Hut 8 Mines 36% Less Bitcoin in April Amid Halving and Miner Relocation

Hut 8 (NASDAQ: HUT), one of the largest bitcoin mining companies in North America by total power capacity under management, has reported a sharp drop in proprietary production for April.

The company said in a monthly update on Monday that it mined 148 bitcoin with its proprietary mining fleet last month, representing a 36% drop compared to March. That implied a realized hashrate of 3.44 EH/s in April, down 51% from Hut 8’s peak of 6.27 EH/s in December following the merger with USBTC.

While the halving event has taken a toll, Hut 8’s drop in production was mainly driven by the relocation of proprietary miners previously hosted in the Kearney and Granbury sites, which Marathon bought in December from the previous owner and accelerated vacating the tenants in February.

For context, other public mining companies such as Bitfarms (NASDAQ: BITF), Cipher, CleanSpark, Core Scientific (NASDAQ: CORZ), Riot, and Terawulf reported a production decline between 6 – 12% for April as the robust bitcoin fee market briefly hedged the halving’s impact.

Hut 8’s CEO Asher Genoot said in the release that the team removed more than 25,000 miners on 440 pallets in eight days last month in a bid to minimize downtime in the company’s fleet.

He added that the Kearney and Granbury miners have been relocated to a newly energized proprietary site in Texas at Salt Creek with a power capacity of 63 megawatts, which went online “in just over three months after breaking ground.”

In addition, Hut 8 said its total self-mining, hosting and managed power capacity increased to more than one gigawatt in April as it partially energized a 215-megawatt site in Ward County, Texas, on behalf of Ionic Digital, the mining entity that emerged from the Chapter 11 bankruptcy case of Celsius.