Hut 8 Mining Opens Third Facility, Hits 7,000 Bitcoins in Reserves

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  • Hut 8 pro­duced 309 bit­coins in May, bring­ing its total bit­coins in reserve to 7,078
  • CEO expects month­ly recur­ring rev­enue from data cen­ter acqui­si­tions will grow by up to 18% this year

Hut 8 Min­ing opened its third site after the num­ber of bit­coins in its reserves hit 7,000 as the com­pa­ny con­tin­ues to amp up capac­i­ty despite a broad-based cryp­to turndown.

The Cana­di­an company’s mine in North Bay, Ontario began oper­at­ing on 15 megawatts (MW) on June 2, adding rough­ly 400 peta­hash­es per sec­ond (PH/s) to Hut 8’s oper­at­ing capacity. 

“We are adding both min­ers and capac­i­ty on site and are work­ing to sig­nif­i­cant­ly increase pro­duc­tion in the com­ing weeks and months,” Hut 8 CEO Jaime Lev­er­ton told Block­works in an email, not­ing its goal is to ulti­mate­ly reach 30 MW of pow­er at the North Bay operation.

The exec­u­tive declined to com­ment on whether the com­pa­ny plans to open addi­tion­al facilities.

Hut 8 Min­ing, which also has two sites in south­ern Alber­ta, mined 309 bit­coins in May, bring­ing its total bit­coins in reserve to 7,078. Its cur­rent oper­at­ing capac­i­ty is 2.64 exa­hash­es per sec­ond (EH/s).

The lat­est month­ly total was the same as its out­put in April but below its pro­duc­tion of 345 bit­coins in March.

Hut 8 lim­it­ed its con­sump­tion at its Drumheller facil­i­ty when the price of pow­er spiked, the com­pa­ny said Monday.

“Every­thing we mine, we keep, and 100% of our stack is unen­cum­bered, mean­ing that in addi­tion to oper­at­ing effi­cient­ly and tak­ing a very strate­gic approach to equip­ment pur­chas­es and con­sis­tent­ly dri­ving effi­cien­cies in our mines, we have a lev­el of flex­i­bil­i­ty that sets us apart from our peers,” Lev­er­ton said. 

The company’s third facil­i­ty fol­lows its acqui­si­tion of wire­less con­nec­tiv­i­ty com­pa­ny Ter­ra­Go at the end of Jan­u­ary for $30 mil­lion (CAD), which brought five data cen­ters to Hut 8. 

Sue Ennis, the firm’s vice pres­i­dent of investor and cor­po­rate devel­op­ment, told Block­works in March that Hut 8 is look­ing to set up scal­able cloud ser­vices that pro­vide an alter­na­tive to cloud com­put­ing giants such as Ama­zon Web Ser­vices, Google Cloud and Switch.

Lev­er­ton said the data cen­ters pur­chase has giv­en Hut 8 Min­ing a month­ly recur­ring rev­enue stream from 400 enter­prise-grade cus­tomers, which she expects will grow by up to 18% this year. The company’s cer­ti­fied repair shop pro­vides fur­ther rev­enue and sup­ply chain advan­tages, she added.

Hut 8’s stock price was $2.23 Mon­day after­noon, down rough­ly 70% year to date and down near­ly 20% in the last five days.


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  • Ben Strack
    Ben Strack is a Den­ver-based reporter cov­er­ing macro and cryp­to-native funds, finan­cial advi­sors, struc­tured prod­ucts, and the inte­gra­tion of dig­i­tal assets and decen­tral­ized finance (DeFi) into tra­di­tion­al finance. Pri­or to join­ing Block­works, he cov­ered the asset man­age­ment indus­try for Fund Intel­li­gence and was a reporter and edi­tor for var­i­ous local news­pa­pers on Long Island. He grad­u­at­ed from the Uni­ver­si­ty of Mary­land with a degree in journalism.

    Con­tact Ben via email at [email pro­tect­ed]



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