19.5 EH/s and 762 MW under management in mining with path to 33.5 EH/s
nnounced partnership with BITMAIN to host next-generation ASIC miner with purchase option to reach 20 EH/s of self-mining
GPU-as-a-service subsidiary generating revenue with first cluster fully online
Outstanding balance of Anchorage Digital loan equitized at price of $16.395 per share
MIAMI, Oct. 04, 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 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 | Power Capacity | Self- Mining | Managed Services | Hosting | HPC | Power Sales |
| 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.
