press release

Hut 8 Operations Update for June 2024

Jul 3, 2024
Posted by  Hut 8

  • 17.8 EH/s and 762 MW under management
  • $150 million investment from Coatue to support the buildout of next generation AI infrastructure platform
  • Near-term visibility to conversion of projects in previously announced pipeline of 1,100 MW of energy under exclusivity
  • AI vertical expected to begin generating revenue in H2 2024
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Notes
  1. As of the end of the period
  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”).
  3. Includes 215 megawatts assuming full capacity at Cedarvale, which was first energized in April and is currently under construction.
  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
  5. Includes all Self-Mining, Managed Services, and Hosting hashrate, including 100% of the hashrate at the King Mountain site.
  6. Self-Mining operations for Hut 8 include 100% of operations at the King Mountain site.
  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 49.4K during June and 48.2K during May.
  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 4.8 EH/s during June and 4.6 EH/s during May.
  9. Bitcoin produced net of the 50% share of the King Mountain JV held by Hut 8’s joint venture partner was 90 BTC during June and 74 during May.
  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 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.
  11. Miners are rounded to the nearest 100.
  12. 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 June and May.
  13. 6 EH/s under management net of Hut 8’s joint venture partner’s 50% share of the King Mountain JV during June and May.
  14. Site currently shut down; Hut 8 maintaining lease with option value of re-energizing site.
  15. Owned by a JV between Hut 8 and Macquarie in which Hut 8 has an approximately 80% membership interest.