Hut 8

Welcome to the new Hut 8: we're maximizing value at the intersection of infrastructure and energy.

Surging demand for AI has created supply shortages across the infrastructure value chain, from GPUs to data centers. In the article linked below, The Wall Street Journal explains how the need for extensive planning and access to reliable, affordable electricity, among other factors, has further delayed the creation of new capacity to capture unmet demand. With deep experience sourcing low-cost power and hardware and building and operating complex energy infrastructure, Hut 8 believes it is uniquely positioned to be part of the solution. Stay tuned for updates on the recently announced launch of our new AI vertical. Click the link to read more: https://ow.ly/ufyw50RYPpQ. Hut 8 does not confirm the accuracy of the statements made in the article nor does it endorse the views provided in the article.

“This epoch of #Bitcoin miners will be defined by… what specific problem are [they] fixing” featuring Riley Trettel of Hut 8 Full video here https://lnkd.in/ePfe9U4X

In an environment where sourcing new capacity is extremely competitive due to the growing shortage of load interconnection assets, we believe our large pipeline of expansion opportunities is a direct reflection of the depth of our energy expertise and the differentiated value proposition we bring to partners. Historically, Bitcoin miners have taken off-the-shelf retail tariffs and commercial power supply agreements to secure load capacity. Our strategy is different: We identify areas where Bitcoin mining can solve underlying market inefficiencies for energy infrastructure partners and the system as a whole. We then work with counterparties to design highly customized structures that enable us to extract value for solving these inefficiencies. We are working tirelessly to bring these projects to fruition and look forward to sharing more when we have committed projects to announce.

After months of thoughtful planning, we are thrilled to announce the launch of our new AI vertical. With commercial agreements finalized and engineering efforts underway, we expect our first cluster of 1,000 NVIDIA H100 GPUs to begin generating revenue under a GPU-as-a-service model in the second half of the year. Stay tuned for updates in the coming months. #AI #HighPerformanceComputing

This morning, Hut 8 announced results for the first quarter of 2024. Revenue grew to $51.7 million, Net Income attributable to Hut 8 grew to $250.9 million, and Adjusted EBITDA grew to $297.0 million. We held 9,102 self-mined Bitcoin on our balance sheet as of the end of the period. “In the first quarter, we launched a comprehensive restructuring program designed to center the business on operating excellence and bottom-line economics. We also made significant progress in positioning our business for near-term growth. With our commitment to disciplined capital allocation, focus on non-dilutive sources of funding, and exceptional team and board, we are more confident than ever that our strategy will deliver strong shareholder returns for decades to come.” – Asher Genoot, CEO. Note: For additional information and a reconciliation of Adjusted EBITDA to its closest GAAP measure, please see our release https://ow.ly/nWmi50RGELX.

Hashrate Index Q1 2024 state of the Bitcoin Mining Industry report came out last week; Covering Hashprice; Runes; Machine efficiency & upcoming trends in mining; Let’s talk about it 👇Full report on Luxor Technology website #bitcoin  #bitcoinmining

Earlier this week, Hut 8's Head of IR Suzanne Ennis shared her thoughts on Morgan Stanley's recent report 'Powering GenAI: Assessing the Crypto-to-Data Center Conversion Opportunity'. Listen below to hear her explain why Bitcoin mining sites may be key to debottlenecking grid constraints and enabling data center growth as demand for energy-intensive use cases like AI continues to outpace supply. #BitcoinMining #DataCenter #AI

"Post Halving – Where Do We Go From Here?" panel at AIM Summit London 2024 here: https://lnkd.in/dFMf3cZV Hosted by Hut 8 & HIVE Digital Technologies LTD. Speakers: Frank Holmes - Executive Chairman, HIVE Digital Technologies LTD; CEO & CIO, U.S. Global Investors Suzanne Ennis - Head of Investor Relations; Hut 8 Kerri Langlais - Chief Strategy Officer; TeraWulf Inc. Adam Sullivan - President and Chief Executive Officer, Core Scientific Moderator Zachary Cefaratti - Founder, Dalma Capital & AIM Summit; Venture Partner, Draper Associates #cryptomining #alternativeinvestments

In April, amidst the backdrop of the halving, the operational capabilities of our team enabled us to maximize our deployed hashrate by completing the relocation of our fleet from hosted to owned facilities and bringing new capacity online.⚡ Highlights below: - 63 MW brought online at Salt Creek - 1,162 MW under management - 250.1K machines under management - Partially energized Ionic Digital's 215 MW Cedarvale site - 26.6 EH/s under management - 9,109 BTC in reserve - 148 self-mined BTC Read the full release here: https://ow.ly/xz5A50Rx0iO.