Summary by Moomoo AI
Hut 8 Corp. reported Q3 2024 revenue of $43.7 million and net income of $0.9 million, with Adjusted EBITDA of $5.6 million. The company mined 234 Bitcoin at a weighted average revenue of $61,025 per Bitcoin, compared to a mining cost of $31,482. Energy costs improved significantly to $28.83 per MWh, down 33% year-over-year.The company announced a major partnership with BITMAIN to develop and host ~15 EH/s of next-generation U3S21EXPH miners, expected to generate ~$135 million in annualized colocation revenue when fully deployed in Q2 2025. Additionally, Hut 8 signed an agreement to upgrade 111 MW of self-mining capacity, which will increase its hashrate to ~9.3 EH/s and improve fleet efficiency to 19.9 J/TH.As of September 30, 2024, Hut 8 held 9,106 Bitcoin worth approximately $576.5 million and maintained $72.9 million in cash. The company strengthened its balance sheet by converting a $37.9 million Anchorage loan to equity and launched its GPU-as-a-Service business with a deployment of 1,000 NVIDIA H100 GPUs in Chicago.
