I would now like to turn the call over to Asher Genoot, CEO of Hut 8. Speaking of growth, IÂ'd like to share our long-term vision and how it informs our strategy today, then IÂ'll detail the investments we are making as we prepare to scale our platform in the coming quarters. Company Participants Operator After todayÂ's presentation, there will be an opportunity to ask questions. Please note this event is being recorded and a transcript will be available on Hut 8Â's website. In our digital assets mining or ...

Revenue of $51.7 million, Net Income attributable to Hut 8 Corp. of $250.9 million, and Adjusted EBITDA of $297.0 million 9,102 self-mined Bitcoin on balance sheet as of March 31, 2024 MIAMI, May 15, 2024 (GLOBE NEWSWIRE) -- Hut 8 Corp. ((Nasdaq, TSX:HUT) ("Hut 8" or the "Company"), a leading, vertically integrated operator of large-scale energy infrastructure and one of North America's largest Bitcoin miners, today announced its financial results for the three months ended March 31, 2024. "In the first qua ...

26.6 EH/s and 1.2 GW under management Salt Creek site fully energized and Cedarvale site partially energized MIAMI, May 06, 2024 (GLOBE NEWSWIRE) -- Hut 8 Corp. (Nasdaq | TSX: HUT) ("Hut 8" or the "Company"), a leading, vertically integrated operator of large-scale energy infrastructure and one of North America's largest Bitcoin miners, today released its operations update for April 2024. "Amidst the backdrop of the halving, the operational capabilities of our team enabled us to maximize deployed hashrate a ...

MIAMI, April 24, 2024 (GLOBE NEWSWIRE) -- Hut 8 Corp. ((Nasdaq, TSX:HUT) ("Hut 8" or the "Company"), a leading, vertically integrated operator of large-scale energy infrastructure and one of North America's largest Bitcoin miners, will review first quarter results via a conference call on Wednesday May 15, 2024. Who:Analysts, media, and investors are invited to attend.What:Hut 8 executives will comment on recent corporate developments and review the Company's financial results for the first quarter of 2024. ...

Keep an eye on Bitcoin mining stocks, especially with the halving on April 20. Granted, the halving event will halve the Bitcoin (BTC-USD) miners can earn from validating transactions. However, as we’ve seen before and after the halving events in 2012, 2016 and 2020, not only did the price of Bitcoin take off, but in most cases, so did the miners.  Even better, CEOs are upbeat ahead of the 2024 halving, according to Bernstein analysts. The “CEOs point to miner dollar revenues at all-time highs, providing a ...

Greenfield site energized in 78 days, less than three months after breaking ground Cost to mine a Bitcoin at site expected to be 30% lower than cost at hosted facilities due to favorable energy profile MIAMI, April 16, 2024 (GLOBE NEWSWIRE) -- Hut 8 Corp. ((Nasdaq, TSX:HUT) ("Hut 8" or the "Company"), a leading, vertically integrated operator of large-scale energy infrastructure and one of North America's largest Bitcoin miners, today announced the energization of one third of its 63 MW site in Culberson C ...

25.5 EH/s and 884 MW under management as Hut 8 executes closure of Drumheller site and prepares to energize Salt Creek site 9,102 Bitcoin on balance sheet positions Hut 8 to invest in growth as the halving approaches MIAMI, April 05, 2024 (GLOBE NEWSWIRE) -- Hut 8 Corp. (Nasdaq | TSX: HUT), ("Hut 8" or the "Company") a leading, vertically integrated operator of large-scale energy infrastructure and one of North America's largest Bitcoin miners today released its operations update for March 2024. "March was ...

Right? And we announced that with Celsius last year. And we basically take that exposure of hash price volatility without spending the CapEx to actually buy the machines upfront. And at different markets, you have better deals that you can strike. And then we had this kind of middle ground scenario, which we implemented when we were managing the sites on behalf of generate, which was instead of seven cent hosting, we can give customers a discount to a floor, call it $0.6.5 or $0 6.4 cents. But in return, we ...

While the sale and investment solicitation process is underway, if our bid is ultimately declared successful, a new subsidiary of the company will become the owner of the assets of the four sites. Our partner, Macquarie, will receive a minority equity interest in the subsidiary of approximately 20% and a subsidiary of Hut 8 will be the majority owner with the remaining approximately 80%. We believe that the strategic addition of these assets would position Hut 8 as a vertically integrated mining operation, ...

Financial Data and Key Metrics - Revenue for Q2 2023 was $19.2 million, a decrease of $24.6 million compared to $43.8 million in Q2 2022, driven by lower Bitcoin mined and a reduction in Bitcoin prices [8] - Digital asset mining revenue was $15 million in Q2 2023, down from $39.1 million in Q2 2022, with 399 Bitcoin mined compared to 946 Bitcoin in the prior year [8] - Net loss for Q2 2023 was $16.7 million, compared to a net loss of $88.1 million in Q2 2022, which included a non-cash loss on digital asset revaluation of $104.9 million [10] - Adjusted EBITDA for Q2 2023 was negative $2.7 million, an improvement from negative $98.1 million in Q2 2022 [20] - The company held 9,136 Bitcoin in reserve as of June 30, 2023, with a market value of $368.7 million, of which 8,289 Bitcoin ($334.5 million) remain unencumbered [36] Business Line Performance - High-performance computing (HPC) revenue was $4.2 million in Q2 2023, down from $4.7 million in Q2 2022, due to client churn and discontinued low-margin products [23] - The company signed a five-year agreement with Interior Health for co-location services, with revenue expected to start in Q4 2023 [4][28] - Digital asset mining profit decreased to $3.2 million in Q2 2023 from $14.9 million in Q2 2022, impacted by lower Bitcoin prices, increased network difficulty, and operational issues [34] Market and Operational Data - The average Bitcoin price in Q2 2023 was approximately $37,600, down from $41,400 in Q2 2022 [23] - Mining operations at Drumheller were operating at approximately 20% of installed hash rate due to electrical issues, with remediation efforts ongoing [21] - The company curtailed mining activities at North Bay, which also impacted Q2 results [19] Strategic Direction and Industry Competition - The company remains bullish on Bitcoin and its treasury strategy, which has been a key differentiator, including securing a $50 million credit facility with Coinbase Credit Inc [5] - The company is focused on diversifying its revenue streams, including HPC and hosting services, as part of its merger with USBTC, which is expected to close by the end of September 2023 [22][55] - The company is exploring opportunities in the high-performance computing market, particularly for AI, machine learning, and visual effects workloads, with 200 GPUs available for rental [26] Management Commentary on Operating Environment and Outlook - Management highlighted challenges in Q2, including electrical issues at Drumheller and the suspension of mining at North Bay, but remains optimistic about the long-term value of Bitcoin and the company’s diversified strategy [5][19] - The company expects to resolve the electrical issues at Drumheller within the calendar year but did not provide a specific timeline [47] - Management emphasized the importance of the merger with USBTC, which will increase self-mining capacity to 7.5 exahash and provide additional fiat-based revenue streams [22][56] Other Key Information - The company entered into a transaction support agreement with Macquarie Equipment Finance Limited to potentially acquire assets of Validus Power Corp, which could resolve ongoing litigation [6][17] - General and administrative costs for Q2 2023 were $12.5 million, including one-time transaction costs related to the USBTC merger [31] - The company has a cash balance of $26.7 million and $19.1 million in loans outstanding under the Coinbase credit facility as of June 30, 2023 [36] Q&A Session Summary Question: Timeline for resolving electrical issues at Drumheller - Management expects full resolution within the calendar year but did not provide a specific timeline [47] Question: Details on the transaction support agreement with Validus - The company did not disclose further details but will provide updates as information becomes available [48] Question: Outlook on the mining industry and diversification - Management believes the industry will see more diversification, with some miners remaining pure-play while others, like Hut 8, pursue diversified revenue streams [42] Question: Expected exahash output and capital for additional miners - The increase in exahash output to 7.5 exahash comes from USBTC’s existing self-mining facilities, with miners already ordered and coming online [56] Question: Progress on the USBTC merger - The company is confident in closing the merger by the end of September and has scheduled a shareholder vote for September 12 [55]