Hut 8

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

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.

Our new “Q&A” series highlights perspectives from members of the Hut 8 team. This week, we’re excited to introduce Jackie Rose, who recently joined our corporate strategy team after roles in investment banking at JP Morgan, private equity at Carlyle, and business development at Blockchain.com and Cowen Digital. Swipe to read more about why she joined Hut 8 and how she plans to apply her skill set to her new role.

Yesterday at the AIM Summit, Head of Investor Relations Suzanne Ennis participated in a panel discussion on post-halving market dynamics, in which she highlighted the important role miners are playing in the transition to renewables as well as in the buildout of load that will be in increasingly high demand for use cases beyond mining such as AI. Hut 8 is preparing for this future state by leveraging our expertise in sourcing, developing, and managing energy to secure competitive assets that will position us to be a leading infrastructure operator for decades to come.

Next in our “Fundamentals” series is an overview of our approach to building a robust balance sheet: We hold Bitcoin to enhance liquidity and enable flexible financing of growth initiatives. With more than 9,100 coins held as of March 31, 2024, representing a market value of approximately $650 million, we ranked second among publicly traded miners and sixth among all public companies. Our treasury positions us to capitalize on attractive investment opportunities, particularly during downturns when funding may be scarce for others. It also enables us to explore unique angles to driving shareholder value, such as options strategies and other creative approaches. #Bitcoin #BTC

At Bitcoin Energy Summit in Miami this week, Vice President of Corporate Development Riley Trettel shared how Hut 8 aims to become an active participant in the grid, drive the institutionalization of the mining industry, and support the maturation of the Bitcoin network. #Energy #BitcoinMining