Welcome to our dedicated page for Hut 8 Mining news (Ticker: HUT), a resource for investors and traders seeking the latest updates and insights on Hut 8 Mining stock.
Hut 8 Mining Corp. (HUT) operates at the intersection of energy infrastructure and digital innovation, specializing in Bitcoin mining and high-performance computing solutions. This page serves as the definitive source for verified company developments, offering stakeholders timely access to operational and financial updates.
Investors and analysts will find comprehensive coverage of earnings announcements, technology deployments, and strategic partnerships. Track key initiatives spanning ASIC mining efficiency improvements, GPU-as-a-service expansions, and energy management innovations across North American facilities.
Our curated news collection features press releases on operational milestones, executive appointments, and infrastructure investments. Content is rigorously verified to ensure compliance with financial disclosure standards while maintaining accessibility for both institutional and individual investors.
Bookmark this page for real-time updates on Hut 8's evolving role in cryptocurrency mining and energy infrastructure development. Visit regularly to stay informed about critical announcements impacting the company's market position and technological leadership.
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.
Hut 8, a major Bitcoin mining company, is set to join the Russell 3000® Index on July 1, 2024, following the annual reconstitution of the Russell U.S. Indexes. This inclusion highlights Hut 8's growing market capitalization and will enhance its liquidity and visibility. Membership in the Russell 3000® Index also means automatic inclusion in either the large-cap Russell 1000® Index or the small-cap Russell 2000® Index, along with relevant growth and value style indexes. CEO Asher Genoot emphasized that this milestone aligns with the company's goal of maximizing shareholder value. The Russell indexes are widely used by investment managers, with approximately $10.5 trillion benchmarked against them.
Hut 8 announced a $150 million strategic investment from Coatue to enhance its AI infrastructure. This funding will be through a convertible note with an 8% annual interest rate and a five-year term, extendable for up to three additional years. The note has a conversion price set at $16.395 per share, a 45% premium to the recent stock price. Hut 8 aims to leverage this investment to expand its data center portfolio and meet the growing demand for AI compute capacity. The transaction is expected to close by July 11, 2024, pending customary conditions.