Hut 8 Operations Update for December 2024
Hut 8 Corp released its December 2024 operations update, highlighting significant developments in its mining infrastructure. The company expects to begin miner shipments in January, aiming to reduce average fleet efficiency to 19.9 joules per terahash. The 205 MW Vega project is progressing on schedule for Q2 2025 energization.
Key operational metrics for December 2024 include: total energy capacity under management of 665 MW, 121.4K total deployed miners, and 13.2 EH/s total hashrate. The company produced 89 Bitcoin and holds 10,171 BTC in reserve. The company completed the transition of operations at Ionic Digital's Texas sites and is advancing AI data center development opportunities.
The Vega site implementation will feature rack-based Tier I data center architecture with direct-to-chip liquid cooling, targeting up to 200 kilowatts per rack. This could enable approximately 24 exahash per second of self-mining hashrate with an average fleet efficiency of 15.7 joules per terahash by Q2 2025.
Hut 8 Corp ha rilasciato l'aggiornamento delle operazioni di dicembre 2024, evidenziando sviluppi significativi nella sua infrastruttura mineraria. L'azienda prevede di iniziare le spedizioni dei miner a gennaio, puntando a ridurre l'efficienza media della flotta a 19,9 joules per terahash. Il progetto da 205 MW Vega sta procedendo secondo il programma per l'attivazione prevista nel secondo trimestre del 2025.
I principali parametri operativi per dicembre 2024 includono: capacit脿 energetica totale sotto gestione di 665 MW, 121,4K miner in totale dispiegati e 13,2 EH/s di hashrate totale. L'azienda ha prodotto 89 Bitcoin e detiene 10.171 BTC in riserva. L'azienda ha completato la transizione delle operazioni nei siti in Texas di Ionic Digital e sta avanzando nelle opportunit脿 di sviluppo di centri dati AI.
Implementazione del sito Vega presenter脿 un'architettura di centro dati rack-based di Tipo I con raffreddamento a liquido diretto al chip, mirando fino a 200 kilowatt per rack. Questo potrebbe consentire circa 24 exahash al secondo di hashrate di auto-mining con un'efficienza media della flotta di 15,7 joules per terahash entro il secondo trimestre del 2025.
Hut 8 Corp public贸 su actualizaci贸n de operaciones de diciembre de 2024, destacando desarrollos significativos en su infraestructura minera. La compa帽铆a espera comenzar los env铆os de mineros en enero, con el objetivo de reducir la eficiencia media de la flota a 19.9 joules por terahash. El proyecto de 205 MW Vega avanza seg煤n lo programado para la energizaci贸n en el segundo trimestre de 2025.
Los principales indicadores operativos para diciembre de 2024 incluyen: capacidad total de energ铆a bajo gesti贸n de 665 MW, 121.4K mineros desplegados en total y 13.2 EH/s de hashrate total. La compa帽铆a produjo 89 Bitcoin y mantiene 10,171 BTC en reserva. La empresa finaliz贸 la transici贸n de operaciones en los sitios de Ionic Digital en Texas y est谩 avanzando en las oportunidades de desarrollo de centros de datos de inteligencia artificial.
La implementaci贸n del sitio Vega contar谩 con una arquitectura de centro de datos de rack de Nivel I con refrigeraci贸n l铆quida directa al chip, apuntando a hasta 200 kilovatios por rack. Esto podr铆a permitir aproximadamente 24 exahash por segundo de hashrate de auto-minado con una eficiencia media de flota de 15.7 joules por terahash para el segundo trimestre de 2025.
Hut 8 Corp電� 2024雲� 12鞗� 鞖挫榿 鞐呺嵃鞚错姼毳� 氚滍憸頃橂┌, 甏戩偘 鞚疙攧霛检棎靹滌潣 欷戩殧頃� 氚滌爠鞚� 臧曥“頄堨姷雼堧嫟. 鞚� 須岇偓電� 1鞗旍棎 毂勱荡旮� 氚办啞鞚� 鞁滌瀾頃� 瓴冹溂搿� 鞓堨儊頃橁碃 鞛堨溂氅�, 韽夑窢 頂岆 須湪靹膘潉 韰岆澕頃挫嫓雼� 19.9 欷勲 臧愳唽鞁滍偆電� 瓴冹潉 氇╉憸搿� 頃橁碃 鞛堨姷雼堧嫟. 205 MW Vega 頂勲鞝濏姼電� 2025雲� 2攵勱赴 鞐愲剤歆�毳� 鞙勴暅 鞚检爼雽�搿� 歆勴枆霅橁碃 鞛堨姷雼堧嫟.
2024雲� 12鞗� 欤检殧 鞖挫榿 歆�響滊電�: 甏�毽� 頃橃棎 鞛堧姅 齑� 鞐愲剤歆� 鞖╇焿 665 MW, 齑� 氚办箻霅� 毂勱荡旮� 121.4K, 攴鸽Μ瓿� 齑� 頃挫嫓霠堨澊韸� 13.2 EH/s鞛呺媹雼�. 鞚� 須岇偓電� 89 牍勴姼旖旍澑鞚� 靸濎偘頄堨溂氅�, 10,171 BTC毳� 氤挫湢頃橁碃 鞛堨姷雼堧嫟. 鞚� 須岇偓電� Ionic Digital鞚� 韰嶌偓鞀� 靷澊韸胳棎靹滌潣 鞖挫榿 鞝勴櫂鞚� 鞕勲頄堨溂氅�, AI 雿办澊韯� 靹柬劙 臧滊皽 旮绊殞鞐� 雽�頃� 歆勳爠鞚� 鞚措（瓿� 鞛堨姷雼堧嫟.
Vega 靷澊韸� 甑槃鞚� 旃� 歆侅爲 雰夑皝鞚� 臧�電ロ暅 霝� 旮半皹 Tier I 雿办澊韯� 靹柬劙 鞎勴偆韰嶌矘毳� 韸轨鞙茧 頃橂┌, 霝欕嫻 斓滊寑 200韨鞕�韸鸽ゼ 氇╉憸搿� 頃橁碃 鞛堨姷雼堧嫟. 鞚措姅 2025雲� 2攵勱赴旯岇 韽夑窢 頂岆 須湪靹膘澊 韰岆澕頃挫嫓雼� 15.7欷勳澑 鞛愱皜 毂勱荡 頃挫嫓霠堨澊韸� 鞎� 24 鞐戩偓頃挫嫓毳� 臧�電ロ晿瓴� 頃� 靾� 鞛堨姷雼堧嫟.
Hut 8 Corp a publi茅 sa mise 脿 jour op茅rationnelle de d茅cembre 2024, mettant en avant des d茅veloppements significatifs dans son infrastructure mini猫re. La soci茅t茅 s'attend 脿 commencer les envois de mineurs en janvier, visant 脿 r茅duire l'efficacit茅 moyenne de la flotte 脿 19,9 joules par t茅rahash. Le projet de 205 MW Vega progresse selon le calendrier pr茅vu pour une mise en service au deuxi猫me trimestre 2025.
Les principaux indicateurs op茅rationnels pour d茅cembre 2024 incluent : une capacit茅 茅nerg茅tique totale sous gestion de 665 MW, 121,4K mineurs au total d茅ploy茅s et une hashrate totale de 13,2 EH/s. L'entreprise a produit 89 Bitcoin et d茅tient 10 171 BTC en r茅serve. La soci茅t茅 a achev茅 la transition des op茅rations sur les sites d'Ionic Digital au Texas et avance dans les opportunit茅s de d茅veloppement de centres de donn茅es en intelligence artificielle.
L'impl茅mentation du site Vega pr茅sentera une architecture de centre de donn茅es de niveau I bas茅 sur des racks avec un refroidissement liquide direct au chip, visant jusqu'脿 200 kilowatts par rack. Cela pourrait permettre environ 24 exahash par seconde de hashrate de auto-minage avec une efficacit茅 moyenne de flotte de 15,7 joules par t茅rahash d'ici le deuxi猫me trimestre 2025.
Hut 8 Corp hat sein Betriebsupdate f眉r Dezember 2024 ver枚ffentlicht und dabei bedeutende Entwicklungen in seiner Mining-Infrastruktur hervorgehoben. Das Unternehmen erwartet, dass es im Januar mit den Lieferungen der Mining-Ger盲te beginnen kann, und will die durchschnittliche Flotteneffizienz auf 19,9 Joule pro Terahash reduzieren. Das 205-MW Vega-Projekt verl盲uft planm盲脽ig f眉r die Inbetriebnahme im 2. Quartal 2025.
Wichtige Betriebskennzahlen f眉r Dezember 2024 umfassen: eine Gesamtkapazit盲t von 665 MW, insgesamt 121,4K eingesetzte Miner und eine Gesamt-Hashrate von 13,2 EH/s. Das Unternehmen produzierte 89 Bitcoin und h盲lt 10.171 BTC in Reserve. Das Unternehmen hat den 脺bergang der Betriebe an den Standorten von Ionic Digital in Texas abgeschlossen und arbeitet an der Entwicklung von M枚glichkeiten f眉r KI-Datenzentren.
Die Implementierung der Vega-Standorte wird eine rackbasierte Tier-I-Datenzentrum-Architektur mit direkter Chipfl眉ssigkeitsk眉hlung umfassen, die auf bis zu 200 Kilowatt pro Rack abzielt. Dies k枚nnte bis zum 2. Quartal 2025 eine Selbst-Mining-Hashrate von etwa 24 Exahash pro Sekunde bei einer durchschnittlichen Fleet-Effizienz von 15,7 Joule pro Terahash erm枚glichen.
- Vega project on track for Q2 2025 energization with 205 MW capacity
- Infrastructure upgrades progressing to improve fleet efficiency to 19.9 J/TH
- Potential to achieve 24 EH/s of self-mining hashrate by Q2 2025
- Holds 10,171 BTC in reserve
- Total hashrate under management increased to 13.2 EH/s from 21.0 EH/s in previous month
- Monthly Bitcoin production decreased to 89 BTC from 94 BTC in November
- 968 Bitcoin pledged and transferred to third-party wallet for fleet upgrade financing
- Temporary offline periods for current fleet during infrastructure enhancements
- Termination of Ionic Digital managed services agreement effective December 10, 2024
Insights
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
MIAMI, Jan. 07, 2025 (GLOBE NEWSWIRE) -- Hut 8 Corp. (Nasdaq | TSX:听HUT) (鈥淗ut 8鈥� or the 鈥淐ompany鈥�), a leading, vertically integrated operator of large-scale energy infrastructure and one of North America鈥檚 largest Bitcoin miners, today released its operations update for December 2024.
鈥淪ite infrastructure upgrades continue to advance on schedule, positioning us well to launch our initial fleet upgrade in Q1 2025,鈥� said Asher Genoot, CEO of Hut 8. 鈥淲ith miner production underway, we anticipate shipments to begin in January鈥攁 key step in driving our average fleet efficiency down to an expected 19.9 joules per terahash. To optimize miner performance, we continue to take tranches of our current fleet offline to complete infrastructure enhancements at our sites.鈥�
鈥淎s we look to the future, we continue to focus on high-impact projects in both AI and Bitcoin mining. This includes a pipeline of several large-scale AI data center developments at various stages of exploration and development, as well as our 205-megawatt Vega site, where we expect to implement our rack-based Tier I data center architecture to power ASIC compute with direct-to-chip liquid cooling at densities of up to 200 kilowatts per rack. This project creates a path to approximately 24 exahash per second of self-mining hashrate with an average fleet efficiency of 15.7 joules per terahash as early as Q2 2025 assuming we exercise our purchase option for hosted machines at the site.鈥�
Highlights
- Construction at Vega advancing on track for energization in Q2 2025 (image to left)
- Upgrading infrastructure at existing sites to prepare for delivery of new miners
- Completed transition of operations at Ionic Digital鈥檚 sites in Texas
- Progressed AI data center development opportunities across development pipeline
Operating Metrics
| Average during the period unless otherwise noted1 | December 2024 | November 2024 |
| 听 | 听 | 听 |
| Total energy capacity under management (mining)2,3,4 | 665 MW | 967 MW |
| Total deployed miners under management5 | 121.4K | 201.1K |
| Total hashrate under management6 | 13.2 EH/s | 21.0 EH/s |
| 听 | 听 | 听 |
| Self-Mining7 | 听 | 听 |
| Deployed miners8,9 | 53.2K | 56.2K |
| Deployed hashrate10 | 5.5 EH/s | 5.7 EH/s |
| Bitcoin produced3,11 | 89 BTC | 94 BTC |
| Bitcoin held in reserve3 | 10,171 BTC12 | 9,122 BTC |
| 听 | 听 | 听 |
| Managed Services13 | 听 | 听 |
| Energy capacity under management3 | 280 MW | 582 MW |
| Deployed miners under management9 | 85.5K | 155.8K |
| Hashrate under management | 9.4 EH/s | 16.4 EH/s |
| 听 | 听 | 听 |
| Hosting | 听 | 听 |
| Deployed miners under management9,14 | 68.2K | 75.2K |
| Hashrate under management15 | 7.7 EH/s | 8.4 EH/s |
| 听 | ||
Energy Infrastructure Platform3
| 听 | 听 | 听 | 听 | Current/Contracted Revenue Stream(s)16 | ||||
| Site | Location | Owner17 | Power Capacity | Self- Mining | Managed Services | Hosting | HPC | Power Sales |
| Vega18 | Texas Panhandle | Hut 8 | 205 MW | 听 | 听 | Yes19 | 听 | 听 |
| Medicine Hat | Medicine Hat, AB | Hut 8 | 67 MW | Yes | 听 | 听 | 听 | 听 |
| Salt Creek | Orla, TX | Hut 8 | 63 MW | Yes | 听 | 听 | 听 | 听 |
| Alpha | Niagara Falls, NY | Hut 8 | 50 MW | Yes | 听 | Yes | 听 | 听 |
| Drumheller20 | Drumheller, AB | Hut 8 | 42 MW | 听 | 听 | 听 | 听 | 听 |
| Kelowna | Kelowna, BC | Hut 8 | 1.1 MW | 听 | 听 | 听 | Yes | 听 |
| Mississauga | Mississauga, ON | Hut 8 | 0.9 MW | 听 | 听 | 听 | Yes | 听 |
| Vaughan | Vaughan, ON | Hut 8 | 0.6 MW | 听 | 听 | 听 | Yes | 听 |
| Vancouver II | Vancouver, BC | Hut 8 | 0.5 MW | 听 | 听 | 听 | Yes | 听 |
| Vancouver I | Vancouver, BC | Hut 8 | 0.3 MW | 听 | 听 | 听 | Yes | 听 |
| King Mountain21 | McCamey, TX | Hut 8 (JV) | 280 MW | Yes | Yes | Yes | 听 | Yes |
| Iroquois Falls22 | Iroquois Falls, ON | Hut 8 (JV) | 120 MW | 听 | 听 | 听 | 听 | Yes |
| Kingston22 | Kingston, ON | Hut 8 (JV) | 110 MW | 听 | 听 | 听 | 听 | Yes |
| North Bay22 | North Bay, ON | Hut 8 (JV) | 40 MW | 听 | 听 | 听 | 听 | Yes |
| Kapuskasing22 | Kapuskasing, ON | Hut 8 (JV) | 40 MW | 听 | 听 | 听 | 听 | Yes |
| Total | 听 | 听 | 1,020 MW | 听 | 听 | 听 | 听 | 听 |
| 听 | ||||||||
Upcoming Conferences & Events
- January 9鈥�17, 2025: 27th Annual Needham Growth Conference, New York City
- January 19鈥�22, 2025: Pacific Telecommunications Council PTC鈥�25, Honolulu
- February 24鈥�25, 2025: Capacity Media Metro Connect USA, Fort Lauderdale
- February 25鈥�27, 2025: Infocast ERCOT Market Summit, Austin
Notes:
| (1) | All December figures exclude Hut 8鈥檚 managed services agreement with Ionic Digital Inc. (鈥淚onic鈥�), 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鈥檚 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 |
| (7) | Self-Mining operations for Hut 8 include |
| (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 |
| (9) | Miners are rounded to the nearest 100. |
| (10) | Indicates the target hashrate of all deployed miners; deployed self-mining hashrate net of the |
| (11) | Bitcoin produced net of the |
| (12) | Includes 968 Bitcoin pledged and transferred to a third-party wallet to finance Hut鈥檚 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鈥檚 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 |
| (15) | 3.8 EH/s under management net of Hut 8鈥檚 joint venture partner鈥檚 |
| (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 |
| (22) | Owned by a JV between Hut 8 and Macquarie in which Hut 8 has an approximately |
| 听 | |
About Hut 8听
Hut 8 Corp. is an energy infrastructure operator and Bitcoin miner with self-mining, hosting, managed services, and traditional data center operations across North America. Headquartered in Miami, Florida, Hut 8 Corp. has a portfolio comprising fifteen sites: five Bitcoin mining, hosting, and Managed Services sites in Alberta, New York, and Texas, five high performance computing data centers in British Columbia and Ontario, four power generation assets in Ontario, and one non-operational site in Alberta. For more information, visit and follow us on X (formerly known as Twitter) at @Hut8Corp.
Cautionary Note Regarding Forward鈥揕ooking Information
This press release includes 鈥渇orward-looking information鈥� and 鈥渇orward-looking statements鈥� within the meaning of Canadian securities laws and United States securities laws, respectively (collectively, 鈥渇orward-looking information鈥�). All information, other than statements of historical facts, included in this press release that address activities, events or developments that Hut 8 expects or anticipates 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 鈥渕ay鈥�, 鈥渨ould鈥�, 鈥渃ould鈥�, 鈥渟hould鈥�, 鈥渨ill鈥�, 鈥渋ntend鈥�, 鈥減lan鈥�, 鈥渁nticipate鈥�, 鈥渁llow鈥�, 鈥渂elieve鈥�, 鈥渆stimate鈥�, 鈥渆xpect鈥�, 鈥減redict鈥�, 鈥渃an鈥�, 鈥渕ight鈥�, 鈥減otential鈥�, 鈥減redict鈥�, 鈥渋s designed to鈥�, 鈥渓ikely鈥� or similar expressions. Specifically, such forward-looking information included in this press release includes statements relating to the timing of the Company鈥檚 planned initial fleet upgrade and expected resulting performance gains, the Company鈥檚 focus on high-impact projects in both AI and Bitcoin mining, the timing for the buildout and energization of the Company鈥檚 Vega site, and the Company鈥檚 continuing progress with respect to AI data center development opportunities across its development pipeline.
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, 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; erroneous transactions; reliance on a limited number of key employees; reliance on third party mining pool service providers; regulatory changes; classification and tax changes; momentum pricing risk; fraud and failure related to digital asset exchanges; difficulty in obtaining banking services and financing; difficulty in obtaining insurance, permits and licenses; 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; the COVID19 pandemic, 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 and other risks related to the digital asset mining and data center business. For a complete list of the factors that could affect Hut 8, please see the 鈥淩isk Factors鈥� section of Hut 8鈥檚 Transition Report on Form 10-K, available under the Company鈥檚 EDGAR profile at , and Hut 8鈥檚 other continuous disclosure documents which are available under the Company鈥檚 SEDAR+ profile at听听and EDGAR profile at听.
Hut 8 Corp. Investor Relations
Sue Ennis
Hut 8 Corp. Media Relations
A photo accompanying this announcement is available at
FAQ
What is Hut 8's expected mining efficiency improvement target for Q1 2025?
How many Bitcoin did Hut 8 mine in December 2024?
What is the capacity and timeline for Hut 8's Vega project?
How many Bitcoin does Hut 8 hold in reserve as of December 2024?
What is Hut 8's total deployed miners and hashrate under management in December 2024?
