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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 Corp. (Nasdaq | TSX: HUT) has launched its GPU-as-a-service vertical, marking a significant expansion in its compute layer. The company has deployed 1,000 NVIDIA H100 GPUs for an AI cloud developer in a tier-three data center in Chicago. This cluster, comprising multiple Hewlett Packard Enterprise Cray supercomputers, was designed and configured in partnership with HPE and AdvizeX.
The five-year agreement with the AI cloud developer includes fixed infrastructure payments and revenue-sharing. This move diversifies Hut 8's compute offerings, which now encompass AI compute, Bitcoin mining, and traditional cloud services. CEO Asher Genoot emphasized that this strategic expansion aligns with the company's disciplined capital allocation approach and is expected to drive topline growth, revenue diversification, and long-term value creation.
Hut 8 Corp. (Nasdaq | TSX: HUT) has expanded its partnership with BITMAIN Technologies , launching the U3S21EXPH, a next-generation ASIC miner. This model, featuring direct liquid-to-chip (DLC) cooling within a U form factor, is capable of achieving up to 860 terahash at an efficiency of 13 joules per terahash. Hut 8 plans to deploy ~15 EH/s in Q2 2025 through a hosting agreement with an option to purchase.
Key advancements include the introduction of DLC cooling technology, evolution to a U form factor compatible with HPC-style architecture, and potential for greater supply chain synchronization. Hut 8 has developed custom data center infrastructure to house the initial deployment at densities up to ~180 kW per rack.
Hut 8 Corp. (Nasdaq | TSX: HUT), a leading Bitcoin miner, released its operations update for August 2024. Key highlights include:
- Maintained focus on low-cost operations and unit economics
- Advanced commercialization efforts for 205-megawatt site in Texas Panhandle
- Energized Building 1 at Cedarvale, on track to bring remaining three buildings online by December
- Total energy capacity under management: 762 MW
- Total hashrate under management: 18.5 EH/s
- Self-Mining Bitcoin production: 87 BTC
- Bitcoin on balance sheet: 9,105 BTC
The company continues to prioritize maximizing returns from its current fleet while planning a structured upgrade to next-generation ASICs.
Hut 8 Corp. (Nasdaq | TSX: HUT) reported its Q2 2024 financial results, highlighting a revenue increase of 72% to $35.2 million compared to the prior year period. The company's Digital Assets Mining segment saw gross margins rise to 46% from 34% year-over-year. Hut 8 mined 279 Bitcoin during the quarter and held a total of 9,102 self-mined Bitcoin as of June 30, 2024, valued at approximately $570.5 million. The company's energy cost per kilowatt-hour decreased by 21% from Q1 2024 to Q2 2024. Hut 8 also announced a $150 million strategic investment from Coatue to partner in building AI infrastructure. Despite these positive developments, the company reported a net loss of $71.9 million, primarily due to losses on digital assets fair value adjustment of $71.8 million.
Hut 8 Corp. (Nasdaq | TSX: HUT), a leading Bitcoin miner and energy infrastructure operator, has announced Sean Glennan as its new Chief Financial Officer, effective August 21, 2024. Glennan, with nearly 20 years of financial services experience, joins from Citigroup's Global Power, Utilities & Renewables group, where he advised on over $80 billion in M&A and capital markets activity. He replaces Shenif Visram, who is stepping down for personal reasons but will oversee the transition.
CEO Asher Genoot highlighted Glennan's strategic, financial, and capital markets expertise as important for Hut 8's future plans, particularly in scaling their platform through M&A deals. Glennan expressed enthusiasm for joining Hut 8, citing its market positioning and growth potential.
Hut 8 Corp. (Nasdaq | TSX: HUT), a leading Bitcoin miner, released its July 2024 operations update. Key highlights include:
- Announced plans for a 205 MW site in Texas adjacent to a windfarm
- Total energy capacity under management: 762 MW
- Total hashrate under management: 18.0 EH/s
- Self-mining deployed miners: 58.2K
- Self-mining hashrate: 5.5 EH/s
- Bitcoin produced in July: 105 BTC
- Bitcoin on balance sheet: 9,102 BTC
CEO Asher Genoot noted ongoing optimization efforts, including reduced energy costs and improved data science platform. The company now manages energy infrastructure representing 1.3 gigawatts of power capacity.
Hut 8 Corp. (Nasdaq | TSX: HUT), a leading vertically integrated operator of large-scale energy infrastructure and one of North America's largest Bitcoin miners, has announced a conference call and webinar scheduled for August 13, 2024. The event, set to begin at 8:30 a.m. ET, will review the company's second quarter 2024 financial results. Hut 8 executives will present the results, which will be shared via media release and on the company's website prior to the call. Analysts, media, and investors are invited to attend the webcast or register for the conference call to participate in the discussion of Hut 8's Q2 2024 performance.
Hut 8 has entered into a power purchase agreement (PPA) and other definitive agreements for a site in West Texas, securing exclusive access to 205 megawatts of immediately available power capacity. This marks Hut 8's first transaction to convert from its previously announced 1,100 megawatt energy capacity development pipeline. The site, adjacent to a wind farm and connected to the ERCOT grid, offers some of the lowest locational wholesale power pricing in North America. Engineering, procurement, and construction efforts for a new data center are underway, aimed at supporting high-density compute applications, including Bitcoin mining and AI. This transaction is expected to expand Hut 8's energy infrastructure platform to approximately 1.3 gigawatts across various verticals.
Hut 8 announced a $150 million investment from Coatue to enhance its AI infrastructure. The company also completed optimization efforts at its Salt Creek facility, improving miner deployment and productivity. Additionally, Hut 8's new AI vertical, which includes 512 configured NVIDIA H100 GPUs, is projected to generate around $20 million annually starting H2 2024. Key operating metrics for June show 762 MW energy capacity, 17.8 EH/s total hashrate, and a notable increase in Bitcoin production to 107 BTC from 91 BTC in May. The company's managed services now oversee 582 MW energy capacity and 23.1K miners.
Hut 8 has successfully closed a $150 million convertible note investment from Coatue Management. This significant investment aims to bolster Hut 8's energy infrastructure and Bitcoin mining operations. Hut 8, listed on Nasdaq and TSX under the symbol HUT, plans to leverage the exemption in Section 602.1 of the TSX Company Manual, which allows certain standards to be waived for 'Eligible Interlisted Issuers'. Details of the transaction and the Note Purchase Agreement are available on Hut 8's website and the SEC's Form 8-K filing.
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