Hut 8's AI vertical likely to begin revenue generation in second half

Hut 8 ( NASDAQ: HUT ) expects its AI vertical to start generating revenue in the second half of 2024. “Commercialization efforts for our new AI vertical are also progressing nicely, the energy infrastructure operator said , with more than half of its 1,000 NVIDIA H100 GPUs configured and under testing at the manufacturer’s facility. The AI vertical is on track to go live in the second half and begin generating revenue at a forecasted annual rate of approximately $20M. The company also announced a $150M investment from Coatue to support buildout of next-generation AI infrastructure platform. In addition, the firm launched and completed optimization initiatives at the Salt Creek site, supporting month-over-month improvement in deployed miners, deployed hashrate, and bitcoin produced As of June 2024, Hut 8 ( HUT ) had 17.8 EH/s of total hashrate under management (vs. 17.3 EH/s in May 2024), with 172.1K of total deployed miners. It produced 107 bitcoins in the month, compared to 91 in May 2024. By June-end, there were 9,105 BTC on balance sheet. More on Hut 8 Mining Hut 8 (HUT) Q1 2024 Earnings Call Transcript HUT 8: A Cryptocurrency Stock With High Growth Potential Hut 8 secures $150M funding to build advanced AI infrastructure Hut 8 upgraded to Buy at Craig-Hallum on growth potential Historical earnings data for Hut 8 Mining