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Hut 8 Operations Update for August 2024

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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), un miner di Bitcoin leader, ha rilasciato il suo aggiornamento operativo per agosto 2024. I punti salienti includono:

  • Focus mantenuto su operazioni a basso costo e economia unitaria
  • Avanzamento degli sforzi di commercializzazione per il sito da 205 megawatt nel Texas Panhandle
  • Attivato l'Edificio 1 a Cedarvale, in programma di portare online gli altri tre edifici entro dicembre
  • Capacità energetica totale sotto gestione: 762 MW
  • Hashrate totale sotto gestione: 18,5 EH/s
  • Produzione di Bitcoin tramite auto-mining: 87 BTC
  • Bitcoin nel bilancio: 9.105 BTC

L'azienda continua a dare priorità alla massimizzazione dei ritorni dalla sua attuale flotta mentre pianifica un aggiornamento strutturato ai ASIC di nuova generazione.

Hut 8 Corp. (Nasdaq | TSX: HUT), un destacado minero de Bitcoin, publicó su actualización de operaciones para agosto de 2024. Los aspectos más destacados incluyen:

  • Mantiene el enfoque en operaciones de bajo costo y economía unitaria
  • Avanzó en los esfuerzos de comercialización para el sitio de 205 megavatios en el Texas Panhandle
  • Activó el Edificio 1 en Cedarvale, con el objetivo de poner en línea los otros tres edificios para diciembre
  • Capacidad total de energía bajo gestión: 762 MW
  • Hashrate total bajo gestión: 18.5 EH/s
  • Producción de Bitcoin mediante auto-minado: 87 BTC
  • Bitcoin en el balance: 9,105 BTC

La empresa continúa priorizando la maximización de los retornos de su flota actual mientras planea una actualización estructurada a los ASIC de próxima generación.

Hut 8 Corp. (Nasdaq | TSX: HUT), 선도적인 비트코인 채굴업체가 2024년 8월 운영 업데이트를 발표했습니다. 주요 내용은 다음과 같습니다:

  • 저비용 운영 및 단위 경제성에 대한 지속적인 집중
  • 텍사스 팬핸들에 위치한 205메가와트 사이트에 대한 상업화 노력 진행
  • 시더베일의 1번 건물 가동, 나머지 3개의 건물을 12월까지 온라인으로 전환 예정
  • 관리 중인 총 에너지 용량: 762 MW
  • 관리 중인 총 해시레이트: 18.5 EH/s
  • 셀프 마이닝 비트코인 생산: 87 BTC
  • 재무제표상의 비트코인: 9,105 BTC

회사는 현재 보유하고 있는 장비에서 최대 수익을 추구하는 동시에 차세대 ASIC으로의 구조적 업그레이드를 계획하고 있습니다.

Hut 8 Corp. (Nasdaq | TSX: HUT), un mineur de Bitcoin de premier plan, a publié sa mise à jour opérationnelle pour août 2024. Les points clés incluent :

  • Un focus maintenu sur les opérations à faible coût et l'économie unitaire
  • Avancée des efforts de commercialisation pour le site de 205 mégawatts dans le Texas Panhandle
  • Mise en service du Bâtiment 1 à Cedarvale, avec l'objectif de mettre en ligne les trois autres bâtiments d'ici décembre
  • Capacité énergétique totale sous gestion : 762 MW
  • Taux de hachage total sous gestion : 18,5 EH/s
  • Production de Bitcoin en auto-minage : 87 BTC
  • Bitcoin au bilan : 9 105 BTC

L'entreprise continue de donner la priorité à la maximisation des rendements de sa flotte actuelle tout en planifiant une mise à niveau structurée vers des ASIC de nouvelle génération.

Hut 8 Corp. (Nasdaq | TSX: HUT), ein führender Bitcoin-Miner, hat sein Betriebsupdate für August 2024 veröffentlicht. Die wichtigsten Punkte umfassen:

  • Fokus auf kosteneffiziente Betriebe und Wirtschaftlichkeit pro Einheit
  • Fortschritte in den Kommerzialisierungsbemühungen für die 205-Megawatt-Anlage im Texas Panhandle
  • Aktivierung des Gebäudes 1 in Cedarvale, mit dem Ziel, die verbleibenden drei Gebäude bis Dezember online zu bringen
  • Gesamte Energieerzeugung unter Verwaltung: 762 MW
  • Gesamte Hashrate unter Verwaltung: 18,5 EH/s
  • Selbstgeschürfte Bitcoin-Produktion: 87 BTC
  • Bitcoin im Finanzbericht: 9.105 BTC

Das Unternehmen setzt weiterhin Prioritäten zur Maximierung der Rendite seiner aktuellen Flotte und plant ein strukturiertes Upgrade auf die nächstgenetion ASICs

Positive
  • 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 for full site completion by December
  • Increased total hashrate under management to 18.5 EH/s from 18.0 EH/s in July
  • Increased Bitcoin on balance sheet to 9,105 BTC from 9,102 BTC in July
Negative
  • Decreased Bitcoin production to 87 BTC in August from 105 BTC in July

Insights

Hut 8's August update reveals a steady operational performance with a focus on cost-efficiency. The company maintained its 18.5 EH/s hashrate and 762 MW capacity under management. Notable developments include:

  • Energization of Building 1 at Cedarvale
  • Progress on Texas Panhandle site commercialization
  • Production of 987 BTC in August
  • Increased Bitcoin holdings to 9,105 BTC

While these figures demonstrate stability, the lack of significant growth might concern some investors. However, the company's focus on unit economics and low-cost operations during a typically challenging month (due to high energy costs) is prudent. The planned fleet upgrade to next-generation ASICs could boost future performance, but its impact remains to be seen.

Hut 8's operational update highlights their strategic use of technology to optimize mining operations. The deployment of Reactor, their curtailment software, is particularly noteworthy. This tool allows Hut 8 to:

  • Mine Bitcoin only when profitable
  • Reduce energy costs during peak demand periods
  • Enhance overall operational efficiency

The company's focus on next-generation ASICs for fleet upgrades indicates a forward-thinking approach to maintain competitiveness. Additionally, the ongoing development of the 205 MW Texas Panhandle site and exploration of opportunities suitable for both Bitcoin mining and AI suggest a diversification strategy that could provide resilience against market fluctuations and capitalize on emerging tech trends.

Hut 8's August performance should be viewed in the context of the broader crypto mining industry. While the company's 18.5% hashrate is substantial, it's important to monitor how this compares to competitors' growth rates. The 987 BTC produced and increased holdings to 9,105 BTC indicate a hodl strategy, which could be beneficial if Bitcoin prices appreciate.

The company's focus on low-cost operations and unit economics is prudent given the cyclical nature of the crypto market. However, investors should watch for concrete details on:

  • Timeline and cost of the planned ASIC upgrade
  • Progress on the Texas Panhandle site
  • Specific AI-related opportunities

These factors will be important in assessing Hut 8's long-term competitiveness and growth potential in an increasingly crowded and technologically advancing market.

18.5 EH/s and 762 MW under management in mining

Energized Building 1 at Cedarvale

MIAMI, Sept. 06, 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 August 2024.

“During August, we maintained our focus on low-cost operations and unit economics,” said Asher Genoot, CEO of Hut 8. “Maximizing returns from our current fleet remains a priority while we continue to plan a thoughtfully structured fleet upgrade to next-generation ASICs. Reactor, our curtailment software, enabled us to mine when profitable and keep energy costs low during what is typically the hottest month of the year.”

“We also advanced commercialization efforts for our 205-megawatt site in the Texas Panhandle, as well as large-scale opportunities in our development pipeline that are suitable for Bitcoin mining and AI. We look forward to sharing further updates on each of these growth vectors as they materialize.”

Highlights:

  • Advanced commercialization discussions for the Texas Panhandle site in parallel with ongoing engineering and procurement efforts, targeting energization in H1 2025
  • Energized Building 1 at Cedarvale during August and remain on track to bring the remaining three buildings online by December

Operating Metrics

Average during the period unless otherwise notedAugust 2024July 2024 
Total energy capacity under management1,2,3762 MW762 MW 
Total deployed miners under management4179.5K174.2K 
Total hashrate under management518.5 EH/s18.0 EH/s 
    
Self-Mining6   
Deployed miners758.5K58.2K 
Deployed hashrate85.6 EH/s5.5 EH/s 
Bitcoin produced1,987 BTC105 BTC 
Bitcoin on balance sheet19,105 BTC9,102 BTC 
    
Managed Services2,10   
Energy capacity under management1582 MW582 MW 
Deployed miners under management130.5K125.4K 
Hashrate under management13.9 EH/s13.4 EH/s 
    
Hosting   
Deployed miners under management11,1276.7K76.7K 
Hashrate under management138.5 EH/s8.5 EH/s 
    

Energy Infrastructure Platform1

    Current Revenue Stream(s)14
 
SiteLocationOwnerPower CapacitySelf-
Mining
Managed ServicesHostingHPCPower Sales 
Expansion Site 115Texas PanhandleHut 8205 MW      
Medicine HatMedicine Hat, ABHut 867 MWYes     
Salt CreekOrla, TXHut 863 MWYes     
AlphaNiagara Falls, NYHut 850 MWYes Yes   
Drumheller16Drumheller, ABHut 842 MW      
KelownaKelowna, BCHut 81.1 MW   Yes  
MississaugaMississauga, ONHut 80.9 MW   Yes  
VaughanVaughan, ONHut 80.6 MW   Yes  
Vancouver IIVancouver, BCHut 80.5 MW   Yes  
Vancouver IVancouver, BCHut 80.3 MW   Yes  
King Mountain17McCamey, TXHut 8 (JV)280 MWYesYesYes Yes 
Iroquois Falls18Iroquois Falls, ONHut 8 (JV)120 MW    Yes 
Kingston18Kingston, ONHut 8 (JV)110 MW    Yes 
North Bay18North Bay, ONHut 8 (JV)40 MW    Yes 
Kapuskasing18Kapuskasing, ONHut 8 (JV)40 MW    Yes 
Cedarvale3Barstow, TXManaged215 MW Yes    
East StilesMidland, TXManaged30 MW Yes    
RebelMidland, TXManaged25 MW Yes    
StilesMidland, TXManaged20 MW Yes    
Garden CityMidland, TXManaged12 MW Yes    
Total  1,322 MW      
          

Upcoming Conferences & Events:

  • September 9-11, 2024: H.C. Wainwright 26th Annual Global Investment Conference
  • September 25-26, 2024: TMT M&A Forum USA 2024
  • September 25-26, 2024: infra/STRUCTURE 2024
  • September 26, 2024: ArcStone-Kingswood Growth Summit 2024

Notes:

  1. As of the end of the period
  2. Includes all Self-Mining, Managed Services, and Hosting infrastructure, including 100% of the energy capacity at the King Mountain site, which is owned by the King Mountain JV in which the Company has a 50% membership interest and a Fortune 200 renewable energy producer has the remaining 50% membership interest (the “King Mountain JV”).
  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 100% of the hashrate at the King Mountain site.
  6. Self-Mining operations for Hut 8 include 100% of operations at the King Mountain site.
  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 50% share of the King Mountain JV held by Hut 8’s joint venture partner was 49.5K during August and 49.2K during July.
  8. Indicates the target hashrate of all deployed miners; deployed self-mining hashrate net of the 50% share of the King Mountain JV held by Hut 8’s joint venture partner was 4.7 EH/s during both August and July.
  9. Bitcoin produced net of the 50% share of the King Mountain JV held by Hut 8’s joint venture partner was 74 BTC during August and 88 during July.
  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 50% share of the King Mountain JV held by Hut 8’s joint venture partner during both August and July.
  13. 4.7 EH/s under management net of Hut 8’s joint venture partner’s 50% share of the King Mountain JV during both August and July, respectively.
  14. Reflects revenue sources to Hut 8, its subsidiaries, and/or joint ventures in which they participate.
  15. Site is currently under development.
  16. Site currently shut down; Hut 8 maintaining lease with option value of re-energizing site.
  17. Owned by a JV between Hut 8 and a Fortune 200 renewable energy producer in which Hut 8 has an approximately 50% membership interest.
  18. Owned by a JV between Hut 8 and Macquarie in which Hut 8 has an approximately 80% membership interest.

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 newly announced site in the Texas Panhandle. 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 maximizing returns from the Company’s current fleet, planning a thoughtfully structured fleet upgrade to next-generation ASICs, and energizing the remaining three buildings at Cedarvale by December 2024.

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 was Hut 8's (HUT) total energy capacity under management in August 2024?

Hut 8's total energy capacity under management in August 2024 was 762 MW.

How many Bitcoin did Hut 8 (HUT) produce in August 2024?

Hut 8 produced 87 Bitcoin in August 2024.

What was Hut 8's (HUT) total hashrate under management in August 2024?

Hut 8's total hashrate under management in August 2024 was 18.5 EH/s.

How many Bitcoin did Hut 8 (HUT) have on its balance sheet at the end of August 2024?

Hut 8 had 9,105 Bitcoin on its balance sheet at the end of August 2024.

What progress did Hut 8 (HUT) make on its Cedarvale site in August 2024?

Hut 8 energized Building 1 at Cedarvale in August 2024 and remains on track to bring the remaining three buildings online by December.

Hut 8 Corp.

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