Hut 8 Operations Update for September 2024
04 Outubro 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 September 2024.
“We made significant strides in scaling our compute layer across
Bitcoin mining and AI this month,” said Asher Genoot, CEO of Hut 8.
“In partnership with Bitmain, we launched a next-generation,
DLC-cooled ASIC miner. We are targeting a 15 EH/s hosting
deployment at our Vega site in the Texas Panhandle by H1 2025,
which is expected to generate ~$135 million in annualized hosting
revenue on a fully ramped basis. The agreement’s purchase option
creates a clear path to 20 EH/s of self-mining capacity by allowing
us to fully acquire the hosted machines for our fleet. This deal
demonstrates our commitment to pushing the mining industry forward
while positioning for expansion into AI data centers.”
“Our GPU-as-a-service vertical is now fully operational and
generating revenue. As we advance discussions with potential
partners to expand our digital infrastructure layer across Bitcoin
mining and AI compute, we remain committed to maintaining balance
sheet strength and creative structuring. To that end, we have also
enhanced our financial position by fully converting our ~$38
million Anchorage Digital loan into equity at $16.395 per share of
common stock, which represents a 51% premium to the Company’s
20-day VWAP through the day prior to the signing of the
equitization agreement.”
Highlights:
- Announced partnership with BITMAIN to host U3S21EXPH ASIC miner
in H1 2025 with path to 20 EH/s of self-mining capacity;
partnership is expected to generate ~$135 million in annualized
hosting revenue on a fully ramped basis
- Brought 1,000 NVIDIA H100 GPUs online and began generating
revenue for new GPU-as-a-service subsidiary Highrise AI, Inc.
- Announced equitization of ~$38 million Anchorage Digital loan
at a price of $16.395 per share
- Continued construction of Ionic Digital’s Cedarvale site and
remain on track to complete site buildout by December
Operating Metrics
Average during the period unless otherwise noted |
September 2024 |
August 2024 |
Total energy capacity under
management1,2,3 |
762 MW |
762 MW |
Total deployed miners under
management4 |
189.9K |
179.5K |
Total hashrate under
management5 |
19.5 EH/s |
18.5 EH/s |
|
|
|
Self-Mining6 |
|
|
Deployed miners7 |
58.6K |
58.5K |
Deployed hashrate8 |
5.6 EH/s |
5.6 EH/s |
Bitcoin produced1,9 |
85 BTC |
87 BTC |
Bitcoin on balance sheet1 |
9,106 BTC |
9,105 BTC |
|
|
|
Managed
Services2,10 |
|
|
Energy capacity under
management1 |
582 MW |
582 MW |
Deployed miners under
management |
140.8K |
130.5K |
Hashrate under management |
14.9 EH/s |
13.9 EH/s |
|
|
|
Hosting |
|
|
Deployed miners under
management11,12 |
76.7K |
76.7K |
Hashrate under
management13 |
8.6 EH/s |
8.5 EH/s |
|
|
|
Energy Infrastructure
Platform1
|
|
|
|
Current/Contracted Revenue
Stream(s)14 |
Site |
Location |
Owner |
PowerCapacity |
Self-Mining |
ManagedServices |
Hosting |
HPC |
PowerSales |
Vega15 |
Texas Panhandle |
Hut 8 |
205 MW |
|
|
Yes16 |
|
|
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 |
|
|
Drumheller17 |
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
Mountain18 |
McCamey, TX |
Hut 8 (JV) |
280 MW |
Yes |
Yes |
Yes |
|
Yes |
Iroquois
Falls19 |
Iroquois Falls, ON |
Hut 8 (JV) |
120 MW |
|
|
|
|
Yes |
Kingston19 |
Kingston, ON |
Hut 8 (JV) |
110 MW |
|
|
|
|
Yes |
North
Bay19 |
North Bay, ON |
Hut 8 (JV) |
40 MW |
|
|
|
|
Yes |
Kapuskasing19 |
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:
- October 7–9, 2024: Yotta 2024
- October 15, 2024: USC Marshall Energy Business Summit 2024
- November 13–14, 2024: Cantor Fitzgerald Crypto, Digital Assets
& AI Infrastructure Conference 2024
- November 19, 2024: Craig-Hallum 15th Annual Alpha Select
Conference
- November 19, 2024: Benzinga Future of Digital Assets Conference
2024
Notes: |
(1) |
As of the end of the period |
(2) |
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”). |
(3) |
Includes 215 megawatts assuming full capacity at Cedarvale, which
was first energized in April and is currently under
construction. |
(4) |
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. |
(5) |
Includes all Self-Mining, Managed Services, and Hosting hashrate,
including 100% of the hashrate at the King Mountain site. |
(6) |
Self-Mining operations for Hut 8 include 100% of operations at the
King Mountain site. |
(7) |
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 49.6K during September and 49.5K during
August. |
(8) |
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 September
and August, respectively. |
(9) |
Bitcoin produced net of the 50% share of the King Mountain JV held
by Hut 8’s joint venture partner was 72 BTC during September and 74
BTC during August. |
(10) |
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. |
(11) |
Miners are rounded to the nearest 100. |
(12) |
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
September and August, respectively. |
(13) |
4.7 EH/s under management net of Hut 8’s joint venture partner’s
50% share of the King Mountain JV during September and August,
respectively. |
(14) |
Reflects revenue sources to Hut 8, its subsidiaries, and/or joint
ventures in which they participate. |
(15) |
Site is currently under development. |
(16) |
Anticipated to begin generating revenue in H1 2025 |
(17) |
Site currently shut down; Hut 8 maintaining lease with option value
of re-energizing site. |
(18) |
Owned by a JV between Hut 8 and a Fortune 200 renewable energy
producer in which Hut 8 has an approximately 50% membership
interest. |
(19) |
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: eleven Bitcoin mining, hosting, and Managed Services sites
in Alberta, New York, and Texas, five high performance computing
data centers in British Columbia and Ontario, and four power
generation assets in Ontario. 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 our
path to increase our EH/s under management to 33.5 EH/s, our path
to increase self-mining EH/s to 20 EH/s through the purchase option
with Bitmain, the timing and potential revenues for the hosting
deployment at our Vega site, our plans to expand into AI data
centers, our discussions with potential partners to expand our
digital infrastructure layer across Bitcoin mining and AI compute,
our commitment to balance sheet strength and creative structuring,
and the timing to complete the Cedarvale site buildout for Ionic
Digital.
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 RelationsSue
Ennisir@hut8.com
Hut 8 Corp. Media Relationsmedia@hut8.com
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