20.1 EH/s and 967 MW under management in mining with path to ~35 EH/s
Vega site buildout advancing on track for Q2 2025 energization
MIAMI, Nov. 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 October 2024.
“Following the announcement of our partnership with BITMAIN to launch the U3S21EXPH with a 15 EH/s hosting deployment, progress continues on our 205-megawatt Vega site, which will feature the custom rack-based architecture we developed in-house for the project,” said Asher Genoot, CEO of Hut 8. "With groundwork progressing rapidly, we are on track to energize the site in Q2 2025. Our hosting agreement with BITMAIN is expected to generate up to $135 million in annualized revenue on a fully ramped basis."
“In parallel, we are preparing our existing sites for a near-term fleet upgrade as we finalize a commercial agreement. At Salt Creek, we launched an immersion cooling pilot as we continue to advance our technological innovation efforts. More broadly, we are focused on identifying further opportunities for technical and commercial innovation as we advance discussions for large-scale AI data center development opportunities across multiple sites in our development pipeline.”
Highlights:
- Groundwork at Vega progressing on track for Q2 2025 energization with ~15 EH/s hosting deployment of U3S21EXPH ASIC miner
- Began preparing existing sites for expected near-term ASIC fleet upgrade
- Launched immersion cooling pilot at Salt Creek as part of continued technological innovation efforts
- Advanced discussions for large-scale AI data center development opportunities across multiple sites in development pipeline
Operating Metrics
| Average during the period unless otherwise noted | October 2024 | September 2024 |
| Total energy capacity under management (mining)1,2 | 967 MW3 | 762 MW |
| Total deployed miners under management4 | 194.2K | 189.9K |
| Total hashrate under management5 | 20.1 EH/s | 19.5 EH/s |
| Self-Mining6 | ||
| Deployed miners7 | 57.1K | 58.6K |
| Deployed hashrate8 | 5.6 EH/s | 5.6 EH/s |
| Bitcoin produced1,9 | 100 BTC | 85 BTC |
| Bitcoin on balance sheet1 | 9,110 BTC | 9,106 BTC |
| Managed Services10 | ||
| Energy capacity under management1 | 582 MW | 582 MW |
| Deployed miners under management | 146.5K | 140.8K |
| Hashrate under management | 15.5 EH/s | 14.9 EH/s |
| Hosting | ||
| Deployed miners under management11,12 | 76.7K | 76.7K |
| Hashrate under management13 | 8.5 EH/s | 8.6 EH/s |
Energy Infrastructure Platform1
| Current/Contracted Revenue Stream(s)14 | ||||||||
| Site | Location | Owner15 | Power Capacity | Self- Mining | Managed Services | Hosting | HPC | Power Sales |
| Vega16 | Texas Panhandle | Hut 8 | 205 MW | Yes17 | ||||
| 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 | |||
| Drumheller18 | 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 Mountain19 | McCamey, TX | Hut 8 (JV) | 280 MW | Yes | Yes | Yes | Yes | |
| Iroquois Falls20 | Iroquois Falls, ON | Hut 8 (JV) | 120 MW | Yes | ||||
| Kingston20 | Kingston, ON | Hut 8 (JV) | 110 MW | Yes | ||||
| North Bay20 | North Bay, ON | Hut 8 (JV) | 40 MW | Yes | ||||
| Kapuskasing20 | Kapuskasing, ON | Hut 8 (JV) | 40 MW | Yes | ||||
| Cedarvale3,16 | 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 | |||||||
Conference Call to Discuss Third Quarter 2024 Results
| Who: | Analysts, media, and investors are invited to attend. |
| What: | Hut 8 executives will review the Company’s financial results for the third quarter of 2024. |
| When: | Results will be shared via media release and on the Company’s website at https://hut8.com/investors/ on November 13 2024. The conference call and webinar will begin at 8:30 a.m. ET. |
| Where: | The webcast can be viewed at: https://www.hut8.com/q3-2024/. |
| Analysts can register here. | |
Upcoming Conferences & Events:
- 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) | 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, assuming full 215 MW of capacity at Cedarvale, which was first energized in April and is currently under construction. |
| (3) | Starting October 2024, Hut 8 includes the full 205 MW of capacity at Vega as energy capacity under management (mining) as Vega is expected to host miners for BITMAIN. This was not reflected in Hut 8’s September 2024 figure. |
| (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 48.2K during October and 49.6K during September. |
| (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 83 BTC during October and 72 BTC during September. |
| (10) | 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. |
| (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 October and September, 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 October and September, respectively. |
| (14) | Reflects revenue sources to Hut 8, its subsidiaries, and/or joint ventures in which they participate. |
| (15) | 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. |
| (16) | Site is currently under development. |
| (17) | Anticipated to begin generating revenue by Q2 2025. |
| (18) | Site currently shut down; Hut 8 maintaining lease with option value of re-energizing site. |
| (19) | Owned by a JV between Hut 8 and a Fortune 200 renewable energy producer in which Hut 8 has an approximately 50% membership interest. |
| (20) | 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.
