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Bitcoin Miner Hut 8 Energizes Salt Creek Site

Bitcoin Miner Hut 8 Energizes Salt Creek Site

May 6, 2024
Bitcoin Mining

Bitcoin Miner Hut 8 Energizes Salt Creek Site

Hut 8, one of North America's largest Bitcoin miners, has reported the successful online launch of 63 megawatts (MW) at its Salt Creek facility. This development comes as the company seeks to increase its self-mining hashrate amidst the backdrop of the recent Bitcoin halving event.

The all-in cost of the Salt Creek project is expected to be under $275,000 per megawatt upon completion, according to Hut 8's statement on Monday. Following the announcement, Hut 8's shares (NASDAQ:HUT) saw a pre-market increase of 3.75%, climbing to $8.58.

Additionally, Hut 8 has initiated operations at the Cedarvale site, owned by Ionic Digital, by partially energizing the 215 MW facility. The site has already seen thousands of miners start hashing, with construction still in progress.

Asher Genoot, CEO of Hut 8, expressed his satisfaction with the swift progress at Salt Creek, stating, "We energized 63 megawatts, totaling nearly 18,000 miners, just over three months after breaking ground at the greenfield site, which brings our current self-mining hashrate to 5.5 exahash per second." Genoot highlighted the efficiency of the relocation process by noting, "In eight days, we removed more than 25,000 miners on 440 pallets in 20 loaded 53-foot transports, a testament to our team’s ability to execute complex operational activities efficiently to minimize downtime in our fleet."

The miners at Salt Creek were transferred from the company's Kearney and Granbury sites, which have now been fully transitioned to the new owner. This move is part of Hut 8's broader restructuring strategy to leverage its Managed Services business for growth and profitability in a post-halving market environment.

The current state of the event suggests that Hut 8 is making significant strides in expanding its mining capabilities and operational efficiency. The long-term implications of this expansion could potentially strengthen the company's position in the competitive field of Bitcoin mining and contribute to its financial performance.

Hut 8 Press Release

Seeking Alpha Article


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