press release

Hut 8 Operations Update for November 2024

Dec 5, 2024
Posted by  Hut 8

  • 21.0 EH/s and 967 MW1,2 under management in mining with path to ~35 EH/s
Image
Image
Image
Notes
  1. Energy capacity under management (mining) includes (i) 180 MW of self-mining sites comprised of Alpha, Medicine Hat, and Salt Creek, (ii) 205 MW of hosting capacity at Vega, which is currently under construction, (iii) 280 MW of capacity under management at King Mountain, and (iv) 302 MW from Hut 8’s managed services agreement with Ionic Digital Inc. (“Ionic”), assuming full 215 MW of capacity at Cedarvale, which was first energized in April and is currently under construction.
  2. On November 26, 2024, Ionic provided notice that it was terminating its managed services agreement with a subsidiary of Hut 8 (the “Manager”) effective December 10, 2024. The Company believes that Ionic’s claims supporting the termination of the managed services agreement are meritless, and the Company will vigorously enforce its rights and the rights of the Manager.
  3. As of the end of the period.
  4. Includes 205 MW of capacity at Vega as the site is expected to host miners for BITMAIN.
  5. 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.
  6. Includes all Self-Mining, Managed Services, and Hosting hashrate, including 100% of the hashrate at the King Mountain site.
  7. Self-Mining operations for Hut 8 include 100% of operations at the King Mountain site.
  8. 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 47.2K during November and 48.2K during October.
  9. 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 4.8 EH/s during November and 4.7 EH/s during October.
  10. Bitcoin produced net of the 50% share of the King Mountain JV held by Hut 8’s joint venture partner was 79 BTC during November and 83 BTC during October.
  11. Managed services include (i) 280 MW of capacity under management at King Mountain and (ii) 302 MW from Hut 8’s Managed Services agreement with Ionic, assuming full 215 MW of capacity at Cedarvale, which was first energized in April and is currently under construction.
  12. Miners are rounded to the nearest 100.
  13. 1K deployed miners under management net of the 50% share of the King Mountain JV held by Hut 8’s joint venture partner during November compared to 42.6K in October.
  14. 5 EH/s under management net of Hut 8’s joint venture partner’s 50% share of the King Mountain JV during November compared to 4.7 EH/s during October.
  15. Reflects revenue sources to Hut 8, its subsidiaries, and/or joint ventures in which they participate.
  16. Owned denotes ownership of power infrastructure at owned or leased data center locations, except for HPC sites where owned denotes ownership of mechanical and electrical infrastructure at leased data center locations.
  17. Site is currently under development.
  18. Anticipated to begin generating revenue by Q2 2025.
  19. Site currently shut down; Hut 8 maintaining lease with option value of re-energizing site.
  20. Owned by a JV between Hut 8 and a Fortune 200 renewable energy producer in which Hut 8 has an approximately 50% membership interest.
  21. Owned by a JV between Hut 8 and Macquarie in which Hut 8 has an approximately 80% membership interest.