Hut 8 Operations Update for September 2024
Hut 8 Corp. (Nasdaq | TSX: HUT) released its operations update for September 2024, highlighting significant progress in scaling its compute layer across Bitcoin mining and AI. Key developments include:
1. Partnership with BITMAIN to host a next-generation ASIC miner, targeting 15 EH/s hosting deployment at the Vega site by H1 2025, expected to generate ~$135 million in annualized hosting revenue.
2. GPU-as-a-service subsidiary now fully operational and generating revenue.
3. Equitization of ~$38 million Anchorage Digital loan at $16.395 per share.
4. Total energy capacity under management: 762 MW
5. Total hashrate under management: 19.5 EH/s
6. Bitcoin produced in September: 85 BTC
7. Bitcoin on balance sheet: 9,106 BTC
Hut 8 Corp. (Nasdaq | TSX: HUT) ha rilasciato l'aggiornamento operativo per settembre 2024, evidenziando progressi significativi nel potenziamento della sua infrastruttura di calcolo per il mining di Bitcoin e l'IA. I principali sviluppi includono:
1. Collaborazione con BITMAIN per ospitare un miner ASIC di nuova generazione, con l'obiettivo di implementare 15 EH/s al sito di Vega entro la prima metà del 2025, previsto per generare circa 135 milioni di dollari in ricavi annualizzati da hosting.
2. La filiale di GPU-as-a-service è ora pienamente operativa e genera ricavi.
3. Ristrutturazione di un prestito di Anchorage Digital di circa 38 milioni di dollari a 16,395 dollari per azione.
4. Capacità energetica totale sotto gestione: 762 MW
5. Hashrate totale sotto gestione: 19,5 EH/s
6. Bitcoin prodotti a settembre: 85 BTC
7. Bitcoin in bilancio: 9.106 BTC
Hut 8 Corp. (Nasdaq | TSX: HUT) publicó su actualización operativa para septiembre de 2024, destacando avances significativos en la escalabilidad de su capa de computación en minería de Bitcoin y IA. Los principales desarrollos incluyen:
1. Asociación con BITMAIN para alojar un minero ASIC de próxima generación, con un objetivo de implementación de 15 EH/s en el sitio de Vega para la primera mitad de 2025, que se espera genere alrededor de 135 millones de dólares en ingresos anuales de alojamiento.
2. La subsidiaria de GPU-as-a-service está ahora completamente operativa y genera ingresos.
3. Capitalización de un préstamo de Anchorage Digital de aproximadamente 38 millones de dólares a 16.395 dólares por acción.
4. Capacidad total de energía bajo gestión: 762 MW
5. Tasa de hash total bajo gestión: 19.5 EH/s
6. Bitcoin producido en septiembre: 85 BTC
7. Bitcoin en balance: 9,106 BTC
Hut 8 Corp. (Nasdaq | TSX: HUT)는 2024년 9월 운영 업데이트를 발표하며 비트코인 채굴 및 AI 분야에서 컴퓨팅 레이어의 확장에 대한 중요한 진행 상황을 강조했습니다. 주요 개발 사항은 다음과 같습니다:
1. BITMAIN과의 파트너십을 통해 차세대 ASIC 채굴기를 호스팅하기로 하였으며, 2025년 상반기까지 Vega 사이트에서 15 EH/s의 호스팅 배치를 목표로 하고 있어, 연간 약 1억 3500만 달러의 호스팅 수익을 창출할 것으로 예상됩니다.
2. GPU-as-a-service 자회사가 현재 완전히 운영 중이며 수익을 창출하고 있습니다.
3. 16.395달러의 주가로 약 3800만 달러 규모의 Anchorage Digital 대출을 자본화했습니다.
4. 관리되는 총 에너지 용량: 762 MW
5. 관리되는 총 해시율: 19.5 EH/s
6. 9월에 생산된 비트코인: 85 BTC
7. 재무제표상의 비트코인: 9,106 BTC
Hut 8 Corp. (Nasdaq | TSX: HUT) a publié sa mise à jour opérationnelle pour septembre 2024, mettant en avant des progrès significatifs dans le développement de sa couche de calcul pour le minage de Bitcoin et l'IA. Les principaux développements incluent :
1. Partenariat avec BITMAIN pour héberger un mineur ASIC de nouvelle génération, visant à déployer 15 EH/s sur le site de Vega d'ici le premier semestre 2025, ce qui devrait générer environ 135 millions de dollars de revenus d'hébergement annuels.
2. La filiale GPU-as-a-service est maintenant pleinement opérationnelle et génère des revenus.
3. Transformation d'un prêt d'Anchorage Digital d'environ 38 millions de dollars à 16,395 dollars par action.
4. Capacité énergétique totale sous gestion : 762 MW
5. Taux de hachage total sous gestion : 19,5 EH/s
6. Bitcoin produit en septembre : 85 BTC
7. Bitcoin dans le bilan : 9 106 BTC
Hut 8 Corp. (Nasdaq | TSX: HUT) hat sein Betriebsupdate für September 2024 veröffentlicht und erhebliche Fortschritte beim Ausbau seiner Rechenleistung im Bereich Bitcoin-Mining und KI hervorgehoben. Zu den wichtigsten Entwicklungen gehören:
1. Partnerschaft mit BITMAIN, um einen Next-Generation ASIC-Miner zu hosten, mit dem Ziel, bis zur ersten Hälfte von 2025 eine Hosting-Bereitstellung von 15 EH/s am Standort Vega zu erreichen, was voraussichtlich etwa 135 Millionen Dollar an annualisierten Hosting-Einnahmen generieren wird.
2. Die Tochtergesellschaft GPU-as-a-service ist nun voll betriebsbereit und generiert Einnahmen.
3. Umwandlung eines etwa 38 Millionen Dollar Darlehens von Anchorage Digital zu 16,395 Dollar pro Aktie.
4. Gesamte verfügbare Energie unter Verwaltung: 762 MW
5. Gesamter Hashrate unter Verwaltung: 19,5 EH/s
6. Im September produziertes Bitcoin: 85 BTC
7. Auf der Bilanz befindliches Bitcoin: 9,106 BTC
- Partnership with BITMAIN for 15 EH/s hosting deployment, expected to generate ~$135 million in annualized hosting revenue
- GPU-as-a-service subsidiary now fully operational and generating revenue
- Equitization of ~$38 million Anchorage Digital loan at a 51% premium to 20-day VWAP
- Increase in total hashrate under management from 18.5 EH/s in August to 19.5 EH/s in September
- Increase in Bitcoin on balance sheet from 9,105 BTC in August to 9,106 BTC in September
- Slight decrease in Bitcoin production from 87 BTC in August to 85 BTC in September
Insights
Hut 8's September 2024 update reveals significant strategic moves and operational progress. The partnership with BITMAIN for hosting next-generation ASIC miners is a major development, potentially generating
The company's diversification into AI computing through its GPU-as-a-service subsidiary is now generating revenue, marking an important milestone in its expansion strategy. The equitization of the
Key metrics show robust growth:
- Total hashrate under management increased to 19.5 EH/s
- Bitcoin production reached 85 BTC
- Bitcoin holdings grew to 9,106 BTC
Hut 8's technological advancements are impressive, particularly the partnership with BITMAIN to deploy the U3S21EXPH ASIC miner. This next-generation, DLC-cooled miner represents cutting-edge technology in the Bitcoin mining space. The planned 15 EH/s hosting deployment at the Vega site showcases Hut 8's commitment to scaling with the latest hardware.
The company's diversification into AI computing is notable, with 1,000 NVIDIA H100 GPUs now online. These are among the most powerful GPUs for AI workloads, indicating Hut 8's serious entry into the high-performance computing market. This move aligns with the growing demand for AI infrastructure and could provide a significant revenue stream separate from cryptocurrency mining.
Hut 8's infrastructure expansion across multiple sites and its joint ventures demonstrate a comprehensive approach to energy-efficient, large-scale computing. The mix of self-mining, managed services and hosting across various locations provides operational flexibility and risk mitigation. The company's focus on both ASIC and GPU-based computing positions it at the forefront of digital infrastructure, capable of serving both cryptocurrency and AI markets effectively.
19.5 EH/s and 762 MW under management in mining with path to 33.5 EH/s
Announced 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
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 ~
“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 ~
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$16.39 5 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 |
| (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 |
| (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) | 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 |
| (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) | 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 |
| (19) | 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: 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.
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 our path to increase our EH/s under management to 33.5 EH/s, our path to increase self-mining EH/s to 20 EH/s through the purchase option with Bitmain, the timing and potential revenues for the hosting deployment at our Vega site, our plans to expand into AI data centers, our discussions with potential partners to expand our digital infrastructure layer across Bitcoin mining and AI compute, our commitment to balance sheet strength and creative structuring, and the timing to complete the Cedarvale site buildout for Ionic Digital.
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
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