Hut 8 Corp. (Nasdaq | TSX: HUT), ("
Hut 8” or
the “
Company”) one of North America’s largest,
most innovative digital asset mining pioneers and high performance
computing infrastructure providers is proud to share its first
operational update with more detailed reporting metrics following
the completion of the business combination pursuant to which Hut 8
Mining Corp. and U.S. Data Mining Group, Inc. dba US Bitcoin Corp
(“USBTC”) combined in an all-stock merger of equals to form the
Company.
Hut 8’s expanded digital asset mining geographical footprint now
includes the following sites:
|
|
Owner |
Energy Capacity |
Self-Mining |
Managed Services |
Hosting |
Alpha |
Niagara Falls, NY |
Hut 8 |
50 MW |
Yes |
|
Yes |
Charlie |
Kearney, NB |
Managed1 |
100 MW |
Yes |
Yes |
|
Delta |
Granbury, TX |
Managed1 |
300 MW |
Yes |
Yes |
|
Echo |
King Mountain, TX |
Joint Venture2 |
280 MW |
Yes |
Yes |
Yes |
Foxtrot |
Medicine Hat, AB |
Hut 8 |
67 MW |
Yes |
|
|
Golf |
Drumheller, AB |
Hut 8 |
42 MW |
Yes |
|
|
Notes:(1) Hut 8’s Managed Services subsidiaries lead all aspects
of site operations, including accounting, curtailment, and customer
relations at the Charlie and Delta sites, which are owned by a
multi-billion dollar AUM sustainable infrastructure investment
firm. The Managed Services subsidiaries also lead all aspects of
site operations at the Echo site.(2) The Company has a 50%
membership interest in the Echo site. The remaining 50% membership
interest is held by a Fortune 200 renewable energy producer.
“Our first operations report since completing our merger at the
end of November not only showcases the diversification of our power
and business portfolios across our North American-wide operations,
but it also quantifies the significant scale that our business
combination has created,” said Jaime Leverton, CEO of Hut 8. "As we
move forward as a new, strengthened team, we are prioritizing
improving the efficiency of our self-mining operations,
particularly in Canada, while simultaneously pursuing near-term
growth initiatives that we believe will more favourably position
Hut 8 leading into the New Year.”
|
November 2023 |
October 2023 |
October 2023 |
|
Hut 8 Corp. |
Hut 8 Mining Corp. |
USBTC |
Total energy capacity under
management |
839 MW1 |
109 MW |
730 MW1 |
Total deployed miners under
management |
207,3992 |
28,750 |
181,3292 |
Total hashrate under
management |
21.6 EH/s3 |
2.6 EH/s |
18.6 EH/s3 |
Self-Mining4 |
|
|
|
Deployed miners5 |
75,078 |
28,750 |
46,225 |
Deployed hashrate6 |
7.3 EH/s |
2.6 EH/s |
4.7 EH/s |
Bitcoin produced |
390 BTC |
112 BTC |
280 BTC |
Bitcoin on balance sheet7 |
9,129 BTC |
9,113 BTC |
28 BTC |
Managed
Services8 |
Energy capacity under
management |
680 MW |
N / A |
680 MW |
Deployed miners under
management |
166,775 |
N / A |
169,451 |
Hashrate under management |
17.9 EH/s |
N / A |
17.6 EH/s |
Hosting |
Deployed miners under
management |
76,737 |
N / A |
76,741 |
Hashrate under management |
8.6 EH/s |
N / A |
8.0 EH/s |
Notes:(1) Includes all Self-Mining, Managed Services, and
Hosting infrastructure, including 100% of the energy capacity at
the Echo site.(2) Includes all miners that are racked in
Self-Mining, Managed Services, and Hosting infrastructure with
power and networking, including all miners at the Echo site. (3)
Includes all Self-Mining, Managed Services, and Hosting hashrate,
including 100% of the hashrate at the Echo site.(4) Self-Mining
operations for Hut 8 Corp. and USBTC include all operations at the
Echo site.(5) Deployed miners are defined as miners that are
physically racked, with power and networking. (6) Indicates the
target hashrate of all deployed miners.(7) As of month-end. (8) 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 Charlie, Delta, and Echo). 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.
Highlights:
- On November 30, Hut 8 Mining Corp. and USBTC announced the
completion of their previously announced business combination
pursuant to which the companies combined in an all-stock merger of
equals (the “Transaction”) to form Hut 8 Corp, a U.S.-domiciled
entity, which began trading under the stock symbol HUT on the
Nasdaq and Toronto Stock Exchange on December 4.
- The operations team began piloting the Company’s purpose-built
software at Hut 8’s Foxtrot facility in Medicine Hat and Golf site
in Drumheller in late November, providing us with more granular
reporting on the health and efficiency of our fleet and
infrastructure.
- In mid-November, Hut 8 launched its high performance computing
Cloud Portal, which gives new and existing HPC clients direct
access to Hut 8 GPUs and seamless control to provision workloads in
just minutes through an intuitive web interface.
About Hut 8
Through innovation, imagination, and passion, Hut 8 Corp.’s
seasoned executive team is bullish on creating value at the
intersection of infrastructure and energy through Bitcoin mining
and hosting, groundbreaking managed services, energy arbitrage,
operating traditional data centers, and capitalizing on emerging
technologies like AI and machine learning. Headquartered in Miami,
Florida, Hut 8 Corp.’s infrastructure portfolio includes eleven
sites: five high performance computing data centers across
British Columbia and Ontario that offer cloud, co-location, AI,
machine learning, and VFX rendering computing solutions, and six
Bitcoin mining, hosting, and managed services sites located in
Alberta, New York, Nebraska, and Texas. Long-distinguished for
its unique treasury strategy, Hut 8 Corp. has one of the highest
inventories of self-mined Bitcoin of any publicly-traded company
globally. For more information, visit www.hut8.com and follow us on
X (formerly known as Twitter) at @Hut8Mining.
Cautionary Note Regarding Forward–Looking
Information
This press release includes “forward-looking information” and
“forward-looking statements” within the meaning of Canadian
securities laws and United States securities laws, respectively
(collectively, “forward-looking information”). All information,
other than statements of historical facts, included in this press
release that address activities, events or developments that Hut 8
and New Hut expect or anticipate will or may occur in the future,
including such things as future business strategy, competitive
strengths, goals, expansion and growth of the business, operations,
plans and other such matters is forward-looking information.
Forward-looking information is often identified by the words “may”,
“would”, “could”, “should”, “will”, “intend”, “plan”, “anticipate”,
“allow”, “believe”, “estimate”, “expect”, “predict”, “can”,
“might”, “potential”, “predict”, “is designed to”, “likely” or
similar expressions. Specifically, such forward-looking information
included in this press release includes statements relating to the
anticipated complementary strengths of the parties to the
Transaction; the diversification of the Company’s North
American-wide operations; the Company’s plans to prioritize
improvements of its self-mining operations while pursuing other
near-term growth opportunities; and future growth in economical
mining operations, high performance computing, extensive hosting
operations, and the managed services business.
Statements containing forward-looking information are not
historical facts, but instead represent management's expectations,
estimates and projections regarding future events based on certain
material factors and assumptions at the time the statement was
made. While considered reasonable by Hut 8 as of the date of this
press release, such statements are subject to known and unknown
risks, uncertainties, assumptions and other factors that may cause
the actual results, level of activity, performance or achievements
to be materially different from those expressed or implied by such
forward-looking information, including but not limited to, the
ability to realize the anticipated benefits of the Transaction or
implement the business plan for the Company, including as a result
of difficulty in integrating the businesses of the companies
involved (including the retention of key employees); the ability to
realize synergies and cost savings, and to the extent, anticipated;
the potential impact of the Transaction on mining activities; the
potential impact of the announcement of consummation of the
Transaction on relationships, including with regulatory bodies,
employees, suppliers, customers, competitors and other key
stakeholders; security and cybersecurity threats and hacks;
malicious actors or botnet obtaining control of processing power on
the Bitcoin network; further development and acceptance of the
Bitcoin network; changes to Bitcoin mining difficulty; loss or
destruction of private keys; increases in fees for recording
transactions in the Blockchain; internet and power disruptions;
geopolitical events; uncertainty in the development of
cryptographic and algorithmic protocols; uncertainty about the
acceptance or widespread use of digital assets; failure to
anticipate technology innovations; climate change; currency risk;
lending risk and recovery of potential losses; litigation risk;
business integration risk; changes in market demand; changes in
network and infrastructure; system interruption; changes in leasing
arrangements; failure to achieve intended benefits of power
purchase agreements; potential for interrupted delivery, or
suspension of the delivery, of energy to mining sites; failure to
implement business plans, forecasts, and other expectations; and
failure to identify and realize additional opportunities and other
risks related to the digital asset mining and data centre business.
For a complete list of the factors that could affect Hut 8, please
see the “Risk Factors” section of Hut 8’s Registration Statement on
Form S-4 dated November 7, 2023, available under New Hut’s EDGAR
profile at www.sec.gov, in addition to the “Risk Factors” section
of Hut 8 Mining Corp.’s Annual Information Form dated March 9,
2023, and Hut 8 Mining Corp.’s other continuous disclosure
documents which are available under Hut 8 SEDAR+ profile
at www.sedarplus.ca and under Hut 8 Mining Corp.’s EDGAR
profile at www.sec.gov.
Hut 8 Corp. Investor Relations
Sue Ennis
sue@hut8.io
Hut 8 Corp. Media Relations
Erin Dermer
erin.dermer@hut8.io
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