Hut 8 Operations Update for November 2024
Hut 8 released its November 2024 operations update, highlighting management of 21.0 EH/s and 967 MW in mining operations. The company completed development of its R&D facility at Salt Creek and continues construction at the Vega site, targeting Q2 2025 energization. Bitcoin production reached 94 BTC for the month, with 9,122 BTC on balance sheet.
The company aims to reach approximately 24 exahash per second of self-mining hashrate with an average fleet efficiency of 15.7 joules per terahash by Q2 2025. Current operations include 56.2K deployed self-mining units generating 5.7 EH/s hashrate, alongside managed services and hosting operations managing 155.8K and 75.2K miners respectively.
Hut 8 ha pubblicato l'aggiornamento sulle operazioni di novembre 2024, evidenziando una gestione di 21,0 EH/s e 967 MW nelle operazioni di mining. L'azienda ha completato lo sviluppo del suo centro di ricerca e sviluppo a Salt Creek e continua la costruzione del sito Vega, puntando all'energizzazione nel secondo trimestre del 2025. La produzione di Bitcoin ha raggiunto 94 BTC per il mese, con 9.122 BTC presenti nel bilancio.
L'azienda mira a raggiungere circa 24 exahash al secondo di hashing in autocontrollo, con un'efficienza media della flotta di 15,7 joules per terahash entro il secondo trimestre del 2025. Le operazioni attuali includono 56,2K unit脿 di mining autonome distribuite che generano 5,7 EH/s di hash rate, insieme a servizi gestiti e operazioni di hosting che gestiscono rispettivamente 155,8K e 75,2K miner.
Hut 8 public贸 su actualizaci贸n de operaciones de noviembre de 2024, destacando la gesti贸n de 21,0 EH/s y 967 MW en operaciones de miner铆a. La empresa complet贸 el desarrollo de su instalaci贸n de I+D en Salt Creek y contin煤a la construcci贸n en el sitio de Vega, apuntando a la energizaci贸n en el segundo trimestre de 2025. La producci贸n de Bitcoin alcanz贸 94 BTC para el mes, con 9,122 BTC en el balance.
La empresa tiene como objetivo alcanzar aproximadamente 24 exahash por segundo de tasa de hash de miner铆a propia, con una eficiencia media de flota de 15,7 julios por terahash para el segundo trimestre de 2025. Las operaciones actuales incluyen 56,2K unidades de miner铆a aut贸noma desplegadas que generan 5,7 EH/s de tasa de hash, junto con servicios gestionados y operaciones de hosting que administran 155,8K y 75,2K mineros respectivamente.
項� 8電� 2024雲� 11鞗� 鞖挫榿 鞐呺嵃鞚错姼毳� 氚滍憸頃橂┌ 21.0 EH/s鞕� 967 MW鞚� 毂勱荡 鞛戩梾 甏�毽ゼ 臧曥“頄堨姷雼堧嫟. 鞚� 須岇偓電� Salt Creek鞐� 鞙勳箻頃� 鞐瓣惮臧滊皽 鞁滌劋 臧滊皽鞚� 鞕勲頄堨溂氅�, Vega 靷澊韸胳潣 瓯挫劋鞚� 瓿勳啀 歆勴枆 欷戩澊氅� 2025雲� 2攵勱赴鞐� 鞐愲剤歆�毳� 瓿店笁頃� 瓿勴殟鞛呺媹雼�. 牍勴姼旖旍澑 靸濎偘鞚� 頃措嫻 鞗旍棎 94 BTC鞐� 霃勲嫭頄堨溂氅�, 鞛鞝滍憸鞐愲姅 9,122 BTC臧� 鞛堨姷雼堧嫟.
須岇偓電� 2025雲� 2攵勱赴旯岇 韽夑窢 15.7欷�/韰岆澕頃挫嫓鞚� 須湪靹膘潉 臧�歆� 鞎� 24 鞐戩偓頃挫嫓/齑堨潣 鞛愱皜 毂勱荡 頃挫嫓霠堨澊韸胳棎 霃勲嫭頃橂姅 瓴冹潉 氇╉憸搿� 頃橁碃 鞛堨姷雼堧嫟. 順勳灛 鞖挫榿鞐愲姅 臧侁皝 56.2K 氚办箻霅� 鞛愱皜 毂勱荡 鞛レ箻臧� 5.7 EH/s 頃挫嫓霠堨澊韸鸽ゼ 靸濎劚頃橁碃, 甏�毽� 靹滊箘鞀� 氚� 順胳姢韺� 鞛戩梾鞚� 臧侁皝 155.8K 氚� 75.2K 毂勱荡旮半ゼ 鞖挫榿頃橁碃 鞛堨姷雼堧嫟.
Hut 8 a publi茅 son rapport d'activit茅 de novembre 2024, mettant en avant la gestion de 21,0 EH/s et 967 MW dans les op茅rations mini猫res. L'entreprise a achev茅 le d茅veloppement de son installation de recherche et d茅veloppement 脿 Salt Creek et poursuit la construction sur le site de Vega, visant une mise en service au deuxi猫me trimestre 2025. La production de Bitcoin a atteint 94 BTC pour le mois, avec 9 122 BTC figurant au bilan.
L'entreprise vise 脿 atteindre environ 24 exahash par seconde de hashrate en auto-minage, avec une efficacit茅 moyenne de flotte de 15,7 joules par terahash d'ici le deuxi猫me trimestre 2025. Les op茅rations actuelles comprennent 56,2K unit茅s de minage autonomes d茅ploy茅es g茅n茅rant 5,7 EH/s de hashrate, ainsi que des services g茅r茅s et des op茅rations d'h茅bergement g茅rant respectivement 155,8K et 75,2K mineurs.
Hut 8 hat sein Betriebsupdate f眉r November 2024 ver枚ffentlicht, in dem die Verwaltung von 21,0 EH/s und 967 MW in den Mining-Operationen hervorgehoben wird. Das Unternehmen hat die Entwicklung seiner F&E-Einrichtung in Salt Creek abgeschlossen und setzt den Bau am Standort Vega fort, mit dem Ziel, im 2. Quartal 2025 in Betrieb zu gehen. Die Bitcoin-Produktion erreichte im Monat 94 BTC, mit 9.122 BTC auf der Bilanz.
Das Unternehmen strebt an, bis zum 2. Quartal 2025 etwa 24 Exahash pro Sekunde an Eigenminen-Hashrate bei einer durchschnittlichen Flotteneffizienz von 15,7 Joule pro Terahash zu erreichen. Die aktuellen Operationen umfassen 56,2K eingesetzte Selbstminen-Einheiten, die 5,7 EH/s Hashrate erzeugen, sowie Managed Services und Hosting-Operationen mit jeweils 155,8K und 75,2K Minern.
- Construction of Vega site progressing on schedule for Q2 2025 energization
- R&D facility development completed at Salt Creek
- Path to reach 24 EH/s of self-mining hashrate by Q2 2025
- Holds 9,122 BTC on balance sheet
- Ionic Digital terminating managed services agreement effective December 10, 2024
- Network difficulty impact affecting Bitcoin production
Insights
This operational update from Hut 8 reveals significant developments in their mining infrastructure and efficiency improvements. The company maintains a robust 21.0 EH/s hashrate and 967 MW under management, with plans to expand to approximately 35 EH/s. The completion of their R&D facility at Salt Creek and progress on the Vega site construction shows strategic infrastructure expansion.
The company produced 94 BTC in November and holds 9,122 BTC on their balance sheet, demonstrating strong operational capacity despite increasing network difficulty. The planned fleet upgrade in Q1 2025 is expected to improve average fleet efficiency to 19.9 J/TH, potentially reducing operational costs and improving margins.
However, investors should note the ongoing dispute with Ionic Digital regarding the termination of their managed services agreement, which could impact future operations and revenue streams. The planned expansion to 24 EH/s of self-mining capacity by Q2 2025 with improved efficiency of 15.7 J/TH indicates strong growth potential.
The technological roadmap presented shows a strategic focus on efficiency optimization and infrastructure scaling. The planned fleet upgrade represents a significant technological leap, with efficiency improvements from current levels to 15.7 J/TH by Q2 2025. This efficiency gain would position Hut 8 competitively in the mining sector, particularly important given rising network difficulty.
The development of the R&D facility at Salt Creek demonstrates commitment to innovation in data center design and technology. The company's diversification into AI data center development also shows foresight in leveraging their infrastructure expertise beyond crypto mining. The extensive network of facilities across North America, including 10 mining sites and 5 high-performance computing centers, creates a robust operational foundation for future growth.
21.0 EH/s and 967 MW1,2 under management in mining with path to ~35 EH/s
MIAMI, Dec. 05, 2024 (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 November 2024.
鈥淲e achieved net increases in deployed self-mining hashrate and efficiency in November by bringing inefficient miners offline in preparation for our initial fleet upgrade and completing the development of our R&D facility at Salt Creek,鈥� said Asher Genoot, CEO of Hut 8. 鈥淭hese measures partially offset the impact of rising network difficulty on Bitcoin production, and we expect further performance gains in Q1 2025 as our initial fleet upgrade is expected to drive an improvement in average fleet efficiency to 19.9 joules per terahash.鈥�
鈥淲e remain intently focused on growing our proprietary operations and have advanced the buildout of our Vega site on schedule for energization in Q2 2025. Accounting for our fleet upgrade and assuming we fully exercise our purchase option for the miners we expect to host at the Vega site, we have 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. In parallel, we continue to progress AI data center development opportunities across our development pipeline.鈥�
Highlights
- Construction at Vega advancing on track for energization in Q2 2025 (image to left)
- Completed development of R&D facility at Salt Creek to support the Company鈥檚 ongoing focus on innovation in data center design and technology
- Progressed AI data center development opportunities across development pipeline
Operating Metrics
| Average during the period unless otherwise noted | November 2024 | October 2024 |
| Total energy capacity under management (mining)1,2,3,4 | 967 MW | 967 MW |
| Total deployed miners under management5 | 201.1K | 194.2K |
| Total hashrate under management6 | 21.0 EH/s | 20.1 EH/s |
| 听 | 听 | 听 |
| Self-Mining7 | 听 | 听 |
| Deployed miners8,12 | 56.2K | 57.1K |
| Deployed hashrate9 | 5.7 EH/s | 5.6 EH/s |
| Bitcoin produced3,10 | 94 BTC | 100 BTC |
| Bitcoin on balance sheet3 | 9,122 BTC | 9,110 BTC |
| 听 | 听 | 听 |
| Managed Services2,11 | 听 | 听 |
| Energy capacity under management3 | 582 MW | 582 MW |
| Deployed miners under management12 | 155.8K | 146.5K |
| Hashrate under management | 16.4 EH/s | 15.5 EH/s |
| 听 | 听 | 听 |
| Hosting | 听 | 听 |
| Deployed miners under management12,13 | 75.2K | 76.7K |
| Hashrate under management14 | 8.4 EH/s | 8.5 EH/s |
Energy Infrastructure Platform3
| 听 | 听 | 听 | 听 | Current/Contracted Revenue Stream(s)15 | ||||
| Site | Location | Owner16 | Power Capacity | Self- Mining | Managed Services | Hosting | HPC | Power Sales |
| Vega17 | Texas Panhandle | Hut 8 | 205 MW | 听 | 听 | Yes18 | 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 |
| Drumheller19 | 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 Mountain20 | McCamey, TX | Hut 8 (JV) | 280 MW | Yes | Yes | Yes | 听 | Yes |
| Iroquois Falls21 | Iroquois Falls, ON | Hut 8 (JV) | 120 MW | 听 | 听 | 听 | 听 | Yes |
| Kingston21 | Kingston, ON | Hut 8 (JV) | 110 MW | 听 | 听 | 听 | 听 | Yes |
| North Bay21 | North Bay, ON | Hut 8 (JV) | 40 MW | 听 | 听 | 听 | 听 | Yes |
| Kapuskasing21 | Kapuskasing, ON | Hut 8 (JV) | 40 MW | 听 | 听 | 听 | 听 | Yes |
| Cedarvale2,17 | Barstow, TX | Managed | 215 MW | 听 | Yes | 听 | 听 | 听 |
| East Stiles2 | Midland, TX | Managed | 30 MW | 听 | Yes | 听 | 听 | 听 |
| Rebel2 | Midland, TX | Managed | 25 MW | 听 | Yes | 听 | 听 | 听 |
| Stiles2 | Midland, TX | Managed | 20 MW | 听 | Yes | 听 | 听 | 听 |
| Garden City2 | Midland, TX | Managed | 12 MW | 听 | Yes | 听 | 听 | 听 |
| Total | 听 | 听 | 1,322 MW | 听 | 听 | 听 | 听 | 听 |
Upcoming Conferences & Events:
- December 11鈥�12, 2024: Informa Tech: The AI Summit New York, New York City
- December 12, 2024: Northland Capital Markets Growth Conference, Virtual
- 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
Notes:
| (1) | 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) 302 MW from Hut 8鈥檚 managed services agreement with Ionic Digital Inc. (鈥淚onic鈥�), assuming full 215 MW of capacity at Cedarvale, which was first energized in April and is currently under construction. |
| (2) | On November 26, 2024, Ionic provided notice that it was terminating its managed services agreement with a subsidiary of Hut 8 (the 鈥淢anager鈥�) effective December 10, 2024. The Company believes that Ionic鈥檚 claims supporting the termination of the managed services agreement are meritless, and the Company will vigorously enforce its rights and the rights of the Manager. |
| (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) | Indicates the target hashrate of all deployed miners; deployed self-mining hashrate net of the |
| (10) | Bitcoin produced net of the |
| (11) | Managed services include (i) 280 MW of capacity under management at King Mountain and (ii) 302 MW from Hut 8鈥檚 Managed Services agreement with Ionic, assuming full 215 MW of capacity at Cedarvale, which was first energized in April and is currently under construction. |
| (12) | Miners are rounded to the nearest 100. |
| (13) | 41.1K deployed miners under management net of the |
| (14) | 4.5 EH/s under management net of Hut 8鈥檚 joint venture partner鈥檚 |
| (15) | Reflects revenue sources to Hut 8, its subsidiaries, and/or joint ventures in which they participate. |
| (16) | 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. |
| (17) | Site is currently under development. |
| (18) | Anticipated to begin generating revenue by Q2 2025. |
| (19) | Site currently shut down; Hut 8 maintaining lease with option value of re-energizing site. |
| (20) | Owned by a JV between Hut 8 and a Fortune 200 renewable energy producer in which Hut 8 has an approximately |
| (21) | Owned by a JV between Hut 8 and Macquarie in which Hut 8 has an approximately |
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 twenty sites: ten 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 Company鈥檚 planned initial fleet upgrade and the expected resulting performance gains, including expected improvement in average fleet efficiency, its focus on growing its proprietary operations, its buildout and energization of the Vega site, including the expected timing and resulting performance gains, its continuing progress with respect to AI data center development opportunities across its development pipeline and the impact of Ionic鈥檚 termination of the managed services agreement.
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
How many Bitcoin did Hut 8 (HUT) mine in November 2024?
What is Hut 8's (HUT) total hashrate under management as of November 2024?
When will Hut 8's (HUT) Vega site be operational?
How many Bitcoin does Hut 8 (HUT) hold on its balance sheet?
