21.0 EH/s and 967 MW1,2 under management in mining with path to ~35 EH/s
MIAMI, Dec. 05, 2024 (GLOBE NEWSWIRE) -- 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 November 2024.
“We achieved net increases in deployed self-mining hashrate and efficiency in November by bringing inefficient miners offline in preparation for our initial fleet upgrade and completing the development of our R&D facility at Salt Creek,” said Asher Genoot, CEO of Hut 8. “These measures partially offset the impact of rising network difficulty on Bitcoin production, and we expect further performance gains in Q1 2025 as our initial fleet upgrade is expected to drive an improvement in average fleet efficiency to 19.9 joules per terahash.”
“We remain intently focused on growing our proprietary operations and have advanced the buildout of our Vega site on schedule for energization in Q2 2025. Accounting for our fleet upgrade and assuming we fully exercise our purchase option for the miners we expect to host at the Vega site, we have a path to approximately 24 exahash per second of self-mining hashrate with an average fleet efficiency of 15.7 joules per terahash as early as Q2 2025. In parallel, we continue to progress AI data center development opportunities across our development pipeline.”
Highlights
- Construction at Vega advancing on track for energization in Q2 2025 (image to left)
- Completed development of R&D facility at Salt Creek to support the Company’s ongoing focus on innovation in data center design and technology
- Progressed AI data center development opportunities across development pipeline
Operating Metrics
| Average during the period unless otherwise noted | November 2024 | October 2024 |
| Total energy capacity under management (mining)1,2,3,4 | 967 MW | 967 MW |
| Total deployed miners under management5 | 201.1K | 194.2K |
| Total hashrate under management6 | 21.0 EH/s | 20.1 EH/s |
| Self-Mining7 | ||
| Deployed miners8,12 | 56.2K | 57.1K |
| Deployed hashrate9 | 5.7 EH/s | 5.6 EH/s |
| Bitcoin produced3,10 | 94 BTC | 100 BTC |
| Bitcoin on balance sheet3 | 9,122 BTC | 9,110 BTC |
| Managed Services2,11 | ||
| Energy capacity under management3 | 582 MW | 582 MW |
| Deployed miners under management12 | 155.8K | 146.5K |
| Hashrate under management | 16.4 EH/s | 15.5 EH/s |
| Hosting | ||
| Deployed miners under management12,13 | 75.2K | 76.7K |
| Hashrate under management14 | 8.4 EH/s | 8.5 EH/s |
Energy Infrastructure Platform3
| Current/Contracted Revenue Stream(s)15 | ||||||||
| Site | Location | Owner16 | Power Capacity | Self- Mining | Managed Services | Hosting | HPC | Power Sales |
| Vega17 | Texas Panhandle | Hut 8 | 205 MW | Yes18 | ||||
| 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 | |||
| Drumheller19 | 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 Mountain20 | McCamey, TX | Hut 8 (JV) | 280 MW | Yes | Yes | Yes | Yes | |
| Iroquois Falls21 | Iroquois Falls, ON | Hut 8 (JV) | 120 MW | Yes | ||||
| Kingston21 | Kingston, ON | Hut 8 (JV) | 110 MW | Yes | ||||
| North Bay21 | North Bay, ON | Hut 8 (JV) | 40 MW | Yes | ||||
| Kapuskasing21 | Kapuskasing, ON | Hut 8 (JV) | 40 MW | Yes | ||||
| Cedarvale2,17 | Barstow, TX | Managed | 215 MW | Yes | ||||
| East Stiles2 | Midland, TX | Managed | 30 MW | Yes | ||||
| Rebel2 | Midland, TX | Managed | 25 MW | Yes | ||||
| Stiles2 | Midland, TX | Managed | 20 MW | Yes | ||||
| Garden City2 | Midland, TX | Managed | 12 MW | Yes | ||||
| Total | 1,322 MW | |||||||
Upcoming Conferences & Events:
- December 11–12, 2024: Informa Tech: The AI Summit New York, New York City
- December 12, 2024: Northland Capital Markets Growth Conference, Virtual
- January 9–17, 2025: 27th Annual Needham Growth Conference, New York City
- January 19–22, 2025: Pacific Telecommunications Council PTC’25, Honolulu
Notes:
| (1) | Energy capacity under management (mining) includes (i) 180 MW of self-mining sites comprised of Alpha, Medicine Hat, and Salt Creek, (ii) 205 MW of hosting capacity at Vega, which is currently under construction, (iii) 280 MW of capacity under management at King Mountain, and (iv) 302 MW from Hut 8’s managed services agreement with Ionic Digital Inc. (“Ionic”), assuming full 215 MW of capacity at Cedarvale, which was first energized in April and is currently under construction. |
| (2) | On November 26, 2024, Ionic provided notice that it was terminating its managed services agreement with a subsidiary of Hut 8 (the “Manager”) effective December 10, 2024. The Company believes that Ionic’s claims supporting the termination of the managed services agreement are meritless, and the Company will vigorously enforce its rights and the rights of the Manager. |
| (3) | As of the end of the period. |
| (4) | Includes 205 MW of capacity at Vega as the site is expected to host miners for BITMAIN. |
| (5) | 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. |
| (6) | Includes all Self-Mining, Managed Services, and Hosting hashrate, including 100% of the hashrate at the King Mountain site. |
| (7) | Self-Mining operations for Hut 8 include 100% of operations at the King Mountain site. |
| (8) | 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 47.2K during November and 48.2K during October. |
| (9) | 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 4.8 EH/s during November and 4.7 EH/s during October. |
| (10) | Bitcoin produced net of the 50% share of the King Mountain JV held by Hut 8’s joint venture partner was 79 BTC during November and 83 BTC during October. |
| (11) | Managed services include (i) 280 MW of capacity under management at King Mountain and (ii) 302 MW from Hut 8’s Managed Services agreement with Ionic, assuming full 215 MW of capacity at Cedarvale, which was first energized in April and is currently under construction. |
| (12) | Miners are rounded to the nearest 100. |
| (13) | 41.1K deployed miners under management net of the 50% share of the King Mountain JV held by Hut 8’s joint venture partner during November compared to 42.6K in October. |
| (14) | 4.5 EH/s under management net of Hut 8’s joint venture partner’s 50% share of the King Mountain JV during November compared to 4.7 EH/s during October. |
| (15) | Reflects revenue sources to Hut 8, its subsidiaries, and/or joint ventures in which they participate. |
| (16) | Owned denotes ownership of power infrastructure at owned or leased data center locations, except for HPC sites where owned denotes ownership of mechanical and electrical infrastructure at leased data center locations. |
| (17) | Site is currently under development. |
| (18) | Anticipated to begin generating revenue by Q2 2025. |
| (19) | Site currently shut down; Hut 8 maintaining lease with option value of re-energizing site. |
| (20) | Owned by a JV between Hut 8 and a Fortune 200 renewable energy producer in which Hut 8 has an approximately 50% membership interest. |
| (21) | 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 non-operational site in Alberta. For more information, visit www.hut8.com and follow us on X (formerly known as Twitter) at @Hut8Corp.