press release

Hut 8 Reports Second Quarter 2024 Results

Aug 13, 2024
Posted by  Hut 8

  • Revenue of $35.2 million and 9,102 self-mined Bitcoin on balance sheet as of quarter end
  • Closed $150 million strategic investment from Coatue to partner in building AI infrastructure
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Notes
  1. Cost to mine a Bitcoin (excluding hosted facilities) is equivalent to the all-in electricity cost, net of credits from participation in ancillary demand response programs, to mine a Bitcoin at owned facilities and includes the Company’s net share of the King Mountain JV.
  2. Cost to mine a Bitcoin (or weighted average cost to mine a Bitcoin) is calculated as the sum of total all-in electricity expense, net of credits from participation in ancillary demand response programs, and hosting expense divided by Bitcoin mined during the respective periods and includes the Company’s net share of the King Mountain JV.
  3. Weighted average revenue per Bitcoin mined is calculated as the sum of total self-mining revenue divided by Bitcoin mined during the respective periods and includes the Company’s net share of the King Mountain JV; it excludes discontinued operations at Drumheller, Alberta.
  4. Bitcoin mined includes the Company’s net share of the King Mountain JV and excludes discontinued operations at Drumheller, Alberta. Bitcoin mined excluding the Company’s net share of the King Mountain JV was 212 and 568 for the three months ended June 30, 2024 and 2023, respectively, and 803 and 894 for the six months ended June 30, 2024 and 2023, respectively.
  5. Energy capacity under management (mining) includes 180 MW of self-mining site capacity comprising Alpha, Medicine Hat, and Salt Creek, as well as 280 MW of capacity under management at the King Mountain JV. The remaining 302 MW is from the Company’s Managed Services agreement with Ionic Digital Inc.
  6. Total energy capacity under management includes 762 MW of energy capacity under management (mining), 310 MW of capacity from the Company’s four natural gas power generation facilities, and 3 MW of capacity from the Company’s five cloud and colocation data centers.
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Notes
  1. Net of the accretion of fair value differences of depreciable and amortizable assets included in equity in earnings of unconsolidated joint venture in the Consolidated Statements of Operations and Comprehensive Income (Loss) in accordance with ASC 323. See Note 8. Investments in unconsolidated joint venture of the Company’s Unaudited Condensed Consolidated Financial Statements for further detail.
  2. Non-recurring transactions for the three months ended June 30, 2024 represent approximately $1.5 million of miner relocation costs, $0.7 million of restructuring costs, and a $2.2 million tax refund. Non-recurring transactions for the three months ended June 30, 2023 represent a gain from a legal settlement of $1.5 million.