Hut 8 Corp. commences construction of new mining site in Culberson County

Hut 8 Corp. announced that it has commenced construction of its newest digital asset mining site in Culberson County, Texas. With construction underway, the Company expects to bring miners online at the site in Q2 2024. The Culberson County site creates the optionality for the Company to expand its self-mining fleet or to transition existing self-mining activity from Granbury, Texas and Kearney, Nebraska to the site. The site is expected to have up to approximately 3.6 EH/s of self-mining capacity if current generation miners are deployed. Based on current energy price forecasts, the Company expects that its cost to mine a Bitcoin at the Culberson County site will be approximately 30% lower than its cost to mine a Bitcoin through its hosted miners at Granbury, Texas and Kearney, Nebraska. “The Culberson County project exemplifies Hut 8’s focus on operating excellence,” said Hut 8 CEO Asher Genoot. “Our in-house development team enables us to build quickly and cost-effectively. Compared to the benchmark of approximately $460,000 per MW set by recent acquisitions in the area, our all-in cost to design and build the Culberson County site is expected to be less than $275,000 per MW. This represents a savings of more than 40%, or approximately $18,500,000 in upfront development costs per every 100 MW of expansion. For the Culberson County site specifically, this means that we expect to build the site for $17,300,000 or less, instead of approximately $29,000,000.”