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Canadian company Hut 8 Mining Corp (NASDAQ:HUT; TSX:HUT) was founded in 2011. One of its core businesses is bitcoin mining (90% of its revenue). The current total capacity of its equipment is 2.58 EH/s. The capacity is projected to grow to 6 EH/s by the end of 2022. Hut 8 currently owns 6,769 bitcoins, which is worth about 150$ million.
Hut 8 is betting on Web3, an idea for a new iteration of the blockchain-based World Wide Web that incorporates concepts such as decentralization and the token-based economy. The company plans to provide capacity to develop Web3 infrastructure - metavillages, gamification, blockchain services, etc.
Hut 8 CEO Asher Genut does not expect a repeat of the 2022 scenario in the near future, when a number of mining companies filed for bankruptcy.
According to him, the main part of the financial problems of miners then was related to excessive debt and unpreparedness for the increase in electricity prices amid the falling bitcoin rate.
The head of Hut 8 expects to see an increase in M&A activity among the industry's smaller companies.
News in X: https://twitter.com/Hut8Corp/status/1775280406927192370
Hut 8 website: https://hut8.com
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P.S. Saw some very interesting news. I want to share it with you. ???
Hut 8 Corp. is an energy infrastructure operator and Bitcoin miner with self-mining, hosting, managed services, and traditional data center operations across North America. Headquartered in Miami, Florida, Hut 8 Corp.’s portfolio comprises eighteen sites: nine Bitcoin mining, hosting, and Managed Services sites in Alberta, New York, Nebraska, and Texas, five high performance computing data centers in British Columbia and Ontario, and four power generation assets in Ontario.
Hut 8 optimizes self-mining operations as miners come online at Salt Creek
Newsflash: "Less than three months after breaking ground, we’ve officially energized one third of our 63 MW Salt Creek site in Culberson County, Texas. Our team made rapid energization possible by removing more than 25,000 miners on 20 loaded transports from our hosted facilities in just eight days. Read the full release here: https://t.co/bOqvgD7JXb." (https://t.co/bOqvgD7JXb.")
News in X: https://twitter.com/Hut8Corp/status/1780297778037452858
Hut 8 website: https://hut8.com
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Newsflash: Our new “Fundamentals” series documents the foundational elements of Hut 8’s platform. First in the series is Reactor, our proprietary energy curtailment software originally developed by US Bitcoin Corp.
Reactor enables Hut 8 to curtail miner-level energy consumption when the cost of energy exceeds expected revenues. As an illustrative example based on ERCOT West Load Zone Real-Time Market prices, using Reactor to curtail operations when the cost of energy exceeded $90/MWh in CY 2023 could have resulted in a savings of approximately 56% at a curtailment rate of just under 9%.
Pre-halving, we implemented Reactor at all of our mining sites to ensure miners hash when profitable. This is just one example of how we are using technology to drive cost reduction and profitability across our business.
News in X: https://twitter.com/Hut8Corp/status/1781329381253665164
Hut 8 website: https://hut8.com
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