Hut 8 Mining Stock Price, News & Analysis

Hut 8, a leading Bitcoin miner and energy infrastructure operator, announced three significant capital market updates. The company has established an ATM Program allowing the sale of common stock up to $500 million and launched a $250 million stock repurchase program to buy back up to 4,683,936 shares (5% of outstanding shares) over 12 months.

Additionally, Coatue, a key investor, has consented to the stock repurchase program. The company plans to use ATM proceeds for growth initiatives, including power and digital infrastructure assets acquisition, Bitcoin purchases, capital expenditures, working capital, securities repurchases, and debt repayment. The stock repurchases will be made through Nasdaq at prevailing market prices.

Hut 8 reported Q3 2024 financial results with revenue of $43.7 million, net income of $0.9 million, and Adjusted EBITDA of $5.6 million. The company mined 234 Bitcoin at a weighted average revenue of $61,025 per Bitcoin, compared to a mining cost of $31,482. Key developments include a partnership with BITMAIN for ~15 EH/s colocation, launch of GPU-as-a-Service business, and an ASIC fleet upgrade expected to improve efficiency by 37%. The company holds 9,106 Bitcoin valued at $576.5 million and $72.9 million in cash as of September 30, 2024.

Hut 8 has announced the purchase of 31,145 BITMAIN Antminer S21+ miners at $15.00 per terahash, with delivery expected in early Q1 2025. The upgrade will enhance 111 MW of self-mining capacity, increasing hashrate by ~66% to ~9.3 EH/s and improving fleet efficiency by ~37% from 31.7 to 19.9 J/TH. Combined with their previous purchase option for ~15 EH/s of hosted U3S21EXPH ASIC miners at the Vega site, this creates a pathway to achieve ~24 EH/s of self-mining hashrate with an average fleet efficiency of 15.7 J/TH by Q2 2025.

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 Corp. (Nasdaq | TSX: HUT), a leading Bitcoin miner and energy infrastructure operator in North America, has scheduled its Q3 2024 earnings conference call for November 13, 2024, at 8:30 a.m. ET. The company will review its third-quarter financial results during the webinar, which will be accessible to analysts, media, and investors. Hut 8's operations span across twenty sites, including eleven Bitcoin mining locations in Alberta, New York, and Texas, five high-performance computing data centers in British Columbia and Ontario, and four power generation assets in Ontario.

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) announced the conversion of its subsidiary's ~$38 million outstanding loan with Anchorage Digital into common stock. The conversion was executed at $16.395 per share, representing a 51% premium to the 20-Day VWAP through September 26, 2024. This move strengthens Hut 8's financial position, reducing leverage and positioning the company to advance discussions with potential counterparties and execute on the development of next-generation mining and AI data centers.

Anchorage Digital's CEO, Nathan McCauley, expressed confidence in Hut 8's ability to innovate and adapt in an evolving market. Hut 8's CEO, Asher Genoot, acknowledged Anchorage Digital's instrumental role in the company's growth and emphasized their focus on disciplined and creative capital deployment.

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.