the weighted average of the exercise price inputs is $5.00 and the weighted average of the common share price inputs is $3.69. For the year ended December 31, 2021, the weighted average of the exercise price inputs is $5.13 and the weighted average of the common share price inputs is $4.09. RSUs and DSUs The RSUs and DSUs activity is as follows: RSUs DSUs Balance, January 1, 2021 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 Granted 7,598,777 81,192 Issued (1,197,499 ) (76,296 ) Forfeited (752,000 ) - Balance, December 31, 2022 8,601,778 256,315 During the twelve months ended December 31, 2022, the Company recorded a total $6.5 million (December 31, 2021 – $9.0 million) as share based compensation expense related to RSUs and $0.6 million (December 31, 2021 – $0.7 million) as share based compensation expense related to DSUs.

Related party transactions

Related party transactions	12 Months Ended
	Dec. 31, 2022
Related party transactions [Abstract]
Related party transactions	16. 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 2022 2021 Salary, fees, and other short-term benefits (i) $ 2,912 $ 4,170 Share based payments 4,718 8,186 $ 7,630 $ 12,356 (i) In connection with the issuance of shares related to the RSUs and DSUs granted, during year ended December 31, 2022, the Company incurred payroll tax expense of $0.2 million (2021 – $0.7 million).

Capital management

Capital management	12 Months Ended
	Dec. 31, 2022
Capital management [Abstract]
Capital management	17. 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 as at December 31, 2022, remains unchanged from the year ended December 31, 2021.

Financial instruments and risk

Financial instruments and risk management	12 Months Ended
	Dec. 31, 2022
Financial instruments and risk management [Abstract]
Financial instruments and risk management	18. 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, 2022 Level 1 Level 2 Level 3 Total Fair value carried through profit and loss Warrant liability $ – $ 212 $ – $ 212 Deposits 31,347 – – 31,347 Fair value carried at amortized cost Loan payable – (27,125 ) – (27,125 ) December 31, 2021 Level 1 Level 2 Level 3 Total Fair value through profit and loss Warrant liability – 99,021 – 99,021 Deposits 156,093 – – 156,093 Fair value carried at amortized cost Loan payable $ – $ (41,477 ) $ – $ (41,477 ) 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 Company determined that the carrying value of deposits made on future purchases approximates the corresponding fair value because the deposits are future payments of arm’s length purchases. As at December 31, 2022, the loans payable balance has a carrying value of $26.1 million (December 31, 2021 – $40.1 million) and a fair value of $27.1 million (December 31, 2021 – $41.5 million). 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, 2022
Digital assets and risk management [Abstract]
Digital assets and risk management	19. 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 balance 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 primarily consist of Bitcoin as at December 31, 2022. As at December 31, 2022, 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 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 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. During the year ended December 31, 2022, the Company suspended the Lending Agreements and retrieved the digital assets lent under the Lending Agreements. Financial instruments that potentially subject the Company to a concentration of credit risk consist primarily of cash and accounts receivable. The Company limits its cash exposure to credit loss by placing its cash with high credit quality financial institutions. The Company uses the digital asset custodial services of BitGo Trust Company Inc. and NYDIG Trust Company LLC. The Company does not self-custody its Bitcoin. The credit risk related to the accounts receivable is not significant. 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 denominated 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$50.0 million open term revolving credit facility with Galaxy which upon posting digital asset collateral, the Company can draw on as an additional source of liquidity. As at December 31, 2022, the facility has an outstanding balance of $ nil nil As at December 31, 2022, 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 $ 13,283 $ 13,283 $ – $ – $ – Loans payable and interest 29,885 15,524 14,361 – – Lease commitments 28,524 6,525 6,094 11,459 4,446 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 for the years ended December 31 in Canadian dollar terms: As at December 31, 2022 December 31, 2021 Cash $ 16,402 $ 107,601 Accounts receivable 10 446 Deposits (non-current) 219 94,996 Accounts payable (924 ) (1,371 ) Loans payable (26,121 ) (40,051 ) 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 $1.0 million (December 31, 2021 – $16.2 million).

Revenue

Revenue	12 Months Ended
	Dec. 31, 2022
Revenue [Abstract]
Revenue	20. Revenue The details of our revenue by type are as follows: For the years ended December 31 2022 2021 Digital assets mined $ 133,040 $ 165,398 Hosting fees 751 8,376 High performance computing 16,891 – Total revenue $ 150,682 $ 173,774

Cost of revenue

Cost of revenue	12 Months Ended
	Dec. 31, 2022
Cost of revenue [Abstract]
Costs of revenue	21. Cost of revenue The details of our cost of revenue by type are as follows: For the years ended December 31 2022 2021 Site operating costs $ (81,769 ) $ (61,688 ) Depreciation (93,880 ) (23,288 ) Total cost of revenue $ (175,649 ) $ (84,976 )

General and administrative expe

General and administrative expenses	12 Months Ended
	Dec. 31, 2022
General and administrative expenses [Abstract]
General and administrative expenses	22. General and administrative expenses The details of our general and administrative expenses by type are as follows: For the years ended December 31 2022 2021 Professional fees $ (5,687 ) $ (3,611 ) One-time transaction costs (5,116 ) (2,956 ) General, marketing, office and other (8,465 ) (3,605 ) Sales tax expense (7,660 ) (10,694 ) Share based payments (6,913 ) (9,876 ) Salary and benefits (7,756 ) (4,046 ) Insurance expense (6,014 ) (2,645 ) Investor relations and regulatory (2,210 ) (2,832 ) Total general and administrative expense $ (49,821 ) $ (40,265 )

Supplementary cash flow informa

Supplementary cash flow information	12 Months Ended
	Dec. 31, 2022
Supplementary cash flow information [Abstract]
Supplementary cash flow information	23. Supplementary cash flow information Change in working capital for the years ended December 31, 2022 and 2021 was as follows: For the years ended December 31 2022 2021 Accounts receivable and other $ 88 $ 245 Prepaid expenses (2,675 ) (3,776 ) Accounts payable and accrued liabilities 4,588 5,700 Net change in working capital $ 2,001 $ 2,169 Non-cash transactions 2022 2021 Additions to plant and equipment through assumption of lease liabilities $ 13,632 $ – Shares issued on vesting of RSU 5,601 – Shares issued on vesting of DSU 574 – Shares issued on settlement of accounts payable – 398 Derecognition of broker warrants upon expiry – 68

Income taxes

Income taxes	12 Months Ended
	Dec. 31, 2022
Income taxes [Abstract]
Income taxes	24. Income taxes The income taxes recognized in profit or loss comprise the following: For the years ended December 31 2022 2021 Current tax expense $ – $ – Deferred tax expense 9,593 5,620 Total income tax expense $ 9,593 $ 5,620 The income tax expense comprises of the following: For the years ended December 31 2022 2021 Origination and reversal of temporary difference $ (61,622 ) $ 16,793 Change in unrecognized tax losses and tax benefits 71,825 (13,638 ) Change in prior year estimate and other (610 ) 2,465 Total income tax expense $ 9,593 $ 5,620 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 2022 2021 Net (loss) income before recovery of income taxes $ (233,220 ) $ (67,091 ) Canadian statutory tax rate 26.5 % 26.5 % Expected income tax recovery (61,803 ) (17,779 ) Different tax rate for subsidiary and other adjustments 5,520 (2,115 ) Non-deductible expenses 20,846 5,624 True up to filing adjustments – 3,264 Adjustments in respect of prior periods (610 ) – Revaluation (gain) loss on warrant liability (26,185 ) 30,253 Change in tax benefits not recognized 71,825 (13,627 ) Income tax expense $ 9,593 $ 5,620 The income taxes recognized on components of other comprehensive income or loss for the years ended December 31, 2022 and 2021 are as follows: For the years ended December 31 2022 2021 Revaluation (loss) gain on digital assets through other comprehensive income or loss $ (118,589 ) $ 57,695 Tax recovery 15,049 164 Revaluation (loss) gain on digital assets through other comprehensive income or loss, net of tax $ (103,540 ) $ 57,859 The movement on the net deferred income tax assets and liabilities are as follows: For the years ended December 31 2022 2021 Balance, beginning $ (5,456 ) $ – Deferred tax expense recorded in profit (9,593 ) (5,620 ) Movement recognized in other comprehensive income 15,049 164 Net deferred tax liability $ – $ (5,456 ) The components of net deferred tax asset (liabilities) are as follows: As at December 31, 2022 December 31, 2021 Non-capital losses $ 3,739 $ 15,764 Capital lease obligation 5,471 157 Capital losses – 60 Capital loan – (49 ) Property plant and equipment (3,794 ) (4,557 ) Digital assets – (16,667 ) Intangible assets and goodwill (144 ) – Deferred financing costs (36 ) – Right-of-use asset (5,236 ) (164 ) Net deferred tax liability $ – $ (5,456 ) Deferred taxes are provided as a result of temporary differences that arise due to the differences between the income tax values and the carrying amount of assets and liabilities. Deferred tax assets have not been recognized in respect of the following deductible temporary differences: For the years ended December 31 2022 2021 Share issuance costs $ 18,010 $ 21,899 Operating tax losses carried forward 245,577 14,662 Digital assets 137,425 – $ 401,012 $ 36,561 The operating tax loss carry forwards expire as noted in the table below. The remaining deductible temporary differences may be carried forward indefinitely. Deferred tax assets have not been recognized in respect of these items because it is not probable that future taxable profit will be available against which the Company can utilize the benefits therefrom. The Company’s operating tax losses expire as follows: For the years ended December 31 2022 2021 2033 $ 87 $ 87 2034 225 225 2035 82 82 2036 105 105 2037 106 106 2038 31,732 318 2039 24,288 780 2040 14,195 1,733 2041 11,226 11,226 2042 163,531 – $ 245,577 $ 14,662

Contingencies

Contingencies	12 Months Ended
	Dec. 31, 2022
Contingencies [Abstract]
Contingencies	25. 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 events

Subsequent events	12 Months Ended
	Dec. 31, 2022
Subsequent events [Abstract]
Subsequent events	26. Subsequent events Litigation with North Bay facility power provider and leasehold provider On January 25, 2023, the Company filed a statement of claim in the Ontario Superior Court of Justice against Validus Power Corp. (“VPC”) and Bay Power Corp., (collectively with VPC, “Validus”) as defendants. VPC is the Company’s power provider for the Company’s North Bay mining facility. Pursuant to a power purchase agreement dated October 22, 2021 (the “PPA”), VPC would design, construct, own, operate, and maintain certain power generation facilities on a site located in North Bay, Ontario (the “Facility”), and Hut 8 would purchase energy from the Facility on the terms set out in the PPA. In connection with entering into of the PPA, the Company entered into (i) a lease agreement dated October 27, 2021 by and among the Company, Validus (the “Lease Agreement”), and (ii) a design-build stipulated price contract dated October 21, 2021 between the Company and VPC. The Company’s statement of claim includes Validus’ failure to meet obligations under the PPA. The Company is seeking various relief including enforcement of certain provisions of the PPA and monetary damages incurred as a result of the dispute. On February 9, 2023, the Company received from Validus a notice of termination of the Lease Agreement. On February 21, 2023, the Company announced that it received a statement of defence and counterclaim (collectively, the “Counterclaim”) from Validus. In addition to denying the majority of allegations in the Company’s statement of claim, Validus brought counterclaims against the Company and is seeking monetary damages. The Company intends to pursue the claims set out in its statement of claim. While the Company believes that the Counterclaim is meritless and intends to vigorously prosecute the aforementioned matters, these matters are in the early stages of litigation and no assessment can be made as to the likely outcome of the matters or whether they will be material to the Company. As of the date of the Consolidated Financial Statements, the Company’s North Bay facility is not operational. Business combination with U.S. Data Mining Group, Inc. On February 6, 2023, the Company entered into a business combination agreement (the “Business Combination Agreement”) by and among the Company, U.S. Data Mining Group, Inc., a Nevada corporation doing business as “US Bitcoin Corp” (“USBTC”), and Hut 8 Corp., a Delaware corporation (“New Hut”). Pursuant to the Business Combination Agreement, (i) Hut 8 and Hut 8 Holdings, will, as part of a court-sanctioned plan of arrangement (the “Arrangement”) under the Business Corporations Act (British Columbia), be amalgamated to continue as one British Columbia corporation (“Hut Amalco”), with the capital of Hut Amalco being the same as the capital of Hut 8 (the “Amalgamation”), (ii) following the Amalgamation, and pursuant to the Arrangement, each common share of Hut Amalco (other than any shares held by dissenting shareholders) will be exchanged for 0.2000 of a share of New Hut common stock, which will effectively result in a consolidation of the Common Shares on a 5

Basis of presentation (Policies

Basis of presentation (Policies)	12 Months Ended
	Dec. 31, 2022
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 8, 2023.
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 subsidiaries of the Company included in the consolidated financial statements are as follows: % Ownership Hut 8 Holdings Inc. 100% Hut 8 High Performance Computing 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 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: (i) Taxes and income 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. Provisions for taxes are made using the best estimate of the amount expected to be paid based on a qualitative assessment of all relevant factors. The Company reviews the adequacy of these provisions at the end of the reporting period. However, it is possible that at some future date an additional liability could result from audits by taxing authorities. Where the final outcome of these tax-related matters is different from the amounts that were initially recorded, such differences will affect the tax provisions in the period in which such determination is made. (ii) Impairment of non-financial assets and goodwill 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. (iii) 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. (iv) Warrant liability The Company uses the Black-Scholes method to determine the fair value of the warrant liability for the warrants that are not publicly traded. The Black-Scholes method requires significant judgement in determining the fair value such as volatility and a risk-free rate of return. A change in these inputs could lead to significant change in the fair value of the warrant liability. The Company uses the publicly listed prices for the warrants that are traded on the public markets to determine the fair value of the warrant liability. (v) 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. (vi) 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. (vii) Goodwill The Company’s assessment of the recoverability of goodwill allocated to its cash-generating units involves significant estimates and assumptions regarding cash flow projections, growth projections, economic risk, and cost of capital. If future events or results differ adversely from these estimates and assumptions, the Company could incur impairment charges in future periods. (viii) Accounts receivable and other The Company is required to assess whether accounts receivables are collectible from customers. Accordingly, Management establishes an allowance for expected credit losses (“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. (ix) Business combinations Management uses various valuation techniques when determining the fair values of certain assets and liabilities acquired in a business combination (see Note 5). Estimates that have an impact on the determination of fair values include the selected weighted average cost of capital, growth rate, and forecast of future cash flows.

Significant accounting polici_2

Significant accounting policies (Policies)	12 Months Ended
	Dec. 31, 2022
Significant accounting policies [Abstract]
Transactions 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.
Business combinations	(ii) Business combinations Acquisitions of businesses are accounted for using the acquisition method. The acquisition cost is measured at the acquisition date at the fair value of the consideration transferred, including all contingent consideration. Subsequent changes in contingent consideration are accounted for in the consolidated statements of operations and comprehensive loss.
Cash	(iii) Cash Cash is comprised of bank balances and are primarily held in Canadian dollars and U.S. dollars.
Revenue recognition	(iv) 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. c. Revenues from high performance computing The high performance computing business earns revenue by providing cloud and colocation services to clients. Revenue is measured at the fair value of the consideration received or receivable for services, net of discounts and sales taxes. Revenue is recognized as the related services are provided to customers. The Company applies the five step IFRS 15 Revenue from Contracts with Customers model in determining the appropriate treatment of its various sources of revenue. The principal sources of revenue to the Company and recognition of these revenues are as follows: - Monthly recurring revenue (“MRR”) from high performance computing services are recognized as service revenue ratably over the enforceable term of individual contracts which is typically the stated term. The Company satisfies its performance obligation as these services are made available over time. The Company believes this method to be the best representation of transfer of services as it is consistent with industry practice to measure satisfaction through passage of time. - Transaction price is determined as the list price of services (net of discounts) that the Company delivers to its customers, taking into account the term of each individual contract, and the ability to enforce and collect the consideration. - Revenue from installation services, which are not treated as distinct performance obligations, are recognized over the enforceable term of individual contracts consistent with the schedule of MRR discussed above. - Usage revenue (overage and consumption-based services) is recorded as service revenue in the month the usage is incurred/service is consumed by the customer, based on a fixed agreed upon amount per unit consumed. - Payment is typically due at the beginning of each month for MRR services and at the end of each month for usage revenue. Sale of bundled services
Plant and equipment	(v) 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 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: Mining infrastructure 6 – 10 years Mining servers 2 years Data centre infrastructure 8 years Computer and network equipment 3 years Leasehold improvements 3 years
Digital assets	(vi) 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	(vii) 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 and goodwill	(viii) Impairment of non-financial asset and goodwill The Company’s identifiable tangible and intangible 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. For impairment assessment purposes, assets are grouped at the lowest levels for which there are largely independent cash inflows (cash-generating units). As a result, some assets are tested individually for impairment and some are tested at cash-generating unit level. Goodwill is allocated to those cash-generating units that are expected to benefit from synergies of a related business combination and represent the lowest level within the Group at which management monitors goodwill.
Leases	(ix) 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 separately in the statement of financial position.
Goodwill	(x) Goodwill Goodwill represents the excess of the cost of the Company’s business acquisitions over the fair value of the Company’s share of the net identifiable assets of the acquired subsidiary at the date of acquisition. Goodwill is carried at cost less accumulated impairment charges and is not amortized but is subject to an impairment test annually and whenever impairment indicators are identified.
Intangible assets	(xi) Intangible assets Intangible assets consist of customer relationships acquired through acquisitions or business combinations. Intangible assets acquired as part of business acquisitions are measured initially at fair value. Intangible assets with a finite life are amortized on a straight-line basis over their estimated useful lives. Amortization is recognized over the assets’ estimated useful lives as follows: Customer relationships 6 years Residual values and useful lives are reviewed at each reporting date. Amortization expense has been presented in profit or loss as amortization. Assets are removed from asset and accumulated amortization balances once they become fully amortized. Proceeds from disposals are netted against the related assets and accumulated amortization, and resulting gains and losses are included in profit or loss.
Non-monetary transactions	(xii) 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.
Loss per share	(xiii) Loss 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	(xiv) 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	(xv) 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 cashless 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 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 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	(xvi) Contributed Surplus Contributed surplus includes consideration recognized pursuant to equity-settled share based compensation.
Share based transactions	(xvii) 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	(xviii) 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, and may be subject to performance vesting criteria. The Options have different vesting terms 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 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	(xix) Income taxes Income tax comprises current and deferred tax. Income tax is recognized in profit or loss except to the extent that it relates to items recognized directly in equity or other comprehensive income, in which case the income tax is also recognized directly in equity or other comprehensive income. Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted at the end of the reporting period, and any adjustment to tax payable in respect of previous years. Current tax assets and current tax liabilities are only offset if a legally enforceable right exists to offset the amounts and the Company intends to settle on a net basis, or to realize the asset and settle the liability simultaneously. Deferred tax is recognized in respect of all qualifying temporary differences arising between the tax basis of assets and liabilities and their carrying amounts in the financial statements. Deferred income tax is determined on a non-discounted basis using tax rates and laws that have been enacted or substantively enacted at the end of the reporting period and are expected to apply when the deferred tax asset or liability is settled. Deferred tax assets are recognized to the extent that it is probable that the assets can be recovered. Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset tax assets and liabilities and when the deferred tax balances relate to the same taxation authority. Deferred tax assets are recognized to the extent future recovery is probable. At each reporting period end, deferred tax assets are reduced to the extent that it is no longer probable that sufficient taxable earnings will be available to allow all or part of the asset to be recovered.
Provisions	(xx) 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	(xxi) 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	(xxii) 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, 2022
Basis of presentation [Abstract]
Significant operating subsidiaries	The significant operating subsidiaries of the Company included in the consolidated financial statements are as follows: % Ownership Hut 8 Holdings Inc. 100% Hut 8 High Performance Computing Inc. 100%

Significant accounting polici_3

Significant accounting policies (Tables)	12 Months Ended
	Dec. 31, 2022
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: Mining infrastructure 6 – 10 years Mining servers 2 years Data centre infrastructure 8 years Computer and network equipment 3 years Leasehold improvements 3 years
Estimated useful lives of intangible assets	Intangible assets with a finite life are amortized on a straight-line basis over their estimated useful lives. Amortization is recognized over the assets’ estimated useful lives as follows: Customer relationships 6 years

Change in estimate (Tables)

Change in estimate (Tables)	12 Months Ended
	Dec. 31, 2022
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: 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

Business acquisition (Tables)

Business acquisition (Tables)	12 Months Ended
	Dec. 31, 2022
Business acquisition [Abstract]
Purchase consideration for acquisition	The final allocation of the purchase consideration for this acquisition is as follows: Fair value Accounts receivable and other $ 1,887 Plant and equipment 23,239 Intangible assets 4,240 Goodwill 11,543 Accounts payable and accrued liabilities (1,212 ) Lease liabilities (9,523 ) $ 30,174

Deposits and prepaid expenses (

Deposits and prepaid expenses (Tables)	12 Months Ended
	Dec. 31, 2022
Deposits and prepaid expenses [Abstract]
Components of Deposits and Prepaid Expenses	The components of deposits and prepaid expenses are as follows: As at December 31, 2022 December 31, 2021 Current Prepaid insurance $ 1,778 $ 1,580 Prepaid electricity 3,191 1,308 Deposits related to power purchase agreement 3,000 – Miscellaneous deposits 1,923 471 Total current deposits and prepaid expenses $ 9,892 $ 3,359 Non-current Deposits for equipment purchase $ – $ 110,761 Deposits related to power purchase agreement 17,000 20,000 Deposits related to operating site development 902 18,609 Deposits related to electricity supply under electricity supply agreement 8,522 6,252 Other 796 881 Total non-current deposits and prepaid expenses $ 27,220 $ 156,503

Digital assets (Tables)

Digital assets (Tables)	12 Months Ended
	Dec. 31, 2022
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, 2022 December 31, 2021 December 31, 2022 December 31, 2021 Digital assets - held in custody $ 203,627 $ 206,531 9,086 3,518 Digital assets loaned or pledged Lending arrangements (i) – 117,415 – 2,000 Total digital assets $ 203,627 $ 323,946 9,086 5,518 (i) Bitcoin subject to lending arrangements.
Bitcoin Mined and Transacted	Below is the Company’s bitcoin mined and transacted: Amount Number of Bitcoin Total digital assets, January 1, 2021 $ 101,962 2,762 Bitcoin mined 165,398 2,786 Bitcoin traded for cash (1,291 ) (30 ) Gain on disposition of digital assets 182 – Revaluation of digital assets 57,695 – Total digital assets, December 31, 2021 $ 323,946 5,518 Bitcoin mined 133,040 3,568 Revaluation of digital assets (253,359 ) – Total digital assets, December 31, 2022 $ 203,627 9,086

Plant and equipment (Tables)

Plant and equipment (Tables)	12 Months Ended
	Dec. 31, 2022
Plant and equipment [Abstract]
Plant and Equipment	The changes in the carrying value of plant and equipment are as follows: Mining infrastructure Mining servers Data centre infrastructure Computer and network equipment Leasehold improvements Right-of-use assets Total Cost Balance, January 1, 2021 $ 45,287 $ 88,215 $ – $ – $ – $ 504 $ 134,006 Additions 1,420 85,012 – – – 460 86,892 Balance, December 31, 2021 46,707 173,227 – – – 964 220,898 Additions 35,229 157,176 444 6,297 572 13,632 213,350 Acquired through business acquisition – – 8,815 4,531 287 9,606 23,239 Balance, December 31, 2022 $ 81,936 $ 330,403 $ 9,259 $ 10,828 $ 859 $ 24,202 $ 457,487 Accumulated Depreciation and Impairment Balance, January 1, 2021 $ 21,860 $ 79,522 $ – $ – $ – $ 101 $ 101,483 Depreciation 6,027 17,073 – – – 189 23,289 Balance, December 31, 2021 27,887 96,595 – – – 290 124,772 Depreciation 5,177 81,820 1,222 2,083 160 3,418 93,880 Impairment 25,999 87,877 – – – – 113,876 Balance, December 31, 2022 $ 59,063 $ 266,292 $ 1,222 $ 2,083 $ 160 $ 3,708 $ 332,528 Net book value as of December 31, 2021 $ 18,820 $ 76,632 $ – $ – $ – $ 674 $ 96,126 December 31, 2022 $ 22,873 $ 64,111 $ 8,037 $ 8,745 $ 699 $ 20,494 $ 124,959
Significant Assumptions in Determining Value In Use	The significant assumptions in determining the VIU included the following: December 31, 2022 Starting Bitcoin price $ 22,412(US$16,548) Starting network difficulty 35,364 billion Discount rate 18.80% –18.90 % Monthly Bitcoin price growth 2.00% – 2.80 % Difficulty growth rate 2.80 %
Impairment of Mining Infrastructure and Servers by CGU	The impairment of mining infrastructure and servers by CGU is listed below: CGU Carrying value Recoverable value Impairment Medicine Hat $ 79,449 $ 44,000 $ 35,449 Drumheller 38,062 10,000 28,062 North Bay 73,130 38,000 35,130 $ 190,641 $ 92,000 $ 98,641

Intangible assets and goodwill

Intangible assets and goodwill (Tables)	12 Months Ended
	Dec. 31, 2022
Intangible assets and goodwill [Abstract]
Intangible Assets and Goodwill	Customer relationships Goodwill Total Cost Balance, December 31, 2021 – – – Acquired through business acquisition $ 4,240 $ 11,543 $ 15,783 Balance, December 31, 2022 $ 4,240 $ 11,543 $ 15,783 Balance, December 31, 2021 – – – Amortization 648 – 648 Balance, December 31, 2022 $ 648 $ – $ 648 Net book value as of December 31, 2021 $ – $ – $ – December 31, 2022 $ 3,592 $ 11,543 $ 15,135

Accounts payable and accrued _2

Accounts payable and accrued liabilities (Tables)	12 Months Ended
	Dec. 31, 2022
Accounts payable and accrued liabilities [Abstract]
Accounts Payable and Accrued Liabilities	The components of accounts payable and accrued liabilities are as follows: December 31, 2022 December 31, 2021 Accounts payable $ 5,959 $ 7,067 Other accrued liabilities 7,957 2,502 Total accounts payable and accrued liabilities $ 13,916 $ 9,569

Loans payable (Tables)

Loans payable (Tables)	12 Months Ended
	Dec. 31, 2022
Loans payable [Abstract]
Components of Loans Payable	The components of loans payable are as follows: December 31, 2022 December 31, 2021 Current portion $ 11,892 $ 16,278 Non-current portion 14,229 23,773 Total loans payable $ 26,121 $ 40,051

Lease liabilities (Tables)

Lease liabilities (Tables)	12 Months Ended
	Dec. 31, 2022
Lease liabilities [Abstract]
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, 2022 December 31, 2021 <1 year $ 6,525 $ 266 1-2 year 6,094 212 2-5 year 11,459 92 >5 year 4,446 136 Total 28,524 706 Discounting (7,226 ) (63 ) Lease Liabilities $ 21,298 $ 643
Lease Liabilities	The Company’s lease liabilities comprise the following: December 31, 2022 December 31, 2021 Opening balance $ 643 $ 293 Payment of lease obligations (4,574 ) (126 ) Interest expense 2,074 16 Acquired through business acquisition 9,523 – Addition 13,632 460 Ending balance 21,298 643 Less current portion 4,325 216 Non-current portion $ 16,973 $ 427

Loss per share (Tables)

Loss per share (Tables)	12 Months Ended
	Dec. 31, 2022
Loss per share [Abstract]
Loss per share	The following details the earnings per share, basic and diluted, calculations for the years ended December 31, 2022 and 2021: For the year ended December 31 2022 2021 Net loss attributable to common shareholders $ (242,813 ) $ (72,711 ) Number of common shares outstanding on January 1 169,590,061 97,245,223 Weighted average number of common shares issued 18,179,510 40,318,936 Basic number of common shares 187,769,571 137,564,159 Dilutive effect of unvested LTIP awards (i) – – Diluted number of common shares issued 187,769,571 137,564,159 Earnings per share: Basic $ (1.29 ) $ (0.54 ) Diluted $ (1.29 ) $ (0.54 ) (i) Unvested LTIP awards were excluded from the diluted shares calculation due to their anti-dilutive effect for the years ended December 31, 2022, and December 31, 2021.

Warrant liability (Tables)

Warrant liability (Tables)	12 Months Ended
	Dec. 31, 2022
Warrant liability [Abstract]
Issuances of Warrants	For the year ended December 31, 2021, the Company had 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 – as at issuance $ 4.22 $ 3.12 Warrants term 24 months 24 months Warrant valuation assumptions – as at issuance Valuation model Black-Scholes Black-Scholes Expected life 2.00 years 2.00 years Risk-free rate 0.16% 0.31% Volatility 136% 138% Dividend yield 0% 0% 2022 2021 2022 2021 Fair value of warrants – as at December 31 $ – $ 7.46 $ 0.02 $ 7.46 Warrant valuation assumptions – as at December 31 2022 2021 2022 2021 Valuation model Black-Scholes Black-Scholes Expected life 0.04 years 1.04 years 0.44 years 1.44 Risk-free rate 4.06 % 0.95 % 4.06 % 0.95 % Volatility 30 % 195 % 126 % 165 % Dividend yield 0 % 0 % 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 (i) 19,250,000 3.56 Exercised (ii) (4,089,999 ) 10.20 Balance, December 31, 2021 15,160,001 $ 7.46 Balance, December 31, 2022 15,160,001 $ 0.01 (i) The warrants issued comprise of 7,750,000 private placement warrants and 11,500,000 public bought deal warrants related to the January 13, 2021, and June 15, 2021, equity issuances, respectively, completed during the year ended December 31, 2021. (ii) The warrants exercised comprise of 3,875,000 private placement warrants with a weighted average exercise price of $10.27 and 214,999 public bought deal warrants with a weighted average exercise price of $9.03.
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 During the years ended December 31 2021 2021 Fair value of warrants exercised $ 3.45 - $15.10 $ 3.45 - $11.93 Warrant valuation assumptions – during the years ended December 31, 2021 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, 2022
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, December 31, 2020 97,245,223 $ 178,231 Shares issued for services (i) 380,000 398 Shares issued for RSUs and DSUs (ii) 359,813 1,039 Shares issued for exercise of options 170,639 1,207 Shares issued for equity raises, net of issuance cost ($ 4,003 58,682,500 314,756 Shares issued on exercise of warrant liability 4,089,999 109,287 Shares issued for exercise of warrants 8,661,887 31,679 Balance, December 31, 2021 169,590,061 $ 636,597 Shares issued for equity raises, net of issuance cost ($ 3,197 49,646,368 124,771 Shares issued for RSUs and DSUs (iii) 1,273,795 6,175 Shares issued under employee stock purchase plan 33,022 84 Shares issued for exercise of options 3,333 11 Shares issued on exercise of warrants 863 3 Balance, December 31, 2022 220,547,442 $ 767,641 (i) Shares issued as payment of invoices to key service providers. (ii) Shares issued upon vesting of RSUs and DSUs, net of employment tax withholdings. (iii) Shares issued upon vesting of RSUs and DSUs.
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 $ 13.36 US$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 $ 5,337 $ 7,336 $ 12,422 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, December, 2020 7,837,639 $ 2.56 Issued (i) 1,144,200 6.69 Expired (ii) (147,418 ) 1.80 Exercised (iii) (8,661,887 ) 3.05 Balance, December 31, 2021 172,534 $ 6.14 Issued – – Expired (iv) (17,204 ) 1.45 Exercised (v) (863 ) 1.45 Balance, December 31, 2022 154,467 $ 6.69 (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 2,222,222 929,010 144,094 (iv) The warrants expired comprise of 17,204 warrants with an exercise price of $1.45. (v) The warrants exercised comprise of 863 warrants with an exercise price of $1.45.
Warrants Issued and Outstanding	The warrants issued and outstanding as at December 31, 2022, are as follows: Strike price Number Weighted average remaining contractual life (month) Expiry date Public offering warrants $ 13.36 9,477 45 9/17/2026 Bought deal warrants $ 6.25 19,440 6 6/15/2023 Private placement warrants $ 6.25 125,550 1 1/13/2023 154,467 4.33 The warrants issued and outstanding as at December 31, 2021, are as follows: Strike price Number Weighted average remaining contractual life (month) Expiry date Public offering warrants $ 13.36 9,477 57 9/17/2026 Bought deal warrants $ 6.25 19,440 18 6/15/2023 Private placement warrants $ 6.25 125,550 13 1/13/2023 Broker warrants $ 1.45 18,067 6 6/25/2022 172,534 15.25
Stock Options Activity	Stock option activity is as follows: Number of options Weighted average exercise price Balance, January 1, 2021 761,667 $ 4.38 Granted 60,000 6.57 Exercised (i) (170,639 ) 4.23 Forfeiture (104,361 ) 1.96 Balance, December 31, 2021 546,667 5.13 Granted – – Exercised (ii) (3,333 ) 1.80 Forfeiture (63,334 ) 6.32 Options outstanding, December 31, 2022 480,000 $ 5.00 Options exercisable, December 31, 2022 480,000 $ 5.00 (i) The options exercised comprise of 107,306 options with an exercise price of $5.00 and weighted average underlying common share price of $9.81 at the times of exercise, 3,333 options with an exercise price of $1.80 and underlying common share price of $8.65 at the time of exercise, and 60,000 options with an exercise price of $3.00 and underlying common share price of $4.64 at the time of exercise. (ii) The options exercised comprise of 3,333 options with an exercise price of $1.80 and underlying common share price of $7.23 at the time of exercise.
Stock Options Outstanding	During the year ended December 31, 2022, the fair value of the share price ranged between $1.10 and $10.32. As at December 31, 2022, 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) 5.00 480,000 480,000 $ 5.00 18 480,000 480,000 $ 5.00 18 During the year ended December 31, 2021, the fair value of the share price ranged between $3.89 and $19.80. As at 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
RSUs and DSUs Activity	The RSUs and DSUs activity is as follows: RSUs DSUs Balance, January 1, 2021 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 Granted 7,598,777 81,192 Issued (1,197,499 ) (76,296 ) Forfeited (752,000 ) - Balance, December 31, 2022 8,601,778 256,315

Related party transactions (Tab

Related party transactions (Tables)	12 Months Ended
	Dec. 31, 2022
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 2022 2021 Salary, fees, and other short-term benefits (i) $ 2,912 $ 4,170 Share based payments 4,718 8,186 $ 7,630 $ 12,356 (i) In connection with the issuance of shares related to the RSUs and DSUs granted, during year ended December 31, 2022, the Company incurred payroll tax expense of $0.2 million (2021 – $0.7 million).

Financial instruments and ris_2

Financial instruments and risk management (Tables)	12 Months Ended
	Dec. 31, 2022
Financial instruments and risk management [Abstract]
Financial Instruments	The Company’s financial instruments have been classified as follows: December 31, 2022 Level 1 Level 2 Level 3 Total Fair value carried through profit and loss Warrant liability $ – $ 212 $ – $ 212 Deposits 31,347 – – 31,347 Fair value carried at amortized cost Loan payable – (27,125 ) – (27,125 ) December 31, 2021 Level 1 Level 2 Level 3 Total Fair value through profit and loss Warrant liability – 99,021 – 99,021 Deposits 156,093 – – 156,093 Fair value carried at amortized cost Loan payable $ – $ (41,477 ) $ – $ (41,477 )

Digital assets and risk manag_2

Digital assets and risk management (Tables)	12 Months Ended
	Dec. 31, 2022
Digital assets and risk management [Abstract]
Disclosure of Offsetting of Financial Liabilities	As at December 31, 2022, 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 $ 13,283 $ 13,283 $ – $ – $ – Loans payable and interest 29,885 15,524 14,361 – – Lease commitments 28,524 6,525 6,094 11,459 4,446
Schedule of Foreign Currencies With Significant Exposure	The table below indicates the foreign currencies to which the Company has significant exposure for the years ended December 31 in Canadian dollar terms: As at December 31, 2022 December 31, 2021 Cash $ 16,402 $ 107,601 Accounts receivable 10 446 Deposits (non-current) 219 94,996 Accounts payable (924 ) (1,371 ) Loans payable (26,121 ) (40,051 )

Revenue (Tables)

Revenue (Tables)	12 Months Ended
	Dec. 31, 2022
Revenue [Abstract]
Revenue	The details of our revenue by type are as follows: For the years ended December 31 2022 2021 Digital assets mined $ 133,040 $ 165,398 Hosting fees 751 8,376 High performance computing 16,891 – Total revenue $ 150,682 $ 173,774

Cost of revenue (Tables)

Cost of revenue (Tables)	12 Months Ended
	Dec. 31, 2022
Cost of revenue [Abstract]
Costs of revenue	The details of our cost of revenue by type are as follows: For the years ended December 31 2022 2021 Site operating costs $ (81,769 ) $ (61,688 ) Depreciation (93,880 ) (23,288 ) Total cost of revenue $ (175,649 ) $ (84,976 )

General and administrative ex_2

General and administrative expenses (Tables)	12 Months Ended
	Dec. 31, 2022
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 2022 2021 Professional fees $ (5,687 ) $ (3,611 ) One-time transaction costs (5,116 ) (2,956 ) General, marketing, office and other (8,465 ) (3,605 ) Sales tax expense (7,660 ) (10,694 ) Share based payments (6,913 ) (9,876 ) Salary and benefits (7,756 ) (4,046 ) Insurance expense (6,014 ) (2,645 ) Investor relations and regulatory (2,210 ) (2,832 ) Total general and administrative expense $ (49,821 ) $ (40,265 )

Supplementary cash flow infor_2

Supplementary cash flow information (Tables)	12 Months Ended
	Dec. 31, 2022
Supplementary cash flow information [Abstract]
Change in working capital	Change in working capital for the years ended December 31, 2022 and 2021 was as follows: For the years ended December 31 2022 2021 Accounts receivable and other $ 88 $ 245 Prepaid expenses (2,675 ) (3,776 ) Accounts payable and accrued liabilities 4,588 5,700 Net change in working capital $ 2,001 $ 2,169 Non-cash transactions 2022 2021 Additions to plant and equipment through assumption of lease liabilities $ 13,632 $ – Shares issued on vesting of RSU 5,601 – Shares issued on vesting of DSU 574 – Shares issued on settlement of accounts payable – 398 Derecognition of broker warrants upon expiry – 68

Income taxes (Tables)

Income taxes (Tables)	12 Months Ended
	Dec. 31, 2022
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 2022 2021 Current tax expense $ – $ – Deferred tax expense 9,593 5,620 Total income tax expense $ 9,593 $ 5,620
Components of Income Tax Expense	The income tax expense comprises of the following: For the years ended December 31 2022 2021 Origination and reversal of temporary difference $ (61,622 ) $ 16,793 Change in unrecognized tax losses and tax benefits 71,825 (13,638 ) Change in prior year estimate and other (610 ) 2,465 Total income tax expense $ 9,593 $ 5,620
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 2022 2021 Net (loss) income before recovery of income taxes $ (233,220 ) $ (67,091 ) Canadian statutory tax rate 26.5 % 26.5 % Expected income tax recovery (61,803 ) (17,779 ) Different tax rate for subsidiary and other adjustments 5,520 (2,115 ) Non-deductible expenses 20,846 5,624 True up to filing adjustments – 3,264 Adjustments in respect of prior periods (610 ) – Revaluation (gain) loss on warrant liability (26,185 ) 30,253 Change in tax benefits not recognized 71,825 (13,627 ) Income tax expense $ 9,593 $ 5,620
Components of Other Comprehensive Income or Loss	The income taxes recognized on components of other comprehensive income or loss for the years ended December 31, 2022 and 2021 are as follows: For the years ended December 31 2022 2021 Revaluation (loss) gain on digital assets through other comprehensive income or loss $ (118,589 ) $ 57,695 Tax recovery 15,049 164 Revaluation (loss) gain on digital assets through other comprehensive income or loss, net of tax $ (103,540 ) $ 57,859
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 2022 2021 Balance, beginning $ (5,456 ) $ – Deferred tax expense recorded in profit (9,593 ) (5,620 ) Movement recognized in other comprehensive income 15,049 164 Net deferred tax liability $ – $ (5,456 )
Components of Net Deferred Tax Asset (Liabilities)	The components of net deferred tax asset (liabilities) are as follows: As at December 31, 2022 December 31, 2021 Non-capital losses $ 3,739 $ 15,764 Capital lease obligation 5,471 157 Capital losses – 60 Capital loan – (49 ) Property plant and equipment (3,794 ) (4,557 ) Digital assets – (16,667 ) Intangible assets and goodwill (144 ) – Deferred financing costs (36 ) – Right-of-use asset (5,236 ) (164 ) Net deferred tax liability $ – $ (5,456 )
Deductible Temporary Differences	Deferred taxes are provided as a result of temporary differences that arise due to the differences between the income tax values and the carrying amount of assets and liabilities. Deferred tax assets have not been recognized in respect of the following deductible temporary differences: For the years ended December 31 2022 2021 Share issuance costs $ 18,010 $ 21,899 Operating tax losses carried forward 245,577 14,662 Digital assets 137,425 – $ 401,012 $ 36,561
Disclosure of the Expiration of Operating Tax Losses	The Company’s operating tax losses expire as follows: For the years ended December 31 2022 2021 2033 $ 87 $ 87 2034 225 225 2035 82 82 2036 105 105 2037 106 106 2038 31,732 318 2039 24,288 780 2040 14,195 1,733 2041 11,226 11,226 2042 163,531 – $ 245,577 $ 14,662

Basis of presentation (Details)

Basis of presentation (Details)	12 Months Ended
	Dec. 31, 2022
Hut 8 Holdings Inc. [Member]
Percentage of ownership interest [Abstract]
Percentage of ownership interest in subsidiary	100%
Hut 8 High Performance Computing Inc. [Member]
Percentage of ownership interest [Abstract]
Percentage of ownership interest in subsidiary	100%

Significant accounting polici_4

Significant accounting policies, Plant and equipment (Details)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Mining Infrastructure [Member]
Estimated useful lives of plant and equipment [Abstract]
Estimated useful lives of plant and equipment	10 years	4 years
Mining Infrastructure [Member] | Bottom of Range [Member]
Estimated useful lives of plant and equipment [Abstract]
Estimated useful lives of plant and equipment	6 years
Mining Infrastructure [Member] | Top of Range [Member]
Estimated useful lives of plant and equipment [Abstract]
Estimated useful lives of plant and equipment	10 years
Mining Servers [Member]
Estimated useful lives of plant and equipment [Abstract]
Estimated useful lives of plant and equipment	2 years
Data Centre Infrastructure [Member]
Estimated useful lives of plant and equipment [Abstract]
Estimated useful lives of plant and equipment	8 years
Computer and Network Equipment [Member]
Estimated useful lives of plant and equipment [Abstract]
Estimated useful lives of plant and equipment	3 years
Leasehold Improvements [Member]
Estimated useful lives of plant and equipment [Abstract]
Estimated useful lives of plant and equipment	3 years

Significant accounting polici_5

Significant accounting policies, Impairment of non-financial asset and goodwill (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Significant accounting policies [Abstract]
Impairment of non-financial asset	$ 113,876	$ 0

Significant accounting polici_6

Significant accounting policies, Intangible assets (Details)	12 Months Ended
	Dec. 31, 2022
Customer relationships [Member]
Estimated useful lives of intangible assets [Abstract]
Estimated useful lives of intangible assets	6 years

Significant accounting polici_7

Significant accounting policies, Share based compensation plan (Details)	12 Months Ended
	Dec. 31, 2022 shares
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_8

Significant accounting policies, Income taxes (Details) - CAD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Significant accounting policies [Abstract]
Deferred tax assets	$ 401,012	$ 36,561

Significant accounting polici_9

Significant accounting policies, Segment Reporting (Details)	12 Months Ended
	Dec. 31, 2022 Segment
Segment Reporting [Abstract]
Number of reportable segments	1

Change in estimate (Details)

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

Business acquisition (Details)

Business acquisition (Details) - TeraGo Inc [Member] $ in Thousands, $ in Millions		11 Months Ended	12 Months Ended
	Jan. 01, 2022 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2022 CAD ($) DataCentres SquareFeet
Data center acquisition [Abstract]
Number of data centres | DataCentres			5
Number of geo-diverse data centre space | SquareFeet			36,000
Purchase consideration for acquisition fair value [abstract]
Accounts receivable and other			$ 1,887
Plant and equipment			23,239
Intangible assets			4,240
Goodwill			11,543
Accounts payable and accrued liabilities			(1,212)
Lease liabilities			(9,523)
Purchase consideration			30,174
Acquisition-related costs			$ 1,100
Operating revenues	$ 1.5	$ 16.9
Profit (loss)	0.4	(4.7)
Pre-tax amortization charge for acquisition related intangibles	$ 0.1	$ 0.6

Deposits and prepaid expenses_2

Deposits and prepaid expenses (Details) - CAD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Current [Abstract]
Prepaid insurance	$ 1,778	$ 1,580
Prepaid electricity	3,191	1,308
Deposits related to power purchase agreement	3,000	0
Miscellaneous deposits	1,923	471
Total current deposits and prepaids expenses	9,892	3,359
Non-current [Abstract]
Deposits for equipment purchase	0	110,761
Deposits related to power purchase agreement	17,000	20,000
Deposits related to operating site development	902	18,609
Deposits related to electricity supply under electricity supply agreement	8,522	6,252
Other	796	881
Total non-current deposits and prepaids expenses	$ 27,220	$ 156,503

Digital assets, details of bitc

Digital assets, details of bitcoin (Details) $ in Thousands		Dec. 31, 2022 CAD ($) Bitcoin	Dec. 31, 2021 CAD ($) Bitcoin	Dec. 31, 2020 CAD ($) Bitcoin
Amount of digital assets [Abstract]
Digital assets - held in custody | $		$ 203,627	$ 206,531
Digital assets loaned or pledged [Abstract]
Lending arrangements | $	[1]	0	117,415
Total digital assets | $		$ 203,627	$ 323,946	$ 101,962
Number of digital assets [Abstract]
Number of digital assets held in custody | Bitcoin		9,086	3,518
Digital assets loaned or pledged [Abstract]
Number of digital assets in lending arrangements | Bitcoin	[1]	0	2,000
Number of digital assets | Bitcoin		9,086	5,518	2,762
[1]Bitcoin subject to lending arrangements.

Digital assets, bitcoin mined a

Digital assets, bitcoin mined and transacted (Details) $ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022 CAD ($) Bitcoin	Dec. 31, 2021 CAD ($) Bitcoin	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Amount of bitcoin [Abstract]
Digital assets, beginning balance	$ 323,946	$ 101,962
Bitcoin mined	133,040	165,398
Bitcoin traded for cash	0	(1,291)
Gain on disposition of digital assets	0	182
Revaluation of digital assets	(253,359)	57,695
Digital assets, ending balance	$ 203,627	$ 323,946
Number of bitcoin [Abstract]
Bitcoins beginning balance | Bitcoin	5,518	2,762
Bitcoin mined | Bitcoin	3,568	2,786
Bitcoin traded for cash | Bitcoin		(30)
Gain on disposition of digital assets | Bitcoin		0
Revaluation of digital assets | Bitcoin	0	0
Bitcoins ending balance | Bitcoin	9,086	5,518
Bitcoin trading costs	$ 0	$ 1,100
Bitcoin price	22,412	58,707	$ 16,548	$ 46,306
Revaluation gain	253,400	57,900
Revaluation (loss) gain on digital assets, net of taxes	(103,540)	57,859
Tax recovery	15,100	200
Loss on revaluation of digital assets	$ (134,772)	$ 0

Digital assets, lending arrange

Digital assets, lending arrangements (Details)		12 Months Ended
		Dec. 31, 2022 CAD ($) Bitcoin	Dec. 31, 2021 CAD ($) Bitcoin
Lending arrangements [Abstract]
Number of bitcoin lended | Bitcoin	[1]	0	2,000
Fair value of digital assets loaned | $	[1]	$ 0	$ 117,415,000
Borrow fee income | $		900,000	2,800,000
Borrow fee receivable | $		$ 0	$ 400,000
Bottom of Range [Member]
Lending arrangements [Abstract]
Percentage of borrow fee		2%
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		0	1,000
Galaxy Digital LLC [Member]
Lending arrangements [Abstract]
Number of bitcoin lended | Bitcoin		0	1,000
[1]Bitcoin subject to lending arrangements.

Plant and equipment, Cost and A

Plant and equipment, Cost and Accumulated Depreciation (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Property plant and equipment [Abstract]
Property, plant and equipment, beginning balance	$ 96,126
Additions	127,000	$ 0
Property, plant and equipment, ending balance	124,959	96,126
Additions to right-of-use assets	13,600	0
Right-of-Use Assets [Member]
Property plant and equipment [Abstract]
Property, plant and equipment, beginning balance	674
Property, plant and equipment, ending balance	20,494	674
Mining Infrastructure [Member]
Property plant and equipment [Abstract]
Property, plant and equipment, beginning balance	18,820
Property, plant and equipment, ending balance	22,873	18,820
Mining Servers [Member]
Property plant and equipment [Abstract]
Property, plant and equipment, beginning balance	76,632
Property, plant and equipment, ending balance	64,111	76,632
Data Centre Infrastructure [Member]
Property plant and equipment [Abstract]
Property, plant and equipment, beginning balance	0
Property, plant and equipment, ending balance	8,037	0
Computer and Network Equipment [member]
Property plant and equipment [Abstract]
Property, plant and equipment, beginning balance	0
Property, plant and equipment, ending balance	8,745	0
Leasehold Improvements [member]
Property plant and equipment [Abstract]
Property, plant and equipment, beginning balance	0
Property, plant and equipment, ending balance	699	0
Cost [Member]
Property plant and equipment [Abstract]
Property, plant and equipment, beginning balance	220,898	134,006
Additions	213,350	86,892
Acquired through business acquisition	23,239
Impairment	113,876
Property, plant and equipment, ending balance	457,487	220,898
Cost [Member] | Right-of-Use Assets [Member]
Property plant and equipment [Abstract]
Property, plant and equipment, beginning balance	964	504
Additions	13,632	460
Acquired through business acquisition	9,606
Impairment	0
Property, plant and equipment, ending balance	24,202	964
Cost [Member] | Mining Infrastructure [Member]
Property plant and equipment [Abstract]
Property, plant and equipment, beginning balance	46,707	45,287
Additions	35,229	1,420
Acquired through business acquisition	0
Impairment	25,999
Property, plant and equipment, ending balance	81,936	46,707
Cost [Member] | Mining Servers [Member]
Property plant and equipment [Abstract]
Property, plant and equipment, beginning balance	173,227	88,215
Additions	157,176	85,012
Acquired through business acquisition	0
Impairment	87,877
Property, plant and equipment, ending balance	330,403	173,227
Cost [Member] | Data Centre Infrastructure [Member]
Property plant and equipment [Abstract]
Property, plant and equipment, beginning balance	0	0
Additions	444	0
Acquired through business acquisition	8,815
Impairment	0
Property, plant and equipment, ending balance	9,259	0
Cost [Member] | Computer and Network Equipment [member]
Property plant and equipment [Abstract]
Property, plant and equipment, beginning balance	0	0
Additions	6,297	0
Acquired through business acquisition	4,531
Impairment	0
Property, plant and equipment, ending balance	10,828	0
Cost [Member] | Leasehold Improvements [member]
Property plant and equipment [Abstract]
Property, plant and equipment, beginning balance	0	0
Additions	572	0
Acquired through business acquisition	287
Impairment	0
Property, plant and equipment, ending balance	859	0
Accumulated Depreciation and Impairment [Member]
Property plant and equipment [Abstract]
Property, plant and equipment, beginning balance	(124,772)	(101,483)
Depreciation	93,880	23,289
Property, plant and equipment, ending balance	(332,528)	(124,772)
Accumulated Depreciation and Impairment [Member] | Right-of-Use Assets [Member]
Property plant and equipment [Abstract]
Property, plant and equipment, beginning balance	(290)	(101)
Depreciation	3,418	189
Property, plant and equipment, ending balance	(3,708)	(290)
Accumulated Depreciation and Impairment [Member] | Mining Infrastructure [Member]
Property plant and equipment [Abstract]
Property, plant and equipment, beginning balance	(27,887)	(21,860)
Depreciation	5,177	6,027
Property, plant and equipment, ending balance	(59,063)	(27,887)
Accumulated Depreciation and Impairment [Member] | Mining Servers [Member]
Property plant and equipment [Abstract]
Property, plant and equipment, beginning balance	(96,595)	(79,522)
Depreciation	81,820	17,073
Property, plant and equipment, ending balance	(266,292)	(96,595)
Accumulated Depreciation and Impairment [Member] | Data Centre Infrastructure [Member]
Property plant and equipment [Abstract]
Property, plant and equipment, beginning balance	0	0
Depreciation	1,222	0
Property, plant and equipment, ending balance	(1,222)	0
Accumulated Depreciation and Impairment [Member] | Computer and Network Equipment [member]
Property plant and equipment [Abstract]
Property, plant and equipment, beginning balance	0	0
Depreciation	2,083	0
Property, plant and equipment, ending balance	(2,083)	0
Accumulated Depreciation and Impairment [Member] | Leasehold Improvements [member]
Property plant and equipment [Abstract]
Property, plant and equipment, beginning balance	0	0
Depreciation	160	0
Property, plant and equipment, ending balance	$ (160)	$ 0

Plant and equipment, Significan

Plant and equipment, Significant Assumptions in Determining Value In Use (Details) $ in Thousands, $ in Thousands	Dec. 31, 2022 CAD ($) CashGeneratingUnit	Dec. 31, 2022 USD ($) CashGeneratingUnit	Dec. 31, 2021 CAD ($)	Dec. 31, 2021 USD ($)
Plant and equipment [Abstract]
Number of cash generating units | CashGeneratingUnit	4	4
Property plant and equipment [Abstract]
Starting bitcoin price	$ 22,412	$ 16,548	$ 58,707	$ 46,306
Starting network difficulty	$ 35,364,000,000
Difficulty growth rate	2.50%	2.50%
Difference between the pre-impairment carrying value and recoverable amount	$ 98,600
Bottom of Range [Member]
Property plant and equipment [Abstract]
Discount rate	18.80%	18.80%
Monthly bitcoin price growth	2%	2%
Difficulty growth rate	2.80%	2.80%
Top of Range [Member]
Property plant and equipment [Abstract]
Discount rate	18.90%	18.90%
Monthly bitcoin price growth	2.80%	2.80%

Plant and equipment, Impairment

Plant and equipment, Impairment of Mining Infrastructure and Servers by Cash-Generating Units (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Impairment of mining infrastructure and servers by CGU [Abstract]
Carrying value	$ 15,200
Recoverable value	98,600
Impairment	113,876	$ 0
Cash-Generating Units [Member]
Impairment of mining infrastructure and servers by CGU [Abstract]
Carrying value	190,641
Recoverable value	92,000
Impairment	98,641
Medicine Hat [Member]
Impairment of mining infrastructure and servers by CGU [Abstract]
Carrying value	79,449
Recoverable value	44,000
Impairment	35,449
Drumheller [Member]
Impairment of mining infrastructure and servers by CGU [Abstract]
Carrying value	38,062
Recoverable value	10,000
Impairment	28,062
North Bay [Member]
Impairment of mining infrastructure and servers by CGU [Abstract]
Carrying value	73,130
Recoverable value	38,000
Impairment	$ 35,130

Intangible assets and goodwil_2

Intangible assets and goodwill (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 CAD ($) CashGeneratingUnit
Intangible assets and goodwill
Beginning balance	$ 0
Ending balance	$ 15,135
Impairment test of goodwill [Abstract]
Number of cash generating units | CashGeneratingUnit	4
Period over which management has projected cash flows	5 years
Terminal growth rate	2.50%
Discount rate	12.70%
Cash-generating units [member]
Impairment test of goodwill [Abstract]
Goodwill allocated to three digital asset mining	$ 0
Cost [Member]
Intangible assets and goodwill
Beginning balance	0
Acquired through business acquisition	15,783
Ending balance	15,783
Amortization [Member]
Intangible assets and goodwill
Beginning balance	0
Amortization	(648)
Ending balance	(648)
Customer relationships [Member]
Intangible assets and goodwill
Beginning balance	0
Ending balance	3,592
Customer relationships [Member] | Cost [Member]
Intangible assets and goodwill
Beginning balance	0
Acquired through business acquisition	4,240
Ending balance	4,240
Customer relationships [Member] | Amortization [Member]
Intangible assets and goodwill
Beginning balance	0
Amortization	(648)
Ending balance	(648)
Goodwill [Member]
Intangible assets and goodwill
Beginning balance	0
Ending balance	11,543
Goodwill [Member] | Cost [Member]
Intangible assets and goodwill
Beginning balance	0
Acquired through business acquisition	11,543
Ending balance	11,543
Goodwill [Member] | Amortization [Member]
Intangible assets and goodwill
Beginning balance	0
Amortization	0
Ending balance	$ 0

Accounts payable and accrued _3

Accounts payable and accrued liabilities (Details) - CAD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Accounts payable and accrued liabilities [Abstract]
Accounts payable	$ 5,959	$ 7,067
Other accrued liabilities	7,957	2,502
Total accounts payable and accrued liabilities	$ 13,916	$ 9,569

Loans payable, Components of Lo

Loans payable, Components of Loans Payable (Details) - CAD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Loans payable [Abstract]
Current portion	$ 11,892	$ 16,278
Non-current portion	14,229	23,773
Loans payable	$ 26,121	$ 40,051

Loans payable, Loans Payable (D

Loans payable, Loans Payable (Details)	12 Months Ended
	Dec. 31, 2022 CAD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CAD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Feb. 11, 2021 CAD ($)	Feb. 11, 2021 USD ($)	Jan. 22, 2021 CAD ($)	Jan. 22, 2021 USD ($)
Disclosure of detailed information about borrowings [line items]
Loans	$ 26,121,000		$ 40,051,000
Deferred finance cost	1,000,000		1,400,000
Trinity Capital Inc. [Member]
Disclosure of detailed information about borrowings [line items]
Loans	27,100,000		34,200,000
Deferred finance cost			1,400,000			$ 1,100,000
Equipment financing loan			38,300,000			30,000,000
Amount withdrawn from loan facility			$ 38,300,000			$ 30,000,000
Interest rate			9.50%			9.50%
Principal payments	10,500,000				$ 8,100,000
Repayment of interest amount on borrowings	4,300,000	$ 3,300,000
Deferred finance costs amortization	500,000	400,000
Prepayments			$ 2,400,000	$ 1,900,000
Foreign exchange gain			300,000
Foreign exchange loss	2,000,000
Foundry Digital LLC [Member]
Disclosure of detailed information about borrowings [line items]
Loans			5,900,000
Deferred finance cost	$ 0
Equipment financing loan									$ 18.1	$ 14.7
Interest rate	16.50%				16.50%
Principal payments	$ 5,900,000		8,900,000		$ 4,600,000	$ 7,100,000
Aggregate principal amount drawn			14,400,000	11,700,000
Repayment of interest amount on borrowings	$ 200,000	$ 200,000	900,000	700,000
Term of loan	12 months	12 months
Prepayments			3,600,000	$ 3,000,000
Foreign exchange gain	$ 10,000
Foreign exchange loss			300,000
Genesis [Member]
Disclosure of detailed information about borrowings [line items]
Loans	$ 0		$ 0
Repayment of borrowings on equipment loan							$ 25,500,000	$ 20,000,000

Lease liabilities, Maturity Ana

Lease liabilities, Maturity Analysis of Lease Liabilities (Details) (Details) - CAD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Maturity Analysis of Lease Liabilities [Abstract]
Gross lease liabilities	$ 28,524	$ 706
Discounting	(7,226)	(63)
Lease Liabilities	21,298	643	$ 293
1 Year [member]
Maturity Analysis of Lease Liabilities [Abstract]
Gross lease liabilities	6,525	266
1-2 Year [member]
Maturity Analysis of Lease Liabilities [Abstract]
Gross lease liabilities	6,094	212
2-5 Year [member]
Maturity Analysis of Lease Liabilities [Abstract]
Gross lease liabilities	11,459	92
>5 Year [member]
Maturity Analysis of Lease Liabilities [Abstract]
Gross lease liabilities	$ 4,446	$ 136

Lease Liabilities, Lease Liabil

Lease Liabilities, Lease Liabilities (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Lease liabilities [Abstract]
Opening balance	$ 643	$ 293
Payment of lease obligations	(4,574)	(126)
Interest expense	2,074	16
Acquired through business acquisition	9,523	0
Addition	13,632	460
Ending balance	21,298	643
Less current portion	4,325	216
Non-current portion	$ 16,973	$ 427

Loss per share (Details)

Loss per share (Details) $ / shares in Units, $ in Thousands		12 Months Ended
		Dec. 31, 2022 CAD ($) $ / shares shares	Dec. 31, 2022 $ / shares shares	Dec. 31, 2021 CAD ($) $ / shares shares	Dec. 31, 2021 $ / shares shares
Loss per share [Abstract]
Net loss attributable to common shareholders | $		$ (242,813)		$ (72,711)
Number of common shares outstanding on January 1 (in shares)		169,590,061	169,590,061	97,245,223	97,245,223
Weighted average number of common shares [Abstract]
Weighted average number of common shares issued (in shares)		18,179,510		40,318,936
Basic number of common shares (in shares)		187,769,571		137,564,159
Dilutive effect of unvested LTIP awards (in shares)	[1]	0		0
Diluted number of common shared issued (in shares)		187,769,571		137,564,159
Earnings per share [Abstract]
Basic (in dollars per share) | (per share)		$ (1.29)	$ (1.29)	$ (0.54)	$ (0.54)
Diluted (in dollars per share) | (per share)		$ (1.29)	$ (1.29)	$ (0.54)	$ (0.54)
[1]Unvested LTIP awards were excluded from the diluted shares calculation due to their anti-dilutive effect for the years ended December 31, 2022, and December 31, 2021.

Warrant liability, Issuance of

Warrant liability, Issuance of Warrants Liability (Details)			12 Months Ended
	Jun. 15, 2021 $ / shares shares	Jan. 13, 2021 $ / shares shares	Dec. 31, 2022 $ / shares shares	Dec. 31, 2021 $ / shares
Issuance of warrants liability [Abstract]
Warrants issued (in shares) | shares			0
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 (in dollars per share)		$ 4.22	$ 0	$ 7.46
Warrants term		24 months
Warrant valuation assumptions [Abstract]
Valuation model		Black-Scholes	Black-Scholes	Black-Scholes
Expected life		2	0.04	1.04
Risk-free rate		0.16%	4.06%	0.95%
Volatility		136%	30%	195%
Dividend yield		0%	0%	0%
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 (in dollars per share)	$ 3.12		$ 0.02	$ 7.46
Warrants term	24 months
Warrant valuation assumptions [Abstract]
Valuation model	Black-Scholes		Black-Scholes	Black-Scholes
Expected life	2		0.44	1.44
Risk-free rate	0.31%		4.06%	0.95%
Volatility	138%		126%	165%
Dividend yield	0%		0%	0%

Warrant liability, Change in Wa

Warrant liability, Change in Warrants Liability (Details) $ in Thousands				12 Months Ended
		Jun. 15, 2021 shares	Jan. 13, 2021 shares	Dec. 31, 2022 CAD ($) shares	Dec. 31, 2022 $ / shares	Dec. 31, 2021 CAD ($) shares	Dec. 31, 2021 $ / shares
Number of warrants [Roll Forward]
Beginning balance (in shares)				15,160,001		0
Issued (in shares)	[1]					19,250,000
Exercised (in shares)	[2]					(4,089,999)
Ending balance (in shares)				15,160,001		15,160,001
Weighted average exercise price [Roll Forward]
Beginning balance (in dollars per share) | $ / shares					$ 7.46		$ 0
Issued (in dollars per share) | $ / shares	[1]						3.56
Exercised (in dollars per share) | $ / shares	[2]						10.2
Ending balance (in dollars per share) | $ / shares					0.01		$ 7.46
Non-cash gain (loss) on the revaluation of warrant liability | $				$ 98,810		$ (114,161)
loss related to the fair value measurement of warrant liability | $						$ (70,800)
Private Placement [Member]
Number of warrants [Roll Forward]
Issued (in shares)			7,750,000
Exercised (in shares)				(3,875,000)
Weighted average exercise price [Roll Forward]
Exercised (in dollars per share) | $ / shares					10.27
Public Bought Deal [Member]
Number of warrants [Roll Forward]
Issued (in shares)		11,500,000
Exercised (in shares)				(214,999)
Weighted average exercise price [Roll Forward]
Exercised (in dollars per share) | $ / shares					$ 9.03
[1]The warrants issued comprise of 7,750,000 private placement warrants and 11,500,000 public bought deal warrants related to the January 13, 2021, and June 15, 2021, equity issuances, respectively, completed during the year ended December 31, 2021.[2]The warrants exercised comprise of 3,875,000 private placement warrants with a weighted average exercise price of $10.27 and 214,999 public bought deal warrants with a weighted average exercise price of $9.03.

Warrant liability, Black-Schole

Warrant liability, Black-Scholes Option (Details)			12 Months Ended
	Jun. 15, 2021	Jan. 13, 2021	Dec. 31, 2022	Dec. 31, 2021 $ / shares
Private Placement [Member]
Warrant valuation assumptions [Abstract]
Expected life		2	0.04	1.04
Risk-free rate		0.16%	4.06%	0.95%
Volatility		136%	30%	195%
Dividend yield		0%	0%	0%
Public Bought Deal [Member]
Warrant valuation assumptions [Abstract]
Expected life	2		0.44	1.44
Risk-free rate	0.31%		4.06%	0.95%
Volatility	138%		126%	165%
Dividend yield	0%		0%	0%
Derecognition [Member] | Private Placement [Member]
Warrant valuation assumptions [Abstract]
Expected life				1.1
Risk-free rate				0.31%
Dividend yield				0%
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%
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)				$ 15.1
Warrant valuation assumptions [Abstract]
Volatility				195%
Derecognition [Member] | Public Bought Deal [Member]
Warrant valuation assumptions [Abstract]
Expected life				1.5
Risk-free rate				0.31%
Dividend yield				0%
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%
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%

Equity, Changes in Share Capita

Equity, Changes in Share Capital (Details) $ in Thousands, $ in Millions						12 Months Ended
		Aug. 17, 2022 CAD ($)	Aug. 17, 2022 USD ($)	Feb. 11, 2022 CAD ($)	Feb. 11, 2022 USD ($)	Dec. 31, 2022 CAD ($) shares		Dec. 31, 2022 USD ($) shares		Dec. 31, 2021 CAD ($) shares
Number of shares [Abstract]
Balance at beginning of period (in shares) | shares						97,245,223		97,245,223
Balance at ending of period (in shares) | shares						169,590,061		169,590,061		97,245,223
Amount [Abstract]
Balance at beginning of period						$ 636,597
Shares issued for equity raises, net of issuance cost						124,771				$ 319,715
Shares issued for exercise of options						6				723
Shares issued on exercise of warrant liability						1				26,391
Balance at end of period						767,641				636,597
Share issuance cost						3,197				4,003
Proceeds from issuance of common shares						$ 124,855				390,895
Common shares issued (in shares) | shares						0		0
Warrants [Member]
Amount [Abstract]
Shares issued for equity raises, net of issuance cost						$ 0				4,959
Shares issued for exercise of options						0				0
Shares issued on exercise of warrant liability						$ (2)				$ (5,288)
Common Shares [Member]
Number of shares [Abstract]
Balance at beginning of period (in shares) | shares						169,590,061		169,590,061		97,245,223
Shares issued for services (in shares) | shares	[1]									380,000
Shares issued for RSUs and DSUs (in shares) | shares						1,273,795	[2]	1,273,795	[2]	359,813	[3]
Shares issued on exercise of options (in shares) | shares						3,333		3,333		170,639
Shares issued for equity raises, net of issuance cost (in shares) | shares						49,646,368		49,646,368		58,682,500
Shares issued on exercise of warrant liability (in shares) | shares										4,089,999
Shares issued under employee stock purchase plan (in shares) | shares						33,022		33,022
Shares issued for exercise of warrants (in shares) | shares						863		863		8,661,887
Balance at ending of period (in shares) | shares						220,547,442		220,547,442		169,590,061
Amount [Abstract]
Balance at beginning of period						$ 636,597				$ 178,231
Shares issued for services	[1]									398
Shares issued for equity raises, net of issuance cost						124,771				314,756
Shares issued for RSUs and DSUs						6,175	[2]			1,039	[3]
Shares issued under employee stock purchase plan						84
Shares issued for exercise of options						11				1,207
Shares issued on exercise of warrant liability										109,287
Shares issued on exercise of warrant liability						3				31,679
Balance at end of period						767,641				$ 636,597
February 2022 ATM [Member]
Amount [Abstract]
Proceeds from issuance of common shares						$ 82,900		$ 65
Common shares issued (in shares) | shares						24,429,460		24,429,460
February 2022 ATM [Member] | Top of Range [Member]
Amount [Abstract]
Share issuance cost						$ 2,200		$ 1.7
Proceeds from issuance of common shares				$ 82,900	$ 65
August 2022 ATM [Member]
Amount [Abstract]
Proceeds from issuance of common shares						$ 45,100		$ 33.6
Common shares issued (in shares) | shares						25,216,908		25,216,908
August 2022 ATM [Member] | Top of Range [Member]
Amount [Abstract]
Share issuance cost						$ 1,000		$ 0.8
Proceeds from issuance of common shares		$ 270,900	$ 200
[1]Shares issued as payment of invoices to key service providers.[2]Shares issued upon vesting of RSUs and DSUs.[3]Shares issued upon vesting of RSUs and DSUs, net of employment tax withholdings.

Equity, Issuance of Equity Secu

Equity, Issuance of Equity Securities (Details) $ / shares in Units, $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2022 shares		Dec. 31, 2021 CAD ($) shares $ / shares		Dec. 31, 2021 USD ($) shares		Dec. 31, 2021 $ / shares
Issuance of equity securities [Abstract]
Common shares issued (in shares)	0
Warrants issued (in shares)			19,250,000	[1]	19,250,000	[1]
Broker Warrants [Member]
Issuance of equity securities [Abstract]
Warrants issued (in shares)			1,144,200		1,144,200
Warrants strike price (in dollars per share) | $ / shares			$ 1.45
Warrants [Member]
Issuance of equity securities [Abstract]
Warrants issued (in shares)	0	[2]	1,144,200	[2]	1,144,200	[2]
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)			15,500,000
Fair value of the shares issued (in dollars per share) | $ / shares			$ 6.34
Warrant valuation assumptions [Abstract]
Commissions and fees incurred | $			$ 5,337
Commissions and fees unpaid | $
Private Placement [Member] | Broker Warrants [Member]
Issuance of equity securities [Abstract]
Warrants issued (in 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%		136%
Dividend yield			0%		0%
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)			23,000,000
Fair value of the shares issued (in dollars per share) | $ / shares			$ 4.93
Warrant valuation assumptions [Abstract]
Commissions and fees incurred | $			$ 7,336
Commissions and fees unpaid | $
Public Bought Deal [Member] | Broker Warrants [Member]
Issuance of equity securities [Abstract]
Warrants issued (in 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%		136%
Dividend yield			0%		0%
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)			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
Commissions and fees unpaid | $
Public Offering [Member] | Broker Warrants [Member]
Issuance of equity securities [Abstract]
Warrants issued (in shares)			70,200		70,200
Fair value of warrants issued (in dollars per share) | (per share)			$ 8.3				6.51
Warrants strike price (in dollars per share) | (per share)			$ 13.36				$ 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%		120%
Dividend yield			0%		0%
[1]The warrants issued comprise of 7,750,000 private placement warrants and 11,500,000 public bought deal warrants related to the January 13, 2021, and June 15, 2021, equity issuances, respectively, completed during the year ended December 31, 2021.[2]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)	12 Months Ended
	Dec. 31, 2022 shares $ / shares		Dec. 31, 2022 shares $ / shares		Dec. 31, 2021 shares EquityIssuance $ / shares		Dec. 31, 2021 shares EquityIssuance $ / shares
Number of Warrants [Abstract]
Beginning balance (in shares)	15,160,001		15,160,001		0		0
Issued (in shares)					19,250,000	[1]	19,250,000	[1]
Exercised (in shares)					(4,089,999)	[2]	(4,089,999)	[2]
Ending balance (in shares)	15,160,001		15,160,001		15,160,001		15,160,001
Weighted Average Exercise Price [Abstract]
Beginning balance (in dollars per share) | $ / shares	$ 7.46				$ 0
Issued (in dollars per share) | $ / shares					3.56	[1]
Exercised (in dollars per share) | $ / shares					10.2	[2]
Ending balance (in dollars per share) | $ / shares	$ 0.01				$ 7.46
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							$ 1.8
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							$ 4.5
Exercise Price $6.25 [Member]
Number of Warrants [Abstract]
Exercised (in shares)					(929,010)		(929,010)
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)	172,534		172,534		7,837,639		7,837,639
Issued (in shares)	0	[3]	0	[3]	1,144,200	[3]	1,144,200	[3]
Expired (in shares)	(17,204)	[4],[5]	(17,204)	[4],[5]	(147,418)	[5]	(147,418)	[5]
Exercised (in shares)	(863)	[6],[7]	(863)	[6],[7]	(8,661,887)	[7]	(8,661,887)	[7]
Ending balance (in shares)	154,467		154,467		172,534		172,534
Weighted Average Exercise Price [Abstract]
Beginning balance (in dollars per share) | $ / shares			$ 6.14				$ 2.56
Issued (in dollars per share) | $ / shares			0	[3]			6.69	[3]
Exercised (in dollars per share) | $ / shares			1.45	[6],[7]			3.05	[7]
Expired (in dollars per share) | $ / shares			1.45	[4],[5]			1.8	[5]
Ending balance (in dollars per share) | $ / shares			$ 6.69				$ 6.14
Broker Warrants [Member]
Number of Warrants [Abstract]
Beginning balance (in shares)	18,067		18,067
Issued (in shares)					1,144,200		1,144,200
Ending balance (in shares)					18,067		18,067
Weighted Average Exercise Price [Abstract]
Number of equity issuance completed | EquityIssuance					3		3
[1]The warrants issued comprise of 7,750,000 private placement warrants and 11,500,000 public bought deal warrants related to the January 13, 2021, and June 15, 2021, equity issuances, respectively, completed during the year ended December 31, 2021.[2]The warrants exercised comprise of 3,875,000 private placement warrants with a weighted average exercise price of $10.27 and 214,999 public bought deal warrants with a weighted average exercise price of $9.03.[3]The warrants issued comprise of 1,144,200 broker warrants related to the three equity issuances completed during the year ended December 31, 2021.[4]The warrants expired comprise of 17,204 warrants with an exercise price of $1.45.[5]The warrants expired comprised of 147,418 warrants with an exercise price of $1.80.[6]The warrants exercised comprise of 863 warrants with an exercise price of $1.45.[7]The warrants exercised comprise of 5,305,838 2,222,222 929,010 144,094

Equity, Warrants Issued and Out

Equity, Warrants Issued and Outstanding (Details)	12 Months Ended
	Dec. 31, 2022 shares $ / shares	Dec. 31, 2021 shares $ / shares	Dec. 31, 2020 shares
Warrants issued and outstanding [Abstract]
Number (in shares)	15,160,001	15,160,001	0
Warrants [Member]
Warrants issued and outstanding [Abstract]
Number (in shares)	154,467	172,534	7,837,639
Weighted average remaining contractual life	4 months 10 days	15 months 7 days
Public Offering Warrants [Member]
Warrants issued and outstanding [Abstract]
Warrants strike price (in dollars per share) | $ / shares	$ 13.36	$ 13.36
Number (in shares)	9,477	9,477
Weighted average remaining contractual life	45 months	57 months
Expiration date	Sep. 17, 2026	Sep. 17, 2026
Bought Deal Warrants [Member]
Warrants issued and outstanding [Abstract]
Warrants strike price (in dollars per share) | $ / shares	$ 6.25	$ 6.25
Number (in shares)	19,440	19,440
Weighted average remaining contractual life	6 months	18 months
Expiration date	Jun. 15, 2023	Jun. 15, 2023
Private Placement Warrants [Member]
Warrants issued and outstanding [Abstract]
Warrants strike price (in dollars per share) | $ / shares	$ 6.25	$ 6.25
Number (in shares)	125,550	125,550
Weighted average remaining contractual life	1 month	13 months
Expiration date	Jan. 13, 2023	Jan. 13, 2023
Broker Warrants [Member]
Warrants issued and outstanding [Abstract]
Warrants strike price (in dollars per share) | $ / shares		$ 1.45
Number (in shares)		18,067
Weighted average remaining contractual life		6 months
Expiration date		Jun. 25, 2022

Equity, Stock Option Activity (

Equity, Stock Option Activity (Details)	12 Months Ended
	Dec. 31, 2022 shares $ / shares		Dec. 31, 2021 shares $ / shares
Equity [Abstract]
Maximum authorised percentage to grant awards	10%
Weighted average exercise price [Abstract]
Options exercisable (in dollars per share)	$ 5		$ 5.13
Weighted average underlying share price (in dollars per shares)	$ 3.69		$ 4.09
Exercise Price $1.80 [Member]
Number of options [Abstract]
Exercised (in shares) | shares	(3,333)		(3,333)
Weighted average exercise price [Abstract]
Exercised (in dollars per share)	$ 1.8		$ 1.8
Weighted average underlying share price (in dollars per shares)	$ 7.23		$ 8.65
Exercise Price $5.00 [Member]
Number of options [Abstract]
Exercised (in shares) | shares			(107,306)
Weighted average exercise price [Abstract]
Exercised (in dollars per share)			$ 5
Weighted average underlying share price (in dollars per shares)			$ 9.81
Exercise Price $3.00 [Member]
Number of options [Abstract]
Exercised (in shares) | shares			(60,000)
Weighted average exercise price [Abstract]
Exercised (in dollars per share)			$ 3
Weighted average underlying share price (in dollars per shares)			$ 4.64
Stock Options [Member]
Number of options [Abstract]
Options outstanding, balance (in share) | shares	546,667		761,667
Granted (in shares) | shares	0		60,000
Exercised (in shares) | shares	(3,333)	[1]	(170,639)	[2]
Forfeited (in shares) | shares	(63,334)		(104,361)
Options outstanding, balance (in shares) | shares	480,000		546,667
Options exercisable (in shares) | shares	480,000		480,000
Weighted average exercise price [Abstract]
Options outstanding, balance (in dollars per share)	$ 5.13		$ 4.38
Granted (in dollars per share)	0		6.57
Exercised (in dollars per share)	1.8	[1]	4.23	[2]
Forfeited (in dollars per share)	6.32		1.96
Options outstanding, balance (in dollars per share)	5		5.13
Options exercisable (in dollars per share)	$ 5		$ 5
Stock Options [Member] | Exercise Price $1.80 [Member]
Number of options [Abstract]
Options outstanding, balance (in share) | shares	6,667
Options outstanding, balance (in shares) | shares			6,667
Options exercisable (in shares) | shares			0
Weighted average exercise price [Abstract]
Options outstanding, balance (in dollars per share)	$ 1.8
Options outstanding, balance (in dollars per share)			$ 1.8
Options exercisable (in dollars per share)			$ 1.8
Stock Options [Member] | Exercise Price $5.00 [Member]
Number of options [Abstract]
Options outstanding, balance (in share) | shares	480,000
Options outstanding, balance (in shares) | shares	480,000		480,000
Options exercisable (in shares) | shares	480,000		480,000
Weighted average exercise price [Abstract]
Options outstanding, balance (in dollars per share)	$ 5
Options outstanding, balance (in dollars per share)	5		$ 5
Options exercisable (in dollars per share)	$ 5		$ 5
[1] The options exercised comprise of 3,333 options with an exercise price of $1.80 and underlying common share price of $7.23 at the time of exercise. The options exercised comprise of 107,306 options with an exercise price of $5.00 and weighted average underlying common share price of $9.81 at the times of exercise, 3,333 options with an exercise price of $1.80 and underlying common share price of $8.65 at the time of exercise, and 60,000 options with an exercise price of $3.00 and underlying common share price of $4.64 at the time of exercise.

Equity, Stock Options Outstandi

Equity, Stock Options Outstanding (Details) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022 CAD ($) shares $ / shares	Dec. 31, 2021 CAD ($) shares $ / shares	Dec. 31, 2020 shares $ / shares
Stock options outstanding [Abstract]
Weighted average exercise price (in dollars per share)	$ 5	$ 5.13
Weighted average share price (in dollars per share)	$ 3.69	$ 4.09
Share based compensation expense | $	$ 6,913	$ 9,876
Weighted average assumptions [Abstract]
Exercise price (in dollars per share)	$ 5	$ 5
Exercise Price $1.80 [Member]
Stock options outstanding [Abstract]
Weighted average share price (in dollars per share)	7.23	8.65
Exercise Price $5.00 [Member]
Stock options outstanding [Abstract]
Weighted average share price (in dollars per share)		9.81
Stock Options [Member]
Stock options outstanding [Abstract]
Exercise price - outstanding (in dollars per share)	$ 5	$ 5.13	$ 4.38
Number of options outstanding (in shares) | shares	480,000	546,667	761,667
Number of options exercisable (in shares) | shares	480,000	480,000
Weighted average exercise price (in dollars per share)	$ 5	$ 5
Weighted average remaining life	18 months	26 months
Share based compensation expense | $	$ 100	$ 100
Reversal of share based compensation | $	$ 200	$ 100
Forfeited (in shares) | shares	(63,334)	(104,361)
Weighted average assumptions [Abstract]
Expected life	10	10
Risk-free rate	1.53%	1.53%
Volatility	205.80%	205.80%
Dividend yield	0%	0%
Stock Options [Member] | Top of range [member]
Stock options outstanding [Abstract]
Weighted average share price (in dollars per share)	$ 10.32	$ 19.8
Stock Options [Member] | Bottom of Range [Member]
Stock options outstanding [Abstract]
Weighted average share price (in dollars per share)	1.1	3.89
Stock Options [Member] | Exercise Price $1.80 [Member]
Stock options outstanding [Abstract]
Exercise price - outstanding (in dollars per share)		$ 1.8
Number of options outstanding (in shares) | shares		6,667
Number of options exercisable (in shares) | shares		0
Weighted average exercise price (in dollars per share)		$ 1.8
Weighted average remaining life		34 months
Stock Options [Member] | Exercise Price $5.00 [Member]
Stock options outstanding [Abstract]
Exercise price - outstanding (in dollars per share)	$ 5	$ 5
Number of options outstanding (in shares) | shares	480,000	480,000
Number of options exercisable (in shares) | shares	480,000	480,000
Weighted average exercise price (in dollars per share)	$ 5	$ 5
Weighted average remaining life	18 months	15 months
Stock Options [Member] | Exercise Price $6.57 [Member]
Stock options outstanding [Abstract]
Exercise price - outstanding (in dollars per share)		$ 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)		$ 6.57
Weighted average remaining life		112 months

Equity, RSUs and DSUs (Details)

Equity, RSUs and DSUs (Details) $ in Thousands		12 Months Ended
		Dec. 31, 2022 CAD ($) shares	Dec. 31, 2021 CAD ($) shares
RSUs and DSUs activity [Abstract]
Beginning balance (in shares)		15,160,001	0
Granted (in shares)	[1]		19,250,000
Ending balance (in shares)		15,160,001	15,160,001
Share based compensation expense | $		$ 6,913	$ 9,876
RSUs [Member]
RSUs and DSUs activity [Abstract]
Beginning balance (in shares)		2,952,500	406,667
Granted (in shares)		7,598,777	3,215,000
Issued (in shares)		(1,197,499)	(610,833)
Forfeited (in shares)		(752,000)	(58,334)
Ending balance (in shares)		8,601,778	2,952,500
Share based compensation expense | $		$ 6,500	$ 9,000
DSUs [Member]
RSUs and DSUs activity [Abstract]
Beginning balance (in shares)		251,419	170,000
Granted (in shares)		81,192	123,919
Issued (in shares)		(76,296)	(42,500)
Forfeited (in shares)		0	0
Ending balance (in shares)		256,315	251,419
Share based compensation expense | $		$ 600	$ 700
[1]The warrants issued comprise of 7,750,000 private placement warrants and 11,500,000 public bought deal warrants related to the January 13, 2021, and June 15, 2021, equity issuances, respectively, completed during the year ended December 31, 2021.

Related party transactions (Det

Related party transactions (Details) - CAD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2022	Dec. 31, 2021
Related party transactions [Abstract]
Payroll tax expense		$ 200	$ 700
Key Management Personnel [Member]
Related party transactions [Abstract]
Salary, fees, and other short-term benefits	[1]	2,912	4,170
Share based payments		4,718	8,186
Total related party transactions		$ 7,630	$ 12,356
[1]In connection with the issuance of shares related to the RSUs and DSUs granted, during year ended December 31, 2022, the Company incurred payroll tax expense of $0.2 million (2021 – $0.7 million).

Financial instruments and ris_3

Financial instruments and risk management (Details) - CAD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Financial Instruments and Digital Assets [Abstract]
Liabilities	$ 61,547	$ 154,740
Loans Payable [Member]
Financial Instruments and Digital Assets [Abstract]
Financial liability, carrying value	26,100	40,100
Financial liability, at fair value	(27,125)	(41,477)
Level 1 [Member] | Loans Payable [Member]
Financial Instruments and Digital Assets [Abstract]
Financial liability, at fair value	0	0
Level 2 [Member] | Loans Payable [Member]
Financial Instruments and Digital Assets [Abstract]
Financial liability, at fair value	(27,125)	(41,477)
Level 3 [Member] | Loans Payable [Member]
Financial Instruments and Digital Assets [Abstract]
Financial liability, at fair value	0	0
Fair Value through Other Comprehensive Income [Member] | Deposits [Member]
Financial Instruments and Digital Assets [Abstract]
Liabilities	31,347	156,093
Fair Value through Other Comprehensive Income [Member] | Level 1 [Member] | Deposits [Member]
Financial Instruments and Digital Assets [Abstract]
Liabilities	31,347	156,093
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	212
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	212
Financial Value Carried Through Profit and Loss [member] | Level 3 [Member] | Warrants Liability [Member]
Financial Instruments and Digital Assets [Abstract]
Liabilities	$ 0
Financial Value Carried Through Profit and Loss [member] | Fair Value through Other Comprehensive Income [Member] | Warrants Liability [Member]
Financial Instruments and Digital Assets [Abstract]
Liabilities		99,021
Financial Value Carried Through Profit and Loss [member] | Fair Value through Other Comprehensive Income [Member] | Level 1 [Member] | Warrants Liability [Member]
Financial Instruments and Digital Assets [Abstract]
Liabilities		0
Financial Value Carried Through Profit and Loss [member] | Fair Value through Other Comprehensive Income [Member] | Level 2 [Member] | Warrants Liability [Member]
Financial Instruments and Digital Assets [Abstract]
Liabilities		99,021
Financial Value Carried Through Profit and Loss [member] | Fair Value through Other Comprehensive Income [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 Assets (Details) - Digital Assets [Member] - Market Risk [Member] $ in Millions	12 Months Ended
	Dec. 31, 2022 CAD ($)
10% Increase [Member]
Disclosure of risk management strategy related to hedge accounting [line items]
Percentage of increase (decrease)	10%
Increase (decrease) in financial assets	$ 20.4
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	$ (20.4)

Digital assets and risk manag_4

Digital assets and risk management, Liquidity risk (Details) $ in Thousands, $ in Millions	Dec. 31, 2022 CAD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CAD ($)
Liquidity Risk [Abstract]
Outstanding balance	$ 26,121		$ 40,051
Liquidity risk [member]
Contractual Maturities of Financial Liabilities [Abstract]
Financial liabilities	13,283
Liquidity risk [member] | Loans Payable and Interest [Member]
Contractual Maturities of Financial Liabilities [Abstract]
Financial liabilities	29,885
Liquidity risk [member] | Lease Commitments [Member]
Contractual Maturities of Financial Liabilities [Abstract]
Financial liabilities	28,524
Liquidity risk [member] | Within 1 Year [Member]
Contractual Maturities of Financial Liabilities [Abstract]
Financial liabilities	13,283
Liquidity risk [member] | Within 1 Year [Member] | Loans Payable and Interest [Member]
Contractual Maturities of Financial Liabilities [Abstract]
Financial liabilities	15,524
Liquidity risk [member] | Within 1 Year [Member] | Lease Commitments [Member]
Contractual Maturities of Financial Liabilities [Abstract]
Financial liabilities	6,525
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	14,361
Liquidity risk [member] | 1 to 2 Years [Member] | Lease Commitments [Member]
Contractual Maturities of Financial Liabilities [Abstract]
Financial liabilities	6,094
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	0
Liquidity risk [member] | 2 to 5 Years [Member] | Lease Commitments [Member]
Contractual Maturities of Financial Liabilities [Abstract]
Financial liabilities	11,459
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	4,446
Liquidity risk [member] | Galaxy Digital LLC [Member]
Liquidity Risk [Abstract]
Amount of revolving credit facility		$ 50
Outstanding balance	$ 0		$ 0

Digital assets and risk manag_5

Digital assets and risk management, Foreign currency risk (Details) $ in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2022 CAD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CAD ($)	Dec. 31, 2021 USD ($)
Foreign Currency Risk [Abstract]
Earnings before tax	$ (98,448)		$ (67,091)
Foreign Currency Risk [Member]
Foreign Currency Risk [Abstract]
Exchange rate	0.10
Earnings before tax		$ 1		$ 16.2
Foreign Currency Risk [Member] | Accounts Payable [Member]
Foreign Currency Risk [Abstract]
Financial liabilities	$ (924)		(1,371)
Foreign Currency Risk [Member] | Loans Payable [Member]
Foreign Currency Risk [Abstract]
Financial liabilities	(26,121)		(40,051)
Foreign Currency Risk [Member] | Cash [Member]
Foreign Currency Risk [Abstract]
Financial assets	16,402		107,601
Foreign Currency Risk [Member] | Accounts Receivable [Member]
Foreign Currency Risk [Abstract]
Financial assets	10		446
Foreign Currency Risk [Member] | Deposits (non-current) [Member]
Foreign Currency Risk [Abstract]
Financial assets	$ 219		$ 94,996

Revenue (Details)

Revenue (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Disclosure of disaggregation of revenue from contracts with customers [abstract]
Revenue	$ 150,682	$ 173,774
Digital assets mined [member]
Disclosure of disaggregation of revenue from contracts with customers [abstract]
Revenue	133,040	165,398
Hosting fees [member]
Disclosure of disaggregation of revenue from contracts with customers [abstract]
Revenue	751	8,376
High performance computing [Member]
Disclosure of disaggregation of revenue from contracts with customers [abstract]
Revenue	$ 16,891	$ 0

Cost of revenue (Details)

Cost of revenue (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Cost of revenue [Abstract]
Site operating costs	$ (81,769)	$ (61,688)
Depreciation	(93,880)	(23,288)
Total cost of revenue	$ (175,649)	$ (84,976)

General and administrative ex_3

General and administrative expenses (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
General and administrative expenses [Abstract]
Professional fees	$ (5,687)	$ (3,611)
One-time transaction costs	(5,116)	(2,956)
General, marketing, office and other	(8,465)	(3,605)
Sales tax expense	(7,660)	(10,694)
Share based payments	(6,913)	(9,876)
Salary and benefits	(7,756)	(4,046)
Insurance expense	(6,014)	(2,645)
Investor relations and regulatory	(2,210)	(2,832)
Total general and administrative expense	$ (49,821)	$ (40,265)

Supplementary cash flow infor_3

Supplementary cash flow information (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Supplementary cash flow information [Abstract]
Accounts receivable and other	$ 88	$ 245
Prepaid expenses	(2,675)	(3,776)
Accounts payable and accrued liabilities	4,588	5,700
Net change in working capital	2,001	2,169
Non-cash transactions [Abstract]
Additions to plant and equipment through assumption of lease liabilities	13,632	0
Shares issued on vesting of RSU	5,601	0
Shares issued on vesting of DSU	574	0
Shares issued on settlement of accounts payable	0	398
Derecognition of broker warrants upon expiry	$ 0	$ 68

Income taxes, Recognized Profit

Income taxes, Recognized Profit or Loss (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Income taxes [Abstract]
Current tax expense	$ 0	$ 0
Deferred income tax expense	9,593	5,620
Total income tax expense	$ 9,593	$ 5,620

Income taxes, Components of Inc

Income taxes, Components of Income Tax Expense (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Income tax expense [Abstract]
Origination and reversal of temporary difference	$ (61,622)	$ 16,793
Change in unrecognized tax losses and tax benefits	71,825	(13,638)
Change in prior year estimate and other	(610)	2,465
Total income tax expense	$ 9,593	$ 5,620

Income taxes, Calculated Taxes

Income taxes, Calculated Taxes Using Effective Income Tax Rates (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Income taxes [Abstract]
Net (loss) income before recovery of income taxes	$ (233,220)	$ (67,091)
Canadian statutory tax rate	26.50%	26.50%
Expected income tax recovery	$ (61,803)	$ (17,779)
Different tax rate for subsidiary and other adjustments	5,520	(2,115)
Non-deductible expenses	20,846	5,624
True up to filing adjustments	0	3,264
Adjustments in respect of prior periods	(610)	0
Revaluation (gain) loss on warrant liability	(26,185)	30,253
Change in tax benefits not recognized	71,825	(13,627)
Total income tax expense	$ 9,593	$ 5,620

Income taxes, Components of Oth

Income taxes, Components of Other Comprehensive Income (Loss) (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Income taxes [Abstract]
Revaluation (loss) gain on digital assets through other comprehensive income or loss	$ (118,589)	$ 57,695
Tax recovery	15,049	164
Revaluation (loss) gain on digital assets through other comprehensive income or loss, net of tax	$ (103,540)	$ 57,859

Income taxes, Net Deferred Tax

Income taxes, Net Deferred Tax Liability (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Income taxes [Abstract]
Balance, beginning	$ (5,456)	$ 0
Deferred tax expense recorded in profit	(9,593)	(5,620)
Movement recognized in other comprehensive income	15,049	164
Net deferred tax liability	$ 0	$ (5,456)

Income taxes, Movement on Net D

Income taxes, Movement on Net Deferred Income Tax Assets and Liabilities (Details) - CAD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Taxes Disclosure [Abstract]
Net deferred tax liability	$ 0	$ (5,456)	$ 0
Non-capital Losses [Member]
Income Taxes Disclosure [Abstract]
Net deferred tax liability	3,739	15,764
Capital Lease Obligation [Member]
Income Taxes Disclosure [Abstract]
Net deferred tax liability	5,471	157
Capital Losses [Member]
Income Taxes Disclosure [Abstract]
Net deferred tax liability	0	60
Capital Loan [Member]
Income Taxes Disclosure [Abstract]
Net deferred tax liability	0	(49)
Property Plant and Equipment [Member]
Income Taxes Disclosure [Abstract]
Net deferred tax liability	(3,794)	(4,557)
Digital Assets [Member]
Income Taxes Disclosure [Abstract]
Net deferred tax liability	0	(16,667)
Intangible Assets and Goodwill [Member]
Income Taxes Disclosure [Abstract]
Net deferred tax liability	(144)	0
Deferred Financing Costs [Member]
Income Taxes Disclosure [Abstract]
Net deferred tax liability	(36)	0
Right-of-Use Assets [Member]
Income Taxes Disclosure [Abstract]
Net deferred tax liability	$ (5,236)	$ (164)

Income taxes, Deductible Tempor

Income taxes, Deductible Temporary Differences (Details) - CAD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Deferred tax assets [abstract]
Deferred tax assets	$ 401,012	$ 36,561
Share Issuance Costs [Member]
Deferred tax assets [abstract]
Deferred tax assets	18,010	21,899
Operating Tax Losses Carried Forward [Member]
Deferred tax assets [abstract]
Deferred tax assets	245,577	14,662
Digital Assets [Member]
Deferred tax assets [abstract]
Deferred tax assets	$ 137,425	$ 0

Income taxes, Operating Tax Los

Income taxes, Operating Tax Loss Expiration (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Operating Tax Loss Expiration [Abstract]
2033	$ 87	$ 87
2034	225	225
2035	82	82
2036	105	105
2037	106	106
2038	31,732	318
2039	24,288	780
2040	14,195	1,733
2041	11,226	11,226
2042	163,531	0
Total	$ 245,577	$ 14,662

Subsequent events (Details)

Subsequent events (Details) - Subsequent Events [Member] - U.S. Data Mining Group, Inc. [Member]	Feb. 06, 2023 shares
Business combination with U.S. Data Mining Group, Inc. [Abstract]
Conversion ratio	0.2
Common Stock [Member]
Business combination with U.S. Data Mining Group, Inc. [Abstract]
Number of shares exchanged into common stock (in shares)	0.2
Common and Preferred Stock [Member]
Business combination with U.S. Data Mining Group, Inc. [Abstract]
Number of shares exchanged into common stock (in shares)	0.6716