MIAMI - Aug. 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 July 2024.
“We are continuing to see the impact of our ongoing optimization efforts in our self-mining business,” said Asher Genoot, CEO of Hut 8. “Our average energy cost has declined materially since bringing Salt Creek online and completing the planned deployment of our curtailment software, and we continue to build and refine our data science platform to drive further efficiencies and margin expansion.”
“We also announced the first conversion from our previously announced pipeline of energy capacity under exclusivity, a site in the Texas Panhandle located adjacent to a windfarm with 205 megawatts of immediately available power capacity. The site will be able to pull power directly from the ERCOT grid when the wind farm is not generating power. Across our platform, we now own or manage energy infrastructure representing access to 1.3 gigawatts of power capacity. We look forward to sharing more details on this site and our second quarter 2024 results during our earnings call on August 13th.”
Highlights:
- Announced plans for a site in Texas with 205 MW of immediately available power capacity
- Further progress in developing Cedarvale, with new capacity being brought online in tranches of 50 MW
Operating Metrics
| Average during the period unless otherwise noted | July 2024 | June 2024 |
| Total energy capacity under management1,2,3 | 762 MW | 762 MW |
| Total deployed miners under management4 | 174.2K | 172.1K |
| Total hashrate under management5 | 18.0 EH/s | 17.8 EH/s |
| Self-Mining6 | ||
| Deployed miners7 | 58.2K | 58.4K |
| Deployed hashrate8 | 5.5 EH/s | 5.7 EH/s |
| Bitcoin produced1,9 | 105 BTC | 107 BTC |
| Bitcoin on balance sheet1 | 9,102 BTC | 9,105 BTC |
| Managed Services2,10 | ||
| Energy capacity under management1 | 582 MW | 582 MW |
| Deployed miners under management | 125.4K | 123.1K |
| Hashrate under management | 13.4 EH/s | 13.1 EH/s |
| Hosting | ||
| Deployed miners under management11,12 | 76.7K | 76.7K |
| Hashrate under management13 | 8.5 EH/s | 8.4 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 | |||||||
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 49.2K during July and 49.4K during June. |
| (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 July and 4.8 EH/s during June. |
| (9) | Bitcoin produced net of the 50% share of the King Mountain JV held by Hut 8’s joint venture partner was 88 BTC during July and 90 during June. |
| (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 both July and June. |
| (13) | 4.7 EH/s and 4.6 EH/s under management net of Hut 8’s joint venture partner’s 50% share of the King Mountain JV during July and June, 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) | Site currently shut down; Hut 8 maintaining lease with option value of re-energizing site. |
| (17) | Owned by a JV between Hut 8 and a Fortune 200 renewable energy producer in which Hut 8 has an approximately 50% membership interest. |
| (18) | Owned by a JV between Hut 8 and Macquarie in which Hut 8 has an approximately 80% membership interest. |
Upcoming Events
Hut 8 will be hosting a conference call to discuss the Company’s second quarter 2024 results on Tuesday, August 13th, 2024 at 8:30a.m. ET. The webcast can be viewed here.
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.
