press release

Hut 8 Operations Update for December 2024

Jan 7, 2025
Posted by  Hut 8

  • Miner shipments expected to begin in January, marking key step in driving average fleet efficiency down to 19.9 J/TH
  • 205 MW Vega project advancing on track for Q2 2025 energization
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Notes
  1. All December figures exclude Hut 8’s managed services agreement with Ionic Digital Inc. (“Ionic”), which was terminated effective December 10, 2024.
  2. 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) for November 2024 only, 302 MW from Hut 8’s managed services agreement with Ionic, which was terminated effective December 10, 2024, assuming full 215 MW of capacity at Cedarvale, which was first energized in April 2024.
  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 44.5K during December and 47.2K during November.
  9. Miners are rounded to the nearest 100.
  10. 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 4.7 EH/s during December and 4.8 EH/s during November.
  11. Bitcoin produced net of the 50% share of the King Mountain JV held by Hut 8’s joint venture partner was 74 BTC during December and 79 BTC during November.
  12. Includes 968 Bitcoin pledged and transferred to a third-party wallet to finance Hut’s previously announced fleet upgrade.
  13. Managed services include (i) 280 MW of capacity under management at King Mountain and (ii) for November 2024 only, 302 MW from Hut 8’s managed services agreement with Ionic, which was terminated effective December 10, 2024, assuming the full 215 MW of capacity at Cedarvale, which was first energized in April 2024.
  14. 34.1K deployed miners under management net of the 50% share of the King Mountain JV held by Hut 8’s joint venture partner during December compared to 41.1K in November.
  15. 3.8 EH/s under management net of Hut 8’s joint venture partner’s 50% share of the King Mountain JV during December compared to 4.5 EH/s during November.
  16. Reflects revenue sources to Hut 8, its subsidiaries, and/or joint ventures in which they participate.
  17. 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.
  18. Site is currently under development.
  19. Anticipated to begin generating revenue by Q2 2025.
  20. Site currently shut down; Hut 8 maintaining lease with option value of re-energizing site.
  21. Owned by a JV between Hut 8 and a Fortune 200 renewable energy producer in which Hut 8 has an approximately 50% membership interest.
  22. Owned by a JV between Hut 8 and Macquarie in which Hut 8 has an approximately 80% membership interest.