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Hut 8 Corp. (Nasdaq | TSX: HUT) is a leading Bitcoin miner and energy infrastructure operator with an expansive presence in North America. The company specializes in digital asset mining, managed services, and high-performance computing (HPC) through colocation and cloud services.
Hut 8 manages a diverse portfolio of assets, including eleven self-mining, hosting, and managed services sites across Alberta, New York, Nebraska, and Texas. It also operates five high-performance computing data centers in British Columbia and Ontario, and four power generation assets in Ontario. The company’s core business revolves around mining Bitcoin by leveraging advanced computational equipment to validate blockchain transactions.
In recent developments, Hut 8 has announced the closure of its Drumheller site, relocating its efficient miners to the Medicine Hat site to optimize operations. This strategic move is part of a broader restructuring initiative aimed at boosting financial performance and enhancing asset value. The restructuring is expected to improve Hut 8’s cash flow, reduce mining costs, and increase Bitcoin production efficiency.
Financially, Hut 8 has shown robust performance with significant revenue growth. For the six months ended December 31, 2023, the company reported a 32% increase in revenue to $60.6 million. Digital Assets Mining contributed $41.5 million, Managed Services $12.6 million, HPC $1.1 million, and other services $5.4 million. The company holds substantial Bitcoin reserves, valued at $648.9 million as of March 31, 2024.
Hut 8 has also embarked on a comprehensive restructuring program post-merger with US Bitcoin Corp., focusing on operational excellence and profitable growth. This includes the deployment of proprietary energy curtailment software and the relocation of its mining fleet to owned facilities. The company is actively expanding its HPC services and entering new verticals like AI GPU-as-a-service, aiming to generate additional revenue streams.
Headquartered in Miami, Florida, Hut 8 continues to strengthen its market position by adopting sustainable energy practices and maintaining a strong balance sheet. The company's ongoing projects and strategic initiatives are poised to drive long-term shareholder value and establish Hut 8 as a cornerstone in the digital asset and energy infrastructure sectors.
Hut 8 Mining Corp. (Nasdaq: HUT) has released its November 2021 production update, reporting the mining of 265 Bitcoin, averaging 8.83 Bitcoin daily. The company maintains a total Bitcoin reserve of 5,242 and has implemented high-performance NVIDIA chips for Ethereum mining, generating approximately $140,000 in daily revenue. The cost of mining remains low at about $3,000 per Bitcoin, yielding impressive unit margins over 95%. Hut 8 continues its commitment to a Hodl strategy, ensuring that all mined Bitcoin is deposited into custody.
Hut 8 Mining Corp. (HUT) has announced a change in auditors following the resignation of Dale Matheson Carr-Hilton Labonte LLP effective November 16, 2021. The Board has appointed Raymond Chabot Grant Thornton LLP as the new auditor, effective November 30, 2021. There were no disagreements with the former auditor regarding audit practices or financial disclosures, and no reportable events occurred during their tenure. Hut 8 emphasizes a smooth transition and continues its commitment to shareholder value through its digital asset mining operations.
Hut 8 Mining Corp. (Nasdaq: HUT, TSX: HUT) announced its participation in the D.A. Davidson 2021 FinTech and Payment Spotlight Conference on December 2, 2021. As one of North America's largest digital asset miners, Hut 8 supports decentralized systems since 2018. The company operates three sites with high capacity and holds the most self-mined Bitcoin globally. Hut 8 emphasizes a diversified revenue strategy, including digital asset mining, compute hosting, and yield programs. The company aims to protect shareholder value and drive innovation in the digital asset space.
Hut 8 Mining Corp. (HUT) reported strong Q3-2021 financial results, achieving record revenue of CAD 50.3 million, driven by self-mining that generated CAD 47.9 million. The company mined 905 Bitcoin, raising its total reserve to approximately 5,053 Bitcoin valued at CAD 430 million. A significant milestone includes the complete delivery of 10,000 NVIDIA GPUs, enhancing efficiency with mining costs under CAD 3,000 per Bitcoin. The company’s strong performance resulted in net income of CAD 23.4 million and a cash reserve of CAD 223.2 million.
Hut 8 Mining Corp. announced its plan to release financial results for Q3 2021, concluding on September 30, 2021, and will host a conference call on November 11, 2021, at 10:00 AM ET. Shareholders can access the results through a press release on their website before 9:30 AM ET on the same day. Hut 8, a major player in North America's digital asset mining sector, emphasizes its commitment to Bitcoin and innovative mining strategies while maintaining a robust balance sheet.
Hut 8 Mining Corp. has announced the development of its third mining site in North Bay, Ontario, in partnership with Validus Power Corp. This site will initiate operations with 35MW of capacity and is projected to be operational by the end of 2021. The facility will utilize a combination of by-product steam, hydrogen, and natural gas to generate power. Hut 8 aims to enhance its sustainable energy strategy as it grows its digital asset mining operations, continuing to establish its position as a leading Bitcoin miner.
On October 21, 2021, Hut 8 Mining Corp. (HUT) announced a strategic purchase of 12,000 MicroBT miners for $58.7 million USD, enhancing its Bitcoin mining capacity. This acquisition, costing about $50/Terahash, is set to increase their production by 1.17 EH/s, bringing the total contracted capacity to approximately 3.57 EH/s by December 2022. The miners will be deployed across Hut 8's existing sites in Alberta and a new site under development. Hut 8 continues to emphasize its commitment to Bitcoin mining and holding, positioning itself as a leader in the digital asset sector.
Hut 8 Mining Corp. reported a production update for September 2021, mining 264 Bitcoin with a daily average of 9.11 Bitcoin. The company holds 4,724 Bitcoin in reserve and follows a Hodl strategy by depositing all mined Bitcoin. Furthermore, Hut 8 deployed 600 servers with NVIDIA CMP GPUs, generating approximately $25,000 CAD daily. The full capacity could reach $110,000 CAD daily, though deployment faced supply chain challenges. Hut 8 remains committed to exceeding 5,000 self-mined Bitcoin by the end of Q4 2021.
Hut 8 Mining Corp. has successfully completed its underwritten public offering of common shares, raising gross proceeds of US$172,560,375 by selling 20,182,500 shares at US$8.55 each. The funds will support business growth, including capital investments in digital asset mining equipment, working capital, and potential strategic partnerships. The offering was managed by Canaccord Genuity and other firms, with regulatory filings made in both the U.S. and Canada. Hut 8, recognized as a leader in digital asset mining, is committed to holding Bitcoin and enhancing shareholder value.
Hut 8 Mining Corp. has priced its underwritten public offering of 17,550,000 common shares at US$8.55 per share, raising total gross proceeds of US$150,052,500. The offering is expected to close on September 17, 2021, pending standard conditions. An over-allotment option allows underwriters to purchase an additional 2,632,500 shares within 30 days post-closing. Proceeds will fund capital investments in digital asset mining equipment, support working capital, and facilitate potential strategic partnerships.
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