Hut 8 Operations Update for November 2024
Hut 8 released its November 2024 operations update, highlighting management of 21.0 EH/s and 967 MW in mining operations. The company completed development of its R&D facility at Salt Creek and continues construction at the Vega site, targeting Q2 2025 energization. Bitcoin production reached 94 BTC for the month, with 9,122 BTC on balance sheet.
The company aims to reach approximately 24 exahash per second of self-mining hashrate with an average fleet efficiency of 15.7 joules per terahash by Q2 2025. Current operations include 56.2K deployed self-mining units generating 5.7 EH/s hashrate, alongside managed services and hosting operations managing 155.8K and 75.2K miners respectively.
Hut 8 ha pubblicato l'aggiornamento sulle operazioni di novembre 2024, evidenziando una gestione di 21,0 EH/s e 967 MW nelle operazioni di mining. L'azienda ha completato lo sviluppo del suo centro di ricerca e sviluppo a Salt Creek e continua la costruzione del sito Vega, puntando all'energizzazione nel secondo trimestre del 2025. La produzione di Bitcoin ha raggiunto 94 BTC per il mese, con 9.122 BTC presenti nel bilancio.
L'azienda mira a raggiungere circa 24 exahash al secondo di hashing in autocontrollo, con un'efficienza media della flotta di 15,7 joules per terahash entro il secondo trimestre del 2025. Le operazioni attuali includono 56,2K unità di mining autonome distribuite che generano 5,7 EH/s di hash rate, insieme a servizi gestiti e operazioni di hosting che gestiscono rispettivamente 155,8K e 75,2K miner.
Hut 8 publicó su actualización de operaciones de noviembre de 2024, destacando la gestión de 21,0 EH/s y 967 MW en operaciones de minería. La empresa completó el desarrollo de su instalación de I+D en Salt Creek y continúa la construcción en el sitio de Vega, apuntando a la energización en el segundo trimestre de 2025. La producción de Bitcoin alcanzó 94 BTC para el mes, con 9,122 BTC en el balance.
La empresa tiene como objetivo alcanzar aproximadamente 24 exahash por segundo de tasa de hash de minería propia, con una eficiencia media de flota de 15,7 julios por terahash para el segundo trimestre de 2025. Las operaciones actuales incluyen 56,2K unidades de minería autónoma desplegadas que generan 5,7 EH/s de tasa de hash, junto con servicios gestionados y operaciones de hosting que administran 155,8K y 75,2K mineros respectivamente.
헛 8는 2024년 11월 운영 업데이트를 발표하며 21.0 EH/s와 967 MW의 채굴 작업 관리를 강조했습니다. 이 회사는 Salt Creek에 위치한 연구개발 시설 개발을 완료했으며, Vega 사이트의 건설을 계속 진행 중이며 2025년 2분기에 에너지를 공급할 계획입니다. 비트코인 생산은 해당 월에 94 BTC에 도달했으며, 재무제표에는 9,122 BTC가 있습니다.
회사는 2025년 2분기까지 평균 15.7줄/테라해시의 효율성을 가진 약 24 엑사해시/초의 자가 채굴 해시레이트에 도달하는 것을 목표로 하고 있습니다. 현재 운영에는 각각 56.2K 배치된 자가 채굴 장치가 5.7 EH/s 해시레이트를 생성하고, 관리 서비스 및 호스팅 작업이 각각 155.8K 및 75.2K 채굴기를 운영하고 있습니다.
Hut 8 a publié son rapport d'activité de novembre 2024, mettant en avant la gestion de 21,0 EH/s et 967 MW dans les opérations minières. L'entreprise a achevé le développement de son installation de recherche et développement à Salt Creek et poursuit la construction sur le site de Vega, visant une mise en service au deuxième trimestre 2025. La production de Bitcoin a atteint 94 BTC pour le mois, avec 9 122 BTC figurant au bilan.
L'entreprise vise à atteindre environ 24 exahash par seconde de hashrate en auto-minage, avec une efficacité moyenne de flotte de 15,7 joules par terahash d'ici le deuxième trimestre 2025. Les opérations actuelles comprennent 56,2K unités de minage autonomes déployées générant 5,7 EH/s de hashrate, ainsi que des services gérés et des opérations d'hébergement gérant respectivement 155,8K et 75,2K mineurs.
Hut 8 hat sein Betriebsupdate für November 2024 veröffentlicht, in dem die Verwaltung von 21,0 EH/s und 967 MW in den Mining-Operationen hervorgehoben wird. Das Unternehmen hat die Entwicklung seiner F&E-Einrichtung in Salt Creek abgeschlossen und setzt den Bau am Standort Vega fort, mit dem Ziel, im 2. Quartal 2025 in Betrieb zu gehen. Die Bitcoin-Produktion erreichte im Monat 94 BTC, mit 9.122 BTC auf der Bilanz.
Das Unternehmen strebt an, bis zum 2. Quartal 2025 etwa 24 Exahash pro Sekunde an Eigenminen-Hashrate bei einer durchschnittlichen Flotteneffizienz von 15,7 Joule pro Terahash zu erreichen. Die aktuellen Operationen umfassen 56,2K eingesetzte Selbstminen-Einheiten, die 5,7 EH/s Hashrate erzeugen, sowie Managed Services und Hosting-Operationen mit jeweils 155,8K und 75,2K Minern.
- Construction of Vega site progressing on schedule for Q2 2025 energization
- R&D facility development completed at Salt Creek
- Path to reach 24 EH/s of self-mining hashrate by Q2 2025
- Holds 9,122 BTC on balance sheet
- Ionic Digital terminating managed services agreement effective December 10, 2024
- Network difficulty impact affecting Bitcoin production
Insights
This operational update from Hut 8 reveals significant developments in their mining infrastructure and efficiency improvements. The company maintains a robust 21.0 EH/s hashrate and 967 MW under management, with plans to expand to approximately 35 EH/s. The completion of their R&D facility at Salt Creek and progress on the Vega site construction shows strategic infrastructure expansion.
The company produced 94 BTC in November and holds 9,122 BTC on their balance sheet, demonstrating strong operational capacity despite increasing network difficulty. The planned fleet upgrade in Q1 2025 is expected to improve average fleet efficiency to 19.9 J/TH, potentially reducing operational costs and improving margins.
However, investors should note the ongoing dispute with Ionic Digital regarding the termination of their managed services agreement, which could impact future operations and revenue streams. The planned expansion to 24 EH/s of self-mining capacity by Q2 2025 with improved efficiency of 15.7 J/TH indicates strong growth potential.
The technological roadmap presented shows a strategic focus on efficiency optimization and infrastructure scaling. The planned fleet upgrade represents a significant technological leap, with efficiency improvements from current levels to 15.7 J/TH by Q2 2025. This efficiency gain would position Hut 8 competitively in the mining sector, particularly important given rising network difficulty.
The development of the R&D facility at Salt Creek demonstrates commitment to innovation in data center design and technology. The company's diversification into AI data center development also shows foresight in leveraging their infrastructure expertise beyond crypto mining. The extensive network of facilities across North America, including 10 mining sites and 5 high-performance computing centers, creates a robust operational foundation for future growth.
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 |
| (7) | Self-Mining operations for Hut 8 include |
| (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 |
| (9) | Indicates the target hashrate of all deployed miners; deployed self-mining hashrate net of the |
| (10) | Bitcoin produced net of the |
| (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 |
| (14) | 4.5 EH/s under management net of Hut 8’s joint venture partner’s |
| (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 |
| (21) | Owned by a JV between Hut 8 and Macquarie in which Hut 8 has an approximately |
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.
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 Company’s planned initial fleet upgrade and the expected resulting performance gains, including expected improvement in average fleet efficiency, its focus on growing its proprietary operations, its buildout and energization of the Vega site, including the expected timing and resulting performance gains, its continuing progress with respect to AI data center development opportunities across its development pipeline and the impact of Ionic’s termination of the managed services agreement.
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/c9236ca1-6918-4b97-b9aa-530c73b90a67
FAQ
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