Hut 8 Mining Stock Price, News & Analysis

Hut 8 Corp. (Nasdaq | TSX: HUT) board member Amy Wilkinson has been named to the 2024 NACD Directorship 100, an annual award recognizing influential directors and leaders in corporate governance. Wilkinson, who joined Hut 8's board following its merger with US Bitcoin Corp in 2023, serves as chair of the Nominating & Governance Committee and member of the Compensation Committee.

Wilkinson brings expertise in scaling businesses through innovation as Founder and CEO of Ingenuity, a consulting firm serving major tech companies. Her background includes roles at Stanford Graduate School of Business, Harvard Kennedy School, The White House, McKinsey & Company, and JP Morgan.

Hut 8 released its November 2024 operations update, highlighting management of 21.0 EH/s and 967 MW in mining operations. The company completed development of its R&D facility at Salt Creek and continues construction at the Vega site, targeting Q2 2025 energization. Bitcoin production reached 94 BTC for the month, with 9,122 BTC on balance sheet.

The company aims to reach approximately 24 exahash per second of self-mining hashrate with an average fleet efficiency of 15.7 joules per terahash by Q2 2025. Current operations include 56.2K deployed self-mining units generating 5.7 EH/s hashrate, alongside managed services and hosting operations managing 155.8K and 75.2K miners respectively.

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.