press release

Hut 8’s Strategic Bitcoin Reserve Surpasses $1 Billion in Market Value with Purchase of $100 Million of Bitcoin

Dec 19, 2024
Posted by  Hut 8

  • Reserve built through low-cost production and strategic at-market purchase
  • Purchased Bitcoin to support innovative financing model for fleet upgrade
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Notes
  1. Reflects Hut 8’s cost to mine for produced Bitcoin and cost to purchase for purchased Bitcoin;
  2. Reflects Hut 8’s cost to mine a Bitcoin for the three months ended September 30, 2024 of $31,482 adjusted for the impact of increased nameplate hashrate of the new miners expected to go online in Q1 2025 as part of our previously announced fleet upgrade. Hut 8’s cost to mine a Bitcoin is equivalent to the all-in electricity cost, net of credits from participation in ancillary demand response programs, to mine a Bitcoin at owned or leased sites and includes our net share of the King Mountain JV.
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