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Hut 8 Operations Update for December 2024

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Hut 8 Corp released its December 2024 operations update, highlighting significant developments in its mining infrastructure. The company expects to begin miner shipments in January, aiming to reduce average fleet efficiency to 19.9 joules per terahash. The 205 MW Vega project is progressing on schedule for Q2 2025 energization.

Key operational metrics for December 2024 include: total energy capacity under management of 665 MW, 121.4K total deployed miners, and 13.2 EH/s total hashrate. The company produced 89 Bitcoin and holds 10,171 BTC in reserve. The company completed the transition of operations at Ionic Digital's Texas sites and is advancing AI data center development opportunities.

The Vega site implementation will feature rack-based Tier I data center architecture with direct-to-chip liquid cooling, targeting up to 200 kilowatts per rack. This could enable approximately 24 exahash per second of self-mining hashrate with an average fleet efficiency of 15.7 joules per terahash by Q2 2025.

Hut 8 Corp ha rilasciato l'aggiornamento delle operazioni di dicembre 2024, evidenziando sviluppi significativi nella sua infrastruttura mineraria. L'azienda prevede di iniziare le spedizioni dei miner a gennaio, puntando a ridurre l'efficienza media della flotta a 19,9 joules per terahash. Il progetto da 205 MW Vega sta procedendo secondo il programma per l'attivazione prevista nel secondo trimestre del 2025.

I principali parametri operativi per dicembre 2024 includono: capacità energetica totale sotto gestione di 665 MW, 121,4K miner in totale dispiegati e 13,2 EH/s di hashrate totale. L'azienda ha prodotto 89 Bitcoin e detiene 10.171 BTC in riserva. L'azienda ha completato la transizione delle operazioni nei siti in Texas di Ionic Digital e sta avanzando nelle opportunità di sviluppo di centri dati AI.

Implementazione del sito Vega presenterà un'architettura di centro dati rack-based di Tipo I con raffreddamento a liquido diretto al chip, mirando fino a 200 kilowatt per rack. Questo potrebbe consentire circa 24 exahash al secondo di hashrate di auto-mining con un'efficienza media della flotta di 15,7 joules per terahash entro il secondo trimestre del 2025.

Hut 8 Corp publicó su actualización de operaciones de diciembre de 2024, destacando desarrollos significativos en su infraestructura minera. La compañía espera comenzar los envíos de mineros en enero, con el objetivo de reducir la eficiencia media de la flota a 19.9 joules por terahash. El proyecto de 205 MW Vega avanza según lo programado para la energización en el segundo trimestre de 2025.

Los principales indicadores operativos para diciembre de 2024 incluyen: capacidad total de energía bajo gestión de 665 MW, 121.4K mineros desplegados en total y 13.2 EH/s de hashrate total. La compañía produjo 89 Bitcoin y mantiene 10,171 BTC en reserva. La empresa finalizó la transición de operaciones en los sitios de Ionic Digital en Texas y está avanzando en las oportunidades de desarrollo de centros de datos de inteligencia artificial.

La implementación del sitio Vega contará con una arquitectura de centro de datos de rack de Nivel I con refrigeración líquida directa al chip, apuntando a hasta 200 kilovatios por rack. Esto podría permitir aproximadamente 24 exahash por segundo de hashrate de auto-minado con una eficiencia media de flota de 15.7 joules por terahash para el segundo trimestre de 2025.

Hut 8 Corp는 2024년 12월 운영 업데이트를 발표하며, 광산 인프라에서의 중요한 발전을 강조했습니다. 이 회사는 1월에 채굴기 배송을 시작할 것으로 예상하고 있으며, 평균 플릿 효율성을 테라해시당 19.9 줄로 감소시키는 것을 목표로 하고 있습니다. 205 MW Vega 프로젝트는 2025년 2분기 에너지를 위한 일정대로 진행되고 있습니다.

2024년 12월 주요 운영 지표로는: 관리 하에 있는 총 에너지 용량 665 MW, 총 배치된 채굴기 121.4K, 그리고 총 해시레이트 13.2 EH/s입니다. 이 회사는 89 비트코인을 생산했으며, 10,171 BTC를 보유하고 있습니다. 이 회사는 Ionic Digital의 텍사스 사이트에서의 운영 전환을 완료했으며, AI 데이터 센터 개발 기회에 대한 진전을 이루고 있습니다.

Vega 사이트 구현은 칩 직접 냉각이 가능한 랙 기반 Tier I 데이터 센터 아키텍처를 특징으로 하며, 랙당 최대 200킬로와트를 목표로 하고 있습니다. 이는 2025년 2분기까지 평균 플릿 효율성이 테라해시당 15.7줄인 자가 채굴 해시레이트 약 24 엑사해시를 가능하게 할 수 있습니다.

Hut 8 Corp a publié sa mise à jour opérationnelle de décembre 2024, mettant en avant des développements significatifs dans son infrastructure minière. La société s'attend à commencer les envois de mineurs en janvier, visant à réduire l'efficacité moyenne de la flotte à 19,9 joules par térahash. Le projet de 205 MW Vega progresse selon le calendrier prévu pour une mise en service au deuxième trimestre 2025.

Les principaux indicateurs opérationnels pour décembre 2024 incluent : une capacité énergétique totale sous gestion de 665 MW, 121,4K mineurs au total déployés et une hashrate totale de 13,2 EH/s. L'entreprise a produit 89 Bitcoin et détient 10 171 BTC en réserve. La société a achevé la transition des opérations sur les sites d'Ionic Digital au Texas et avance dans les opportunités de développement de centres de données en intelligence artificielle.

L'implémentation du site Vega présentera une architecture de centre de données de niveau I basé sur des racks avec un refroidissement liquide direct au chip, visant jusqu'à 200 kilowatts par rack. Cela pourrait permettre environ 24 exahash par seconde de hashrate de auto-minage avec une efficacité moyenne de flotte de 15,7 joules par térahash d'ici le deuxième trimestre 2025.

Hut 8 Corp hat sein Betriebsupdate für Dezember 2024 veröffentlicht und dabei bedeutende Entwicklungen in seiner Mining-Infrastruktur hervorgehoben. Das Unternehmen erwartet, dass es im Januar mit den Lieferungen der Mining-Geräte beginnen kann, und will die durchschnittliche Flotteneffizienz auf 19,9 Joule pro Terahash reduzieren. Das 205-MW Vega-Projekt verläuft planmäßig für die Inbetriebnahme im 2. Quartal 2025.

Wichtige Betriebskennzahlen für Dezember 2024 umfassen: eine Gesamtkapazität von 665 MW, insgesamt 121,4K eingesetzte Miner und eine Gesamt-Hashrate von 13,2 EH/s. Das Unternehmen produzierte 89 Bitcoin und hält 10.171 BTC in Reserve. Das Unternehmen hat den Übergang der Betriebe an den Standorten von Ionic Digital in Texas abgeschlossen und arbeitet an der Entwicklung von Möglichkeiten für KI-Datenzentren.

Die Implementierung der Vega-Standorte wird eine rackbasierte Tier-I-Datenzentrum-Architektur mit direkter Chipflüssigkeitskühlung umfassen, die auf bis zu 200 Kilowatt pro Rack abzielt. Dies könnte bis zum 2. Quartal 2025 eine Selbst-Mining-Hashrate von etwa 24 Exahash pro Sekunde bei einer durchschnittlichen Fleet-Effizienz von 15,7 Joule pro Terahash ermöglichen.

Positive
  • Vega project on track for Q2 2025 energization with 205 MW capacity
  • Infrastructure upgrades progressing to improve fleet efficiency to 19.9 J/TH
  • Potential to achieve 24 EH/s of self-mining hashrate by Q2 2025
  • Holds 10,171 BTC in reserve
  • Total hashrate under management increased to 13.2 EH/s from 21.0 EH/s in previous month
Negative
  • Monthly Bitcoin production decreased to 89 BTC from 94 BTC in November
  • 968 Bitcoin pledged and transferred to third-party wallet for fleet upgrade financing
  • Temporary offline periods for current fleet during infrastructure enhancements
  • Termination of Ionic Digital managed services agreement effective December 10, 2024

Insights

Hut 8's operational update reveals substantial infrastructure developments that will significantly impact their mining efficiency. The planned fleet upgrade targeting 19.9 J/TH represents a major efficiency improvement that will directly affect operating costs and profitability. The 205 MW Vega project's Q2 2025 timeline, featuring advanced direct-to-chip liquid cooling technology capable of 200 kW per rack densities, positions them for a potential 24 EH/s hashrate at an impressive 15.7 J/TH efficiency. Their current 5.5 EH/s self-mining capacity demonstrates significant growth potential. The infrastructure upgrades and strategic site management, including temporary offline periods for enhancements, show a calculated approach to long-term operational optimization.

The December metrics showcase critical operational dynamics: 89 BTC produced and 10,171 BTC held in reserve, with 968 BTC pledged for fleet upgrades, indicating strong treasury management. The termination of the Ionic Digital managed services agreement and transition of Texas operations marks a strategic pivot. The diversification into AI data center development while maintaining Bitcoin mining operations demonstrates an astute hedge against market volatility. The joint ventures with a Fortune 200 renewable energy producer and Macquarie strengthen their position in the energy infrastructure space. Their 665 MW total energy capacity under management provides robust scalability potential.

The company's expansion into AI infrastructure alongside Bitcoin mining operations represents a sophisticated dual-revenue strategy. The implementation of rack-based Tier I architecture with direct-to-chip liquid cooling at the Vega site showcases industry-leading technology adoption. Their diverse portfolio of 16 operational sites across North America, including strategic joint ventures, creates a robust geographic redundancy. The focus on high-density computing capabilities up to 200 kW per rack positions them competitively in both crypto mining and AI computing markets. The infrastructure upgrades across existing sites indicate a proactive approach to maintaining technological competitiveness.

Miner shipments expected to begin in January, marking key step in driving average fleet efficiency down to 19.9 J/TH

205 MW Vega project advancing on track for Q2 2025 energization

MIAMI, Jan. 07, 2025 (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 December 2024.

“Site infrastructure upgrades continue to advance on schedule, positioning us well to launch our initial fleet upgrade in Q1 2025,” said Asher Genoot, CEO of Hut 8. “With miner production underway, we anticipate shipments to begin in January—a key step in driving our average fleet efficiency down to an expected 19.9 joules per terahash. To optimize miner performance, we continue to take tranches of our current fleet offline to complete infrastructure enhancements at our sites.”

“As we look to the future, we continue to focus on high-impact projects in both AI and Bitcoin mining. This includes a pipeline of several large-scale AI data center developments at various stages of exploration and development, as well as our 205-megawatt Vega site, where we expect to implement our rack-based Tier I data center architecture to power ASIC compute with direct-to-chip liquid cooling at densities of up to 200 kilowatts per rack. This project creates 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 assuming we exercise our purchase option for hosted machines at the site.”

Highlights

  • Construction at Vega advancing on track for energization in Q2 2025 (image to left)
  • Upgrading infrastructure at existing sites to prepare for delivery of new miners
  • Completed transition of operations at Ionic Digital’s sites in Texas
  • Progressed AI data center development opportunities across development pipeline

Hut 8 - Vega site

Operating Metrics

Average during the period unless otherwise noted1December 2024November 2024
   
Total energy capacity under management (mining)2,3,4665 MW967 MW
Total deployed miners under management5121.4K201.1K
Total hashrate under management613.2 EH/s21.0 EH/s
   
Self-Mining7  
Deployed miners8,953.2K56.2K
Deployed hashrate105.5 EH/s5.7 EH/s
Bitcoin produced3,1189 BTC94 BTC
Bitcoin held in reserve310,171 BTC129,122 BTC
   
Managed Services13  
Energy capacity under management3280 MW582 MW
Deployed miners under management985.5K155.8K
Hashrate under management 9.4 EH/s16.4 EH/s
   
Hosting  
Deployed miners under management9,1468.2K75.2K
Hashrate under management157.7 EH/s8.4 EH/s
 

Energy Infrastructure Platform3

    Current/Contracted Revenue Stream(s)16
SiteLocationOwner17Power
Capacity
Self-
Mining
Managed
Services
HostingHPCPower
Sales
Vega18Texas PanhandleHut 8205 MW  Yes19  
Medicine HatMedicine Hat, ABHut 867 MWYes    
Salt CreekOrla, TXHut 863 MWYes    
AlphaNiagara Falls, NYHut 850 MWYes Yes  
Drumheller20Drumheller, ABHut 842 MW     
KelownaKelowna, BCHut 81.1 MW   Yes 
MississaugaMississauga, ONHut 80.9 MW   Yes 
VaughanVaughan, ONHut 80.6 MW   Yes 
Vancouver IIVancouver, BCHut 80.5 MW   Yes 
Vancouver IVancouver, BCHut 80.3 MW   Yes 
King Mountain21McCamey, TXHut 8 (JV)280 MWYesYesYes Yes
Iroquois Falls22Iroquois Falls, ONHut 8 (JV)120 MW    Yes
Kingston22Kingston, ONHut 8 (JV)110 MW    Yes
North Bay22North Bay, ONHut 8 (JV)40 MW    Yes
Kapuskasing22Kapuskasing, ONHut 8 (JV)40 MW    Yes
Total  1,020 MW     
 

Upcoming Conferences & Events

  • January 9–17, 2025: 27th Annual Needham Growth Conference, New York City
  • January 19–22, 2025: Pacific Telecommunications Council PTC’25, Honolulu
  • February 24–25, 2025: Capacity Media Metro Connect USA, Fort Lauderdale
  • February 25–27, 2025: Infocast ERCOT Market Summit, Austin

Notes:

(1)All December figures exclude Hut 8’s managed services agreement with Ionic Digital Inc. (“Ionic”), which was terminated effective December 10, 2024.
(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) for November 2024 only, 302 MW from Hut 8’s managed services agreement with Ionic, which was terminated effective December 10, 2024, assuming full 215 MW of capacity at Cedarvale, which was first energized in April 2024.
(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 44.5K during December and 47.2K during November.
(9)Miners are rounded to the nearest 100.
(10)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 December and 4.8 EH/s during November.
(11)Bitcoin produced net of the 50% share of the King Mountain JV held by Hut 8’s joint venture partner was 74 BTC during December and 79 BTC during November.
(12)Includes 968 Bitcoin pledged and transferred to a third-party wallet to finance Hut’s previously announced fleet upgrade.
(13)Managed services include (i) 280 MW of capacity under management at King Mountain and (ii) for November 2024 only, 302 MW from Hut 8’s managed services agreement with Ionic, which was terminated effective December 10, 2024, assuming the full 215 MW of capacity at Cedarvale, which was first energized in April 2024.
(14)34.1K deployed miners under management net of the 50% share of the King Mountain JV held by Hut 8’s joint venture partner during December compared to 41.1K in November.
(15)3.8 EH/s under management net of Hut 8’s joint venture partner’s 50% share of the King Mountain JV during December compared to 4.5 EH/s during November.
(16)Reflects revenue sources to Hut 8, its subsidiaries, and/or joint ventures in which they participate.
(17)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.
(18)Site is currently under development.
(19)Anticipated to begin generating revenue by Q2 2025.
(20)Site currently shut down; Hut 8 maintaining lease with option value of re-energizing site.
(21)Owned by a JV between Hut 8 and a Fortune 200 renewable energy producer in which Hut 8 has an approximately 50% membership interest.
(22)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 fifteen sites: five 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.

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 the timing of the Company’s planned initial fleet upgrade and expected resulting performance gains, the Company’s focus on high-impact projects in both AI and Bitcoin mining, the timing for the buildout and energization of the Company’s Vega site, and the Company’s continuing progress with respect to AI data center development opportunities across its development pipeline.

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 Relations
Sue Ennis
ir@hut8.com

Hut 8 Corp. Media Relations
media@hut8.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/8d3d3de2-641c-4c62-bf62-4baf42f09e4b


FAQ

What is Hut 8's expected mining efficiency improvement target for Q1 2025?

Hut 8 aims to improve its average fleet efficiency to 19.9 joules per terahash through infrastructure upgrades and new miner deployments starting in Q1 2025.

How many Bitcoin did Hut 8 mine in December 2024?

Hut 8 produced 89 Bitcoin in December 2024, compared to 94 Bitcoin in November 2024.

What is the capacity and timeline for Hut 8's Vega project?

The Vega project has a 205 MW capacity and is scheduled for energization in Q2 2025, with potential to achieve 24 EH/s of self-mining hashrate.

How many Bitcoin does Hut 8 hold in reserve as of December 2024?

Hut 8 holds 10,171 Bitcoin in reserve, including 968 Bitcoin pledged and transferred to a third-party wallet for fleet upgrade financing.

What is Hut 8's total deployed miners and hashrate under management in December 2024?

Hut 8 had 121.4K total deployed miners under management with a total hashrate of 13.2 EH/s in December 2024.

Hut 8 Corp.

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