Hut 8 Operations Update for April 2024
In This Article:
26.6 EH/s and 1.2 GW under management
Salt Creek site fully energized and Cedarvale site partially energized
MIAMI, May 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 April 2024.
“Amidst the backdrop of the halving, the operational capabilities of our team enabled us to maximize deployed hashrate as we completed the relocation of our fleet from hosted to owned facilities and brought new capacity online,” said Asher Genoot, CEO of Hut 8. “At Salt Creek, we energized 63 megawatts, totaling nearly 18,000 miners, just over three months after breaking ground at the greenfield site, which brings our current self-mining hashrate to 5.5 exahash per second.”
“The miners deployed at Salt Creek were relocated from Kearney and Granbury, with operations of those sites now fully transitioned to the new owner. In eight days, we removed more than 25,000 miners on 440 pallets in 20 loaded 53-foot transports, a testament to our team’s ability to execute complex operational activities efficiently to minimize downtime in our fleet,” said Genoot.
“We also partially energized Cedarvale, a 215 megawatt site in Ward County, Texas, on behalf of our partner Ionic Digital. Our Managed Services business continues to serve as a key driver of growth and profitability for Hut 8 as we navigate post-halving market conditions and execute on our restructuring plan.”
Highlights:
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63 MW brought online at Salt Creek on schedule, with all-in cost expected to total less than $275,000 per megawatt pending completion of the project.
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Partially energized Ionic Digital’s 215 MW Cedarvale site, with thousands of miners currently hashing and construction ongoing.
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Fulfilled transition-related responsibilities at Kearney and Granbury and are now entitled to receive an early termination fee of $13.5 million.
Operating Metrics
| Average during the period unless otherwise noted | April 2024 | March 2024 |
| Total energy capacity under management1,2,3 | 1,162 MW | 884 MW |
| Total deployed miners under management4 | 250.1K | 241.6K |
| Total hashrate under management5 | 26.6 EH/s | 25.5 EH/s |
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| Self-Mining6 |
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| Deployed miners7 | 44.9K | 55.0K |
| Deployed hashrate8 | 4.5 EH/s | 5.4 EH/s |
| Bitcoin produced1,9 | 148 BTC | 231 BTC |
| Bitcoin on balance sheet1 | 9,109 BTC | 9,102 BTC |
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| Managed Services2,10 |
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| Energy capacity under management1 | 982 MW | 767 MW |
| Deployed miners under management1 | 214.6K | 210.5K |
| Hashrate under management | 23.0 EH/s | 22.6 EH/s |
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| Hosting |
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| Deployed miners under management11,12 | 76.7K | 76.8K |
| Hashrate under management13 | 8.7 EH/s | 8.7 EH/s |
Site Overview
| As of end of April |
| Owner | Energy Capacity | Self-Mining | Managed Services | Hosting |
| Alpha | Niagara Falls, NY | Hut 8 | 50 MW | Yes |
| Yes |
| King Mountain | McCamey, TX | Joint Venture | 280 MW | Yes | Yes | Yes |
| Medicine Hat | Medicine Hat, AB | Hut 8 | 67 MW | Yes |
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| Salt Creek | Orla, TX | Hut 8 | 63 MW | Yes |
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| Kearney | Kearney, NB | Managed | 100 MW |
| Yes |
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| Granbury | Granbury, TX | Managed | 300 MW |
| Yes |
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| Cedarvale3 | Barstow, TX | Managed | 215 MW |
| Yes |
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| Rebel14 | Midland, TX | Managed | 25 MW |
| Yes |
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| Stiles14 | Midland, TX | Managed | 20 MW |
| Yes |
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| East Stiles14 | Midland, TX | Managed | 30 MW |
| Yes |
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| Garden City14 | Midland, TX | Managed | 12 MW |
| Yes |
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| Notes: |
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| (1) | As of the end of the period |
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| (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”). |
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| (3) | Includes 215 megawatts assuming full capacity at Cedarvale, which was partially energized at the end of April. |
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| (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. |
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| (5) | Includes all Self-Mining, Managed Services, and Hosting hashrate, including 100% of the hashrate at the King Mountain site. |
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| (6) | Self-Mining operations for Hut 8 include 100% of operations at the King Mountain site. |
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| (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 35.9K during April and 46.1K during March. |
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| (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 3.6 EH/s during April and 4.5 EH/s during March. |
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| (9) | Bitcoin produced net of the 50% share of the King Mountain JV held by Hut 8’s joint venture partner was 115 BTC during April and 192 during March. |
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| (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 Kearney, Granbury, 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. |
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| (11) | Miners are rounded to the nearest 100. |
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| (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 April and March. |
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| (13) | 4.7 EH/s under management net of Hut 8’s joint venture partner’s 50% share of the King Mountain JV during April and March. |
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| (14) | Sites were previously consolidated into a single site called ‘Hotel’ but are now being reported separately. |
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