Purpose-built software and firmware improving operating efficiencies
Company signed multi-year managed services agreement with Ionic Digital
With 9,116 Bitcoin on balance sheet, Hut 8 continues to have significant holdings giving it optionality ahead of the halving
MIAMI, Feb. 06, 2024 (GLOBE NEWSWIRE) — Hut 8 Corp. (Nasdaq | TSX: HUT), (“Hut 8” or the “Company“) one of North America’s largest, most innovative digital asset mining pioneers and high performance computing infrastructure providers is proud to share its operations report for January 2024.
| January 2024 | December 2023 | |
| Total energy capacity under management | 839 MW1 | 839 MW1 |
| Total deployed miners under management | 214,6822 | 205,7592 |
| Total hashrate under management | 22.3 EH/s3 | 21.5 EH/s3
|
|
Self-Mining4 |
||
| Deployed miners5 | 73,140 | 73,943 |
| Deployed hashrate6 | 7.2 EH/s | 7.2 EH/s |
| Bitcoin produced | 339 BTC | 453 BTC |
| Bitcoin on balance sheet7 | 9,116 BTC | 9,195 BTC |
| Managed Services8 | ||
| Energy capacity under management | 680 MW | 680 MW |
| Deployed miners under management | 178,727 | 166,347 |
| Hashrate under management | 19.0 EH/s | 17.9 EH/s |
| Hosting | ||
| Deployed miners under management | 73,939 | 76,734 |
| Hashrate under management | 8.4 EH/s | 8.6 EH/s |
Notes:
(1) Includes all Self-Mining, Managed Services, and Hosting infrastructure, including 100% of the energy capacity at the Echo site (King Mountain, TX).
(2) Includes all miners that are racked in Self-Mining, Managed Services, and Hosting infrastructure with power and networking, including all miners at the Echo site (King Mountain, TX).
(3) Includes all Self-Mining, Managed Services, and Hosting hashrate, including 100% of the hashrate at the Echo site (King Mountain, TX).
(4) Self-Mining operations for Hut 8 Corp. include all operations at the Echo site (King Mountain, TX).
(5) Deployed miners are defined as miners that are physically racked, with power and networking.
(6) Indicates the target hashrate of all deployed miners.
(7) As of month-end.
(8) 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 Charlie, Delta, and Echo – site details below). 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.
“In January, we continued to realize efficiencies from both ramping up use of our previously installed purpose-built software in Canada and success from deploying firmware at our Echo site to help optimize our hashrate, which is enabling us to dynamically overclock machines when its economically advantageous for us to enhance production,” said Asher Genoot, President of Hut 8. “In January, we saw unusually severe weather events in both Texas and Alberta, and we powered down temporarily to help support the grid. In addition, we signed a four year agreement with Ionic Digital that includes a possible fifth year extension and look forward to ultimately adding more than 12 EH/s of capacity and 300 MW of infrastructure to our managed services business beginning in February.”
Highlights:
- On February 2, Hut 8 announced that it will be concluding managed services at Kearney, Nebraska and Granbury, Texas on April 30, 2024 and will be paid a $13,568,000 termination fee in the 30 days following the termination.
- The team performed preventative maintenance on key infrastructure that required some of Hut 8’s machines to be temporarily offline during the month.
- Pre-construction work is underway at the 63 MW site acquired by Hut 8 in Culberson County, Texas.
- Hut 8’s digital asset mining geographical footprint includes the following sites as of February 1, 2024:
|
Owner |
Energy
Capacity |
Self-
Mining |
Managed
Services |
Hosting | ||
| Alpha | Niagara Falls, NY | Hut 8 | 50 MW | Yes | Yes | |
| Charlie | Kearney, NB | Managed1 | 100 MW | Yes | Yes | |
| Delta | Granbury, TX | Managed1 | 300 MW | Yes | Yes | |
| Echo | King Mountain, TX | Joint Venture2 | 280 MW | Yes | Yes | Yes |
| Foxtrot | Medicine Hat, AB | Hut 8 | 67 MW | Yes | ||
| Golf | Drumheller, AB | Hut 8 | 42 MW | Yes | ||
| Hotel 1 | Midland, TX | Managed1 | 25 MW | Yes | ||
| Hotel 2 | Midland, TX | Managed1 | 20 MW | Yes | ||
| Hotel 3 | Midland, TX | Managed1 | 30 MW | Yes | ||
| Hotel 4 | Midland, TX | Managed1 | 12 MW | Yes |
Notes:
(1) Hut 8’s Managed Services subsidiaries lead all aspects of site operations, including accounting, curtailment, and customer relations at the Charlie and Delta sites, which are owned by a third party, and the Hotel 1-4 sites, which are owned by Ionic Digital. The Managed Services subsidiaries also lead all aspects of site operations at the Echo site.
(2) The Company has a 50% membership interest in the Echo site. The remaining 50% membership interest is held by a Fortune 200 renewable energy producer.
