Hut 8 Operations Update for October 2024
Hut 8 released its October 2024 operations update, highlighting progress on its 205-megawatt Vega site, which is on track for Q2 2025 energization. The site will feature custom rack-based architecture and host a 15 EH/s BITMAIN U3S21EXPH deployment, expected to generate up to $135 million in annualized revenue when fully ramped. The company manages 967 MW of mining capacity with 20.1 EH/s total hashrate. October's operations produced 100 BTC, with 9,110 BTC on the balance sheet. Hut 8 launched an immersion cooling pilot at Salt Creek and is advancing discussions for large-scale AI data center development opportunities.
Hut 8 ha pubblicato l'aggiornamento operativo di ottobre 2024, evidenziando i progressi sul suo sito Vega da 205 megawatt, che è in programma per l'attivazione nel Q2 2025. Il sito presenterà un'architettura personalizzata basata su rack e ospiterà un'implementazione di 15 EH/s BITMAIN U3S21EXPH, prevista per generare fino a 135 milioni di dollari di fatturato annualizzato una volta a regime. L'azienda gestisce 967 MW di capacità di mining con un hashrate totale di 20.1 EH/s. Le operazioni di ottobre hanno prodotto 100 BTC, con 9.110 BTC nel bilancio. Hut 8 ha avviato un progetto pilota di raffreddamento ad immersione a Salt Creek e sta avanzando nelle discussioni per opportunità di sviluppo di centri dati AI su larga scala.
Hut 8 publicó su actualización de operaciones de octubre de 2024, resaltando el progreso en su sito Vega de 205 megavatios, que está en camino hacia la energización en el Q2 de 2025. El sitio contará con una arquitectura personalizada basada en estantes y albergará un despliegue de 15 EH/s BITMAIN U3S21EXPH, que se espera genere hasta 135 millones de dólares en ingresos anuales una vez completamente operativo. La empresa gestiona 967 MW de capacidad de minería con un hashrate total de 20.1 EH/s. Las operaciones de octubre produjeron 100 BTC, con 9.110 BTC en el balance. Hut 8 lanzó un piloto de enfriamiento por inmersión en Salt Creek y avanza en las discusiones sobre oportunidades de desarrollo de centros de datos de IA a gran escala.
Hut 8는 2024년 10월 운영 업데이트를 발표하고 있으며, 205메가와트 베가 사이트의 진행 상황을 강조했습니다. 이 사이트는 2025년 2분기 에너지 공급을 목표로 하고 있습니다. 해당 사이트는 맞춤형 랙 기반 아키텍처를 특징으로 하며 15 EH/s BITMAIN U3S21EXPH 배치를 호스팅할 예정이며, 완전 가동 시 연간 최대 1억 3,500만 달러의 수익을 생성할 것으로 예상됩니다. 이 회사는 967 MW의 채굴 용량을 관리하고 있으며, 총 해시레이트는 20.1 EH/s입니다. 10월의 운영으로 100 BTC가 생산되었고, 9,110 BTC가 대차대조표에 있습니다. Hut 8은 Salt Creek에서 침수 냉각 파일럿을 시작했으며, 대규모 AI 데이터 센터 개발 기회를 논의하고 있습니다.
Hut 8 a publié sa mise à jour opérationnelle d'octobre 2024, mettant en avant les progrès sur son site Vega de 205 mégawatts, qui est prévu pour une mise en service au deuxième trimestre de 2025. Le site comprendra une architecture sur mesure basée sur des racks et abritera un déploiement de 15 EH/s BITMAIN U3S21EXPH, qui devrait générer jusqu'à 135 millions de dollars de revenus annuels une fois entièrement opérationnel. L'entreprise gère 967 MW de capacité de minage avec un hashrate total de 20.1 EH/s. Les opérations d'octobre ont produit 100 BTC, avec 9.110 BTC au bilan. Hut 8 a lancé un projet pilote de refroidissement par immersion à Salt Creek et avance dans les discussions pour des opportunités de développement de centres de données pour l'IA à grande échelle.
Hut 8 hat sein Betriebsupdate für Oktober 2024 veröffentlicht und dabei die Fortschritte auf seiner 205-Megawatt-Vega-Stelle hervorgehoben, die für das 2. Quartal 2025 in Betrieb genommen werden soll. Die Stätte wird eine maßgeschneiderte Rack-basierte Architektur aufweisen und ein 15 EH/s BITMAIN U3S21EXPH Deployment beherbergen, das voraussichtlich jährliche Einnahmen von bis zu 135 Millionen Dollar generieren wird, sobald es voll angeschlossen ist. Das Unternehmen verwaltet 967 MW an Mining-Kapazität mit einer gesamt Hashrate von 20.1 EH/s. Die Betriebe im Oktober produzierten 100 BTC, wobei sich 9.110 BTC in der Bilanz befinden. Hut 8 hat ein Pilotprojekt für Immersionskühlung in Salt Creek gestartet und führt Gespräche über Möglichkeiten zur Entwicklung großer AI-Datenzentren.
- Expected $135 million annualized revenue from BITMAIN hosting agreement
- Increased total hashrate under management to 20.1 EH/s from 19.5 EH/s in September
- Bitcoin production increased to 100 BTC in October from 85 BTC in September
- Bitcoin holdings increased to 9,110 BTC from 9,106 BTC
- None.
Insights
The operational update reveals significant strategic developments. The
The Vega site development and BITMAIN partnership demonstrate strategic expansion, while diversification into AI data centers and immersion cooling technology shows forward-thinking adaptation. The comprehensive infrastructure platform across multiple locations provides operational redundancy and growth potential. However, execution risks remain for the Q2 2025 Vega timeline and fleet upgrades.
The technical infrastructure expansion is particularly noteworthy. The custom rack-based architecture for the U3S21EXPH deployment at Vega represents cutting-edge innovation in mining infrastructure. With 967 MW under management and a clear path to ~35 EH/s, the scale is impressive. The immersion cooling pilot at Salt Creek signals commitment to efficiency optimization.
The diversification into AI data center opportunities is strategically sound, leveraging existing infrastructure expertise for high-growth computing markets. The geographic distribution across multiple sites and power sources enhances operational resilience while maintaining flexibility for future technology adoption.
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
“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 |
| (6) | Self-Mining operations for Hut 8 include |
| (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 |
| (8) | Indicates the target hashrate of all deployed miners; deployed self-mining hashrate net of the |
| (9) | Bitcoin produced net of the |
| (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 |
| (13) | 4.7 EH/s under management net of Hut 8’s joint venture partner’s |
| (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 |
| (20) | 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 execution, timing and potential revenues for the hosting deployment at our Vega site, the timing and completion of a fleet upgrade, and the advancement of the Company’s 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
FAQ
What is Hut 8's (HUT) total energy capacity under management for mining in October 2024?
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