Hut 8 Operations Update for August 2024
06 Setembro 2024 - 7:30AM
Hut 8 Corp. (Nasdaq | TSX: HUT) (“Hut 8” or the “Company”), a
leading, vertically integrated operator of large-scale energy
infrastructure and one of North America’s largest Bitcoin miners,
today released its operations update for August 2024.
“During August, we maintained our focus on low-cost operations
and unit economics,” said Asher Genoot, CEO of Hut 8. “Maximizing
returns from our current fleet remains a priority while we continue
to plan a thoughtfully structured fleet upgrade to next-generation
ASICs. Reactor, our curtailment software, enabled us to mine when
profitable and keep energy costs low during what is typically the
hottest month of the year.”
“We also advanced commercialization efforts for our 205-megawatt
site in the Texas Panhandle, as well as large-scale opportunities
in our development pipeline that are suitable for Bitcoin mining
and AI. We look forward to sharing further updates on each of these
growth vectors as they materialize.”
Highlights:
- Advanced commercialization
discussions for the Texas Panhandle site in parallel with ongoing
engineering and procurement efforts, targeting energization in H1
2025
- Energized Building 1 at Cedarvale
during August and remain on track to bring the remaining three
buildings online by December
Operating Metrics
Average during the period unless otherwise noted |
August 2024 |
July 2024 |
|
Total
energy capacity under management1,2,3 |
762 MW |
762 MW |
|
Total
deployed miners under management4 |
179.5K |
174.2K |
|
Total
hashrate under management5 |
18.5 EH/s |
18.0 EH/s |
|
|
|
|
|
Self-Mining6 |
|
|
|
Deployed
miners7 |
58.5K |
58.2K |
|
Deployed
hashrate8 |
5.6 EH/s |
5.5 EH/s |
|
Bitcoin
produced1,9 |
87 BTC |
105 BTC |
|
Bitcoin
on balance sheet1 |
9,105 BTC |
9,102 BTC |
|
|
|
|
|
Managed Services2,10 |
|
|
|
Energy
capacity under management1 |
582 MW |
582 MW |
|
Deployed
miners under management |
130.5K |
125.4K |
|
Hashrate
under management |
13.9 EH/s |
13.4 EH/s |
|
|
|
|
|
Hosting |
|
|
|
Deployed
miners under management11,12 |
76.7K |
76.7K |
|
Hashrate
under management13 |
8.5 EH/s |
8.5 EH/s |
|
|
|
|
|
Energy Infrastructure
Platform1
|
|
|
|
Current Revenue Stream(s)14 |
|
Site |
Location |
Owner |
Power Capacity |
Self-Mining |
Managed Services |
Hosting |
HPC |
Power Sales |
|
Expansion Site
115 |
Texas
Panhandle |
Hut 8 |
205 MW |
|
|
|
|
|
|
Medicine Hat |
Medicine
Hat, AB |
Hut 8 |
67 MW |
Yes |
|
|
|
|
|
Salt Creek |
Orla,
TX |
Hut 8 |
63 MW |
Yes |
|
|
|
|
|
Alpha |
Niagara
Falls, NY |
Hut 8 |
50 MW |
Yes |
|
Yes |
|
|
|
Drumheller16 |
Drumheller, AB |
Hut 8 |
42 MW |
|
|
|
|
|
|
Kelowna |
Kelowna,
BC |
Hut 8 |
1.1 MW |
|
|
|
Yes |
|
|
Mississauga |
Mississauga, ON |
Hut 8 |
0.9 MW |
|
|
|
Yes |
|
|
Vaughan |
Vaughan,
ON |
Hut 8 |
0.6 MW |
|
|
|
Yes |
|
|
Vancouver II |
Vancouver, BC |
Hut 8 |
0.5 MW |
|
|
|
Yes |
|
|
Vancouver I |
Vancouver, BC |
Hut 8 |
0.3 MW |
|
|
|
Yes |
|
|
King
Mountain17 |
McCamey,
TX |
Hut 8 (JV) |
280 MW |
Yes |
Yes |
Yes |
|
Yes |
|
Iroquois
Falls18 |
Iroquois
Falls, ON |
Hut 8 (JV) |
120 MW |
|
|
|
|
Yes |
|
Kingston18 |
Kingston, ON |
Hut 8 (JV) |
110 MW |
|
|
|
|
Yes |
|
North Bay18 |
North
Bay, ON |
Hut 8 (JV) |
40 MW |
|
|
|
|
Yes |
|
Kapuskasing18 |
Kapuskasing, ON |
Hut 8 (JV) |
40 MW |
|
|
|
|
Yes |
|
Cedarvale3 |
Barstow,
TX |
Managed |
215 MW |
|
Yes |
|
|
|
|
East Stiles |
Midland,
TX |
Managed |
30 MW |
|
Yes |
|
|
|
|
Rebel |
Midland,
TX |
Managed |
25 MW |
|
Yes |
|
|
|
|
Stiles |
Midland,
TX |
Managed |
20 MW |
|
Yes |
|
|
|
|
Garden City |
Midland,
TX |
Managed |
12 MW |
|
Yes |
|
|
|
|
Total |
|
|
1,322 MW |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Upcoming Conferences & Events:
- September 9-11, 2024: H.C. Wainwright 26th Annual Global
Investment Conference
- September 25-26, 2024: TMT M&A Forum USA 2024
- September 25-26, 2024: infra/STRUCTURE 2024
- September 26, 2024: ArcStone-Kingswood Growth Summit 2024
Notes:
- As of the end of the period
- Includes all Self-Mining, Managed Services, and Hosting
infrastructure, including 100% of the energy capacity at the King
Mountain site, which is owned by the King Mountain JV in which the
Company has a 50% membership interest and a Fortune 200 renewable
energy producer has the remaining 50% membership interest (the
“King Mountain JV”).
- Includes 215 megawatts assuming full capacity at Cedarvale,
which was first energized in April and is currently under
construction.
- Includes all miners that are racked with power and networking,
rounded to the nearest 100, in Self-Mining, Managed Services, and
Hosting infrastructure with power and networking, including all
miners at the King Mountain site.
- Includes all Self-Mining, Managed Services, and Hosting
hashrate, including 100% of the hashrate at the King Mountain
site.
- Self-Mining operations for Hut 8 include 100% of operations at
the King Mountain site.
- Deployed miners are defined as those physically racked with
power and networking, rounded to the nearest 100; deployed
self-mining miners net of the 50% share of the King Mountain JV
held by Hut 8’s joint venture partner was 49.5K during August and
49.2K during July.
- Indicates the target hashrate of all deployed miners; deployed
self-mining hashrate net of the 50% share of the King Mountain JV
held by Hut 8’s joint venture partner was 4.7 EH/s during both
August and July.
- Bitcoin produced net of the 50% share of the King Mountain JV
held by Hut 8’s joint venture partner was 74 BTC during August and
88 during July.
- The Managed Services figures reflected in this table include
the Self-Mining and Hosting metrics from the sites where Hut 8’s
Managed Services business is an additional service layer in the
operation of the site (at King Mountain, Rebel, Stiles, East
Stiles, and Garden City). As a result, the sum of the Self-Mining,
Managed Services, and Hosting numbers will not add up to the “Total
energy capacity under management”, “Total deployed miners under
management”, and “Total hashrate under management” figures that are
also reflected in the table.
- Miners are rounded to the nearest 100.
- 42.6K deployed miners under management net of the 50% share of
the King Mountain JV held by Hut 8’s joint venture partner during
both August and July.
- 4.7 EH/s under management net of Hut 8’s joint venture
partner’s 50% share of the King Mountain JV during both August and
July, respectively.
- Reflects revenue sources to Hut 8, its subsidiaries, and/or
joint ventures in which they participate.
- Site is currently under development.
- Site currently shut down; Hut 8 maintaining lease with option
value of re-energizing site.
- Owned by a JV between Hut 8 and a Fortune 200 renewable energy
producer in which Hut 8 has an approximately 50% membership
interest.
- Owned by a JV between Hut 8 and Macquarie in which Hut 8 has an
approximately 80% membership interest.
About Hut 8
Hut 8 Corp. is an energy infrastructure operator and Bitcoin
miner with self-mining, hosting, managed services, and traditional
data center operations across North America. Headquartered in
Miami, Florida, Hut 8 Corp. has a portfolio comprising twenty
sites: ten Bitcoin mining, hosting, and Managed Services sites in
Alberta, New York, and Texas, five high performance computing data
centers in British Columbia and Ontario, four power generation
assets in Ontario, and one newly announced site in the Texas
Panhandle. For more information, visit www.hut8.com and follow us
on X (formerly known as Twitter) at @Hut8Corp.
Cautionary Note Regarding Forward–Looking
Information
This press release includes “forward-looking information” and
“forward-looking statements” within the meaning of Canadian
securities laws and United States securities laws, respectively
(collectively, “forward-looking information”). All information,
other than statements of historical facts, included in this press
release that address activities, events or developments that Hut 8
expects or anticipates will or may occur in the future, including
such things as future business strategy, competitive strengths,
goals, expansion and growth of the business, operations, plans and
other such matters is forward-looking information. Forward-looking
information is often identified by the words “may”, “would”,
“could”, “should”, “will”, “intend”, “plan”, “anticipate”, “allow”,
“believe”, “estimate”, “expect”, “predict”, “can”, “might”,
“potential”, “predict”, “is designed to”, “likely” or similar
expressions. Specifically, such forward-looking information
included in this press release includes statements relating to
maximizing returns from the Company’s current fleet, planning a
thoughtfully structured fleet upgrade to next-generation ASICs, and
energizing the remaining three buildings at Cedarvale by December
2024.
Statements containing forward-looking information are not
historical facts, but instead represent management's expectations,
estimates and projections regarding future events based on certain
material factors and assumptions at the time the statement was
made. While considered reasonable by Hut 8 as of the date of this
press release, such statements are subject to known and unknown
risks, uncertainties, assumptions and other factors that may cause
the actual results, level of activity, performance or achievements
to be materially different from those expressed or implied by such
forward-looking information, including but not limited to, security
and cybersecurity threats and hacks; malicious actors or botnet
obtaining control of processing power on the Bitcoin network;
further development and acceptance of the Bitcoin network; changes
to Bitcoin mining difficulty; loss or destruction of private keys;
increases in fees for recording transactions in the Blockchain;
erroneous transactions; reliance on a limited number of key
employees; reliance on third party mining pool service providers;
regulatory changes; classification and tax changes; momentum
pricing risk; fraud and failure related to digital asset exchanges;
difficulty in obtaining banking services and financing; difficulty
in obtaining insurance, permits and licenses; internet and power
disruptions; geopolitical events; uncertainty in the development of
cryptographic and algorithmic protocols; uncertainty about the
acceptance or widespread use of digital assets; failure to
anticipate technology innovations; the COVID19 pandemic, climate
change; currency risk; lending risk and recovery of potential
losses; litigation risk; business integration risk; changes in
market demand; changes in network and infrastructure; system
interruption; changes in leasing arrangements; failure to achieve
intended benefits of power purchase agreements; potential for
interrupted delivery, or suspension of the delivery, of energy to
mining sites and other risks related to the digital asset mining
and data center business. For a complete list of the factors that
could affect Hut 8, please see the “Risk Factors” section of Hut
8’s Transition Report on Form 10-K, available under the Company’s
EDGAR profile at www.sec.gov, and Hut 8’s other continuous
disclosure documents which are available under the Company’s SEDAR+
profile at www.sedarplus.ca and EDGAR profile
at www.sec.gov.
Hut 8 Corp. Investor Relations
Sue Ennis
ir@hut8.com
Hut 8 Corp. Media Relations
media@hut8.com
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