Hut 8 Corp. announced significant operational and financial milestones in its September 2024 update, highlighting a strategic partnership with BITMAIN and the full operational status of its GPU-as-a-service vertical. The company reported managing 19.5 EH/s and 762 MW in mining, with a clear path to expand to 33.5 EH/s under management.
The partnership with BITMAIN involves a next-generation, direct liquid-cooled (DLC) ASIC miner, targeting a 15 EH/s hosting deployment at the Vega site by the first half of 2025. This deployment is expected to generate approximately $135 million in annualized hosting revenue once fully ramped, with a purchase option providing a path to 20 EH/s of self-mining capacity.
Further strengthening its financial position, Hut 8 fully converted its approximately $38 million Anchorage Digital loan into equity at a price of $16.395 per share. This conversion represented a 51% premium to the company’s 20-day volume-weighted average price, demonstrating a strategic move to improve the balance sheet and reduce interest expenses.
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