Hut 8 Responds to J Capital | Top Bitcoin Stock News Now | Bitcoin Stocks to Watch | Hut 8 Corp | Sue Ennis | HUT

    Welcome to McNallie Money, your daily dose of Stocks, Investments and Personal Finance!

    Today we are joined by Sue Ennis, Vice President of Corporate Development, of Hut 8 Mining to discuss the recent Short Report published by J Capital Research, ticker symbol HUT. Hut 8 Corp. provides digital asset mining and high-performance computing infrastructure solutions in Canada. It operates computing infrastructure sites mines Bitcoin, as well as delivers cloud, colocation, and computing services to enterprise customers. The company was founded in 2017 and is based in Miami, Florida.Let me know what you think of today’s discussion and if you are currently holding any shares in the comment section below! 👇

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    Company Info:

    High Performance Computing

    0:00 Intro
    1:54 Update on Hut 8 Corp
    3:10 Fleet Upgrade Plans
    8:48 Debt. Update
    11:28 Insider Buys/Sells
    14:07 J Capital Report & Response
    21: 56 Mining Costs
    23:46 HPC Contracts
    26:58 Reporting Dates
    27:12 Final Thoughts

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    Hey guys welcome or welcome back to the channel MCN money home of all things stock investment and personal finance related now for today’s video we’ve got a really special one for you we’ve got Sue Enis back from Hut 8 Corp she heads up their IR team obviously a lot going

    On in relation to Hut 8 over the last week or so on the backs of that J Capital article and today we’ve got the hut8 Corp response a number of questions from the viewers and subscribers that we’re going to be talking through with Sue in today’s presentation but before

    Before we do please take a second hit the like button you guys it’s a big help to myself in the channel it really helps get this content to other people like yourself who may find Value in addition if you’re not already subscribed MCN money feel free to join the community

    We’d love to have you and on top of that you guys if you have any questions about the merger about the J Capital report anything we didn’t cover in today’s presentation leave it in the comment section below we’ll be sure to get you an answer or cover in our next

    Discussion and and with that being said let’s get into today’s Video okay guys so that’s right today’s video we’ve got a really exciting one for you sue Enis she’s been on the channel a number of times they just went through the big merger with usbtc obviously some big news came out last week in relation to the J Capital report

    So we wanted to welcome Sue back to give us an update from hut8 Corps perspective talk through some of the questions that we solicited from the audience and get a bit of an update on the post merger business and operations as well so sue thanks so much for being here I can only

    Imagine how busy you’ve been and we really appreciate your time hey super happy to be here it’s been a really wild week and so it’s super important to us that we continue to connect with you guys and communicate with you guys during you know some of these hard periods yeah of course and

    And that’s the great thing about this Outlet you guys we were just talking about that off camera but it’s it’s a great way to get information directly from the company which is exactly what we’re going to do now we’re going to talk about the J Capital report in a

    Second here but before we do we had a couple of questions about operations Sue so I wanted to jump right in now I know you’ve been on a handful of times but for anyone who’s missed those presentations can you give us the elevator pitch or a very high level

    Summary of just what huy Corp is all about post merger yeah so post merger headache we executed one of the largest m&as actually the largest m&a in the crypto industry uh so we went from being a minor out of Canada a Bitcoin minor out of Canada who had five traditional data

    Centers who now um a us domiciled uh Bitcoin miner high performance Computing and then also having a really interesting um new business called manage services so effectively moving away from being a single-threaded minor with a high performance Computing angle to a Bitcoin minor with a portfolio of

    Fiat based business lines that we think have a really tremendous upside um and total addressable Market to keep us competitive and help reduce our cost per coin post the next having yeah amazing and I know we’ve talked about these alternative revenue streams we’re starting to see a lot of the other

    Miners actually follow suit Hut was really a Pioneer in that space and getting into some revenue streams that aren’t so Reliant or dependent on the price of Bitcoin itself um so we’ll talk about some of the HPC towards the end if we have some time but one of the

    Question that came up here Sue is is in relation to your self mining business uh Fleet upgrade plans we’ve seen a number of other companies announce big option purchase agreements or purchase agreements for the S21 the t21 uh what’s HUD Eight’s plan to get the self- mining

    Um I guess upgraded moving into having yeah so right now we’re sitting at about 7.2 ex ahash of self- mining um and I think what’s pretty exciting is we just announced about a week and a half ago that we purchased a substation out of Salt Creek Texas that’s front of the

    Meter 65 megaw plus an additional 1.9 me uh 1.9 acres of land for us to potentially build on um and we also are scheduled to close our on February 15th another 310 megawatts worth of power plants um up here in Canada from a bankruptcy proceeding a stocking horse

    Bid that we put our hat in the ring for so I think when you’re looking obviously at the mining space particularly the self obviously the self- mining piece of our business machines are incredibly important but power is the new oil and so one of the things we’ve been focused

    On is how do we continue to grow that portfolio of owned power because right now what we’re seeing on the equipment side of things is we’re not seeing an issue of supply chain constraints that we saw before the last bull market we’re not seeing crazy price increases so for

    Example in 2021 we saw bull market um pricing of like $80 to $90 per terahash versus now you can get an S21 for about 16 bucks per terahash so I think in terms of bed Mass like the order of operations what we’ve been focused on since we’ve closed has been let’s secure

    That power let’s get that portfolio of PPA you know continuing on its trajectory of growth um and then we’ll announce our Fleet upgrade as soon as possible um you know I’d obviously love to remind your is your um your audience that we have over 7,000 Bitcoin on our

    Balance sheet that is unencumbered and over 9,000 Bitcoin total we’ve got a little bit of it held as collateral um with a loan we have with coinbase so that’s 7,000 Bitcoin that we could potentially if we decide to use towards reinvesting in in the business and I

    Think one of the things that’s really changed and sorry I’m going on a bit of a tangent here but it’s it’s going to answer your question ultimately um one of the things that’s really changed since the spot Bitcoin ETF has been approved and this is something that

    We’re thinking about is all of those institutions that didn’t have um an option for Bitcoin proxy for for a Bitcoin proxy play um who were in mining equities or for example micro strategy or coinbase coinbase um or coinbase um now have an option where they can get commodity exposure without the without

    Company risk right and when you’re investing in a minor you have commodity risk but then you also have company risk as um as an Institutional Investor and so our thinking is the premium that may that we premium that we may have been getting for having a huddle on our

    Balance sheet you know what still sort of remains to be seen if we’re still going to be given that premium in the market I mean obviously we’ve only had almost it’s been barely a week of trading um for the spot Bitcoin ETF and we’re seeing a lot of outflows because

    Of grayscale gbtc investors taking profit so so I think we still really need to see sort of where the market lands in terms of appetite for these spot Bitcoin ETFs but our thinking is if this huddle premium is no longer there this is an this is an incredible War

    Chest this is a huge treasury that we have to potentially reinvest in the business so um when you ask about equipment that’s sort of my long-winded answer of saying that you know we think we’ve got a lot of we we’ll certainly update you guys as soon as possible we

    You know that Fleet upgrades is a super important part to having a competitive self- minding business but those are sort of the things that we’ve been thinking of and focused on since we’ve merg we’ve only been merged entity for like seven weeks um and it’s that power

    Portfolio that we think is the most important part seven weeks and I’m sure it feels like a lifetime ASU um no I I appreciate your response and what I’m hearing from that is you guys have really prioritized access to power uh understanding that the machine costs are are pretty

    Reasonable right now and then you’ll fill up the power with the machines uh using that war chest if and when you you deem necessary hey yeah I mean again this is not me confirming that we’ve officially pivoted from hle strategy strategy but I’m just telling you sort

    Of how we’re thinking now that that there’s a spot Bitcoin ETF it sort of has you know it’s certainly something that we’re now thinking of in terms of you know where where is the future of hdle and should we be reinvesting it back in the business should we continue

    Loan um um taking out loans against it I guess my point is is that because we’re one of the OG hodlers in the space we’re in a super ad advantageous place right now um by having this this massive asset on our balance sheet that we can get

    Super agile with yeah I definitely agree and and things have been very choppy since ETF approval we’ve had days bitcoin’s up miners are down bitcoin’s down miners are up like yesterday so I think it’s very smart that you guys are re uh relooking at that strategy and again not necessarily making any

    Decisions but re-evaluating those premiums now that there’s a new option for the institutions obviously the ETF um now Sue that’s a great segue another question we got was in relation to the debt situation and repayment strategy we’ve talked to a lot of companies that are really aggressively paying down debt

    Going into the having uh you just alluded to some of the financing options or optionality that hut8 Corp has can you give us any insight on the debt situation post merger and repayment plans yeah absolutely so first of all our Q for perform like consolidated financials are going to be out in March

    But I can certainly speak to the debt as per what’s been filed out there um on Edgar with each company respectively as of as at Q3 you’re looking at about 190 million is worth of debt and and the majority of that is associated with our coinbase loan and also with our King

    Mountain JV so we’re a 50% owner in the King Mountain substation um and the monthly distri so and the proceeds from that substation are being swept monthly to pay down the interest um and the note on on this particular debt um there’s no minimum monthly payments the structure of the

    Deal is on a JV level so there’s no parent company Force um and then we and then we also have the coinbase loan and then we’ve got a little bit of money outstanding um or loan outstanding for equipment purchase that us Bitcoin Corp did with Anchorage um but I think you

    Know if you look at that debt and how it’s structured as I said it’s the King Mountain JB is not structured on a parent on a company a parent company level it’s on a JV level so there’s no recourse to the parent company um we are sweeping it and paying it down monthly

    And then I think if you look at our total assets relative to that amount um as of the pro fora that we released on June 30th we had about 713 million in total assets at that time 290 million of that 713 million was Bitcoin since then

    If we look at where Bitcoin is today that’s actually ballpark more in the 350 is um uh value of Bitcoin on our balance sheet if you look at if you’re if you’re taking what we have on our balance sheet as of what we disclosed relative to the

    Price of Bitcoin today um um so again we we are very comfortable with the strength of our balance sheet and our strategy for managing um all these different levers gotcha and and the balance sheet strength and that huddle position is a is a recurring theme we’ve

    Talked about for years now Sue so um it’s nice to see that strategy paying off when when you’ve got uh having coming up and obviously all these different plans within the organization so I appreciate the comments there uh we’ll keep an eye for that full proforma uh quarterly report as well now the

    Other one saw you were getting some heat for on Twitter or a was some Insider selling so I know uh Jamie the CEO uh sold off some shares I saw your response to that but maybe for people who didn’t can you give us a little bit of color as

    To why that sale happened what that was all about and then as a followup um based on the share price and some of the activity we’ve seen are you guys feeling this is getting into value territory and and can we expect to see any Insider buying here coming up okay so great

    Question Jamie did not sell her shares for a profit in the market this is an automated sell to cover program that is an industry standard to cover only the tax portion of vested rsus because vesting is a taxable event so it’s it’s an automated program that’s how we’ve

    Set it up with our L tip provider um it’s so funny that the market is only focusing on Jamie’s sale because I also had a huge TR of rsus that vested on December 10th so if you look you’ll also probably see oh Sue Andis is also

    Selling her shares we are not I have not sold my shares uh that was a vested tax um that was a taxable event and the tax portion of my vested used being sold um so I really appreciate you asking that question because for sure that would

    Certainly if I were you know I am a shareholder my family is shareholders that would make me question but that is what’s happening with what you’re seeing on the disclosures or on the filings yeah and and I wanted to add some color there that’s exactly how things can be

    Misconstrued in the media you guys um there’s a lot of these programs and systems I know from my corporate background that are set up they’re automated they’re recurring they’re scheduled um but from an outside perspective sue you know as well as I do people can kind of pick and choose which

    Which elements they focus on um the second part was uh was in terms of Insider buying uh do we and I know your kind of hands are tied here but do do you feel share price is getting in kind of a value uh territory where we may

    Start to see some of that Insider as we’ve seen with with Tera wolf and some of your competitors yeah so I certainly obviously you can’t comment um on where I think the share price is right now um I can tell you that as per us Securities

    Law we are in earnings Blackout um which means that insiders can’t buy when you’re in earnings Blackout um and that’s the most I can talk about cuz I’m very bullish on this company and you know obviously I want to stay on the right side of us Securities Law so uh I

    Unfortunately couldn’t make any moves that I would would have liked to make so no problem we all want to stay on the right side of Securities Law and uh even that Sue letting us know about the blackout that may kind of calm or quell some of the the confusion out there as

    Well so I appreciate your transparency now on to the main event so J Capital report came out last week really shook things up you guys were out in New York ringing the the opening bell believe as this kind of was going down so before we get into your response Sue can you tell

    Us kind of what this is about what you know about this firm I know they’re they’re self uh proclaimed short sellers on their website I’ll bring up kind of a a little bit of the article as we talk through it here but what’s your initial

    Take on this yeah so I think you know um what I’m comfortable talking about right now is this uh short hedge funds and um research research shops like J Capital uh have been are are examples of short and distort which isn’t illegal practice where an investor shorts a

    Stock and then decides to spread rumors in an attempt to drive down the stock price so that they can cover their short ultimately destroy shareholder value but that is equals financial gain for them um J Capital was uh they had to settle in 2021 with another issuer uh and they

    Were forced publicly apologized to the issuer Vulcan energy I believe it was you can look it up on Google um and they were permanently restrained from publishing any research on the company or any of its directors because they were found um to be in a situation of

    Short and distort um I think the American Bankers Association has also come out in May of 2023 and condemning the practice and how this practice does ultimately fall on shareholders who are the victims of this predatory behavior and I think one of the things that’s

    Tough is you know if a hedge fund takes a short position in your company obviously what they’re betting on is that your share price goes down and they’re betting on negative news and that they can ultimately cover their position you know on you doing a deal or

    Whatever um you know it’s tough to see what else is was going on behind the scenes but I think in the case of Hut you’ve now got a strengthened company almost over a gigawatt of power under management we still have that you know War chest of Bitcoin on our balance

    Sheet um and I think the market was really starting to see that this is a new era for Hut we are one of the largest players out there now and so perhaps that you know that uh that created some incentive for for some Distortion by some players who perhaps

    Didn’t have that thesis on Hut um but I think in terms of um our response to this so we issued a holding statement and I just want to give you a little bit of sort of insight as to why we’re managing our response to this the way that we’ve been managing it

    Thus far and I’m going to talk a little bit about our board and who is our board so you guys know Jamie you know me but you don’t know our board really so I’m going to highlight there’s I’m going to highlight three of them well maybe four

    Of them actually in particular I think the market needs to know to get a sense as to why we’re sort of um rolling the way we’re rolling right now in terms of our response to this so let’s go over Rick Rickson so Rick Rickson is one of the most powerful

    Players in the private Equity uh space in the US he’s been in the private Equity space for over 40 years um he’s written Financial books that have been endorsed by David Soloman the CEO of Goldman Sachs the former secretary of defense for the US and even Michael

    Lewis um and he’s now sort of his side passion is producing movies in Hollywood he he produced um King Richard with Will Smith we then have Bill Tai on our board who is a famous venture capitalist out of the us he has had over 22 companies

    That he has seated and backed in the early stages going public including zoom and canva and then we also have Mayo Shad on our boards who is the ex CEO and chairman of one of the largest renewable energy companies in the US uh and he was

    There for decades and he now sits on the board of Capital One which is an American Bank and the Gap and then we have Alexia Hefty who’s one of the most well-connected women in the Middle East in the governance space and is the um uh and she’s also a special adviser

    For the government of Bermuda so where I’m going to say where I’m going with this is if you look at the credibility and the track record and the experience of our board our decision is that again number one this isn’t our board’s first rodeo and that we don’t just issue

    Knee-jerk reactions to allegations made by parties who have disclosed they’re going to benefit from shareholder destruction and a decline in our stock so that’s where we’re at on that I know I’m not answering the question that in a in a way that you’d like it to be answered and again we’ll update the

    Market as soon as we can but I really want to point to the the tenure and the experience of our board in terms of why and how we’re managing this situation obviously with Jamie as well but that’s sort of the Phil some of the philosophical drivers and Minds behind

    Sort of how we’re playing this if that makes any sense it does make sense and I’m glad you added some color and I know just from the amount of time this transaction took there was a lot of due diligence that went into it there’s a lot of smart people in involved with it

    And um yeah adding some color to your board and their background I think definitely uh definitely helps the situation so I did see that just really quickly that’s also a really good that’s also a really good point we had as per our S4 which is too which is disclosed

    I’m happy to send it to you if you have any of your audience who wants to um read it it’s on Edgar um we had two fairness opinions in this deal um we’re in the process of closing a JV with mcor for those power plants so mccor

    Obviously has also been part of our the due diligence with us um we had Bankers on both sides of the transaction we had lawyers on both sides of the transaction um and if you want more again insight into the due diligence that we did into

    This deal that is all in of our S4 DM me on Twitter bigie if you want me to send you the link to that S4 I’ll also send it to Bryce here but um yeah we we felt very comfortable with our level of due deligence um on as per our S4 disclosure

    So sure yeah no uh understandable Sue and I appreciate you shedding as much light as you can now a couple uh additional J Capital related questions here for you and I did see that response um I actually was happy as a shareholder how how that came across is hey you know

    What guys we’re we’re taking a calculated approach we’re taking it seriously we’re looking into it but at the same time we’re going to focus on running the business as we always have uh I thought that was a very mature way to handle it really um the next question

    I had though Sue is uh obviously there’s a a number of Fairly serious allegations in that report um is there any Merit to any of that or uh when will we be seeing kind of a a full rebuttal to those individual points yeah I think you know

    As for that original press release we we will certainly update the market um as you know as we see fit but I think also to as to the point that you just mentioned um our Focus right now is really on execution you guys need to see numbers you need to see performance you

    Need to see results you need to see growth of revenues growth of cash flows that’s where our head is at right now versus um again continuing to put more light on on a company that has stand stands to destroy shareholder values so yeah and and at the end of the

    Day sorry Sue what was that I was just gonna say that’s that’s the best I can sort of shed light on right now and again we’ll keep you guys updated as soon as we can yeah the numbers don’t lie at the end of the the day and and

    We’ll see the proof is is in the pudding here uh or not as the quarter quarterly reports come out now uh final question it is numbers related so one of the specific numbers that they threw out was uh a break even cost of about $60,000 per Bitcoin now keep in mind guys this

    Is a simple calculation they basically took all the costs divided by the Bitcoin there’s alternate revenue streams at play here so um Anthony and I spoke over this and and had some thoughts but Sue uh what is do you guys know you’re all in kind of cash cost per Bitcoin not

    Necessarily your break even but cash cost yeah so so we did um we did not do a proforma Q3 financials because we hadn’t we weren’t closed yet so us Bitcoin cor filed their Q3 financials Hut 8 filed their Q3 financials so Hut 8’s all in cash cost as at Q3 were about

    20.6 th000 us U 20,000 Point like 20,000 is uh us per coin and then us Bitcoin corpse was a little bit like 9 19 and a half cost per coin and that includes T and D does not include amortization and depreciation um and then yeah I think

    Certainly you know I urge investors to please go look at the filings yourself if you ever want to book a one-on-one with me to walk through those financials I’m happy to do it at big sooie on Twitter shoot me a DM I may actually do a retail investor call um soon on this

    As well um but yeah just please check our financials if you you know do your do your own research Dy uh in in situations like this yeah and the low to mid 20s is is pretty standard for the industry you guys that number is a lot more

    Consistent with some of the peers so um wanted to definitely touch on that the other thing before we let you go Sue I know we’re on a little bit of a time crunch here but uh HPC so that is an example of one of your alternate revenue streams you guys announced Interior

    Health it was a a huge uh client now we’ve again heard some mixed comments from the peer group over HPC AI businesses potentially being a flash in the pan moment um personally I I don’t necessarily agree with that after seeing some of the revenue projections and and agreements and contracts that have been

    Signed can you give us a bit of an up uh update on HPC I know bit digital just announced they’re starting to re receive revenue for their big contract is there anything else we can expect on that side of the house yeah so I think one of the

    Differentiators in terms of Hut A’s HPC strategy relative to any of our competitors is that we actually bought five traditional data like cloud and Colo data centers and that deal came with uh a little over 250 customers in the cloud Colo special effects Financial Services AI there’s also AI capabilities

    We’ve got A40 sitting in there um and so this wasn’t just a concerted direct line to to AI play that we were doing this was a more thoughtful uncorrelated uh Revenue strategy um and we’re earning about 3 A5 million a quarter on this business um for sure you

    Know as we’ve disclosed in our S4 um you know making purchases for uh AI gpus is is something that you know we we did put that order out there for h100s um and I think you know one of the one of the benefits of Hud eight and the

    Way that we’ve set up our portfolio of infrastructure and power is that we can pivot and be agile so for example um these some of these power plants that we’ve you know we hope to close on on February 15th um there is the ability to you know stand up self- mining or

    Standup HPC I think how we look at our business now is you know what is the best spend of the electron what is the roic what is where is the highest EST um revenue and margin profile for this electron given where you know where our infrastructure of power portfolio is so

    I’m not really answering your question because we haven’t given that Outlook yet but I’m just telling you philosophically like how we look at the electron and arbing the electron whether it be an HBC self- mining or a managed Services business which I’m insanely excited about for you guys to see like

    What that business profile looks like as we continue to grow it um I think that’s just how we’re looking at it and that’s how we’re setting up this business yeah it makes sense and and at the end of the day it’s great to even have that

    Optionality of of where do you want to uh Focus your power and your efforts so sue I appreciate the discussion I know obviously uh we’re a little bit restricted with what we can say but we appreciate you coming on here helping to answer some questions giving the viewers

    A little bit of clarity in in this uncertain time I’ll kick it back to you for any closing thoughts and if you can just remind us on the next quarterly uh release date um just so we can throw that in our calendars as well yeah so Q4 uh release should be late

    March sometime I don’t think we have a set date just yet but late March um I’d say at the latest first week of April and I think you know the main takeaway is guys look at the numbers look at the numbers do your own research um the

    Numbers and the data do not lie um and you know I’m just excited to continue this conversation with you guys and this is a new Hut and I’m always down to chat um and again and my at Big suie shoot me a note if you you know if you want to

    Continue the conversation and yeah let’s let’s just keep rolling sounds good look forward to chatting again guys make sure you like the video subscribe to the channel ask any questions we may have missed we’ll try and get them in the next uh discussion and Sue have a great

    Rest of your day thanks so much for coming on here thank you so much for having me always happy to be here

    45 Comments

    1. With alll the damage these shortening institutions have caused, Sue said the penalty was an apology, & stop writing negative reports about a certain company, obviously Hut doesn't care about regulations, because it will only result in a slap on the wrist, as it's proveen by the shady conduct of the company Hut merged with, nothing but shady characters, which Hut is now, the damage is done.

      Notice how Sue said there is nothing illegal with shorting, because these shorting firms do their DD,.& make a killing.
      As a Hut shareholder, I salute the shorting company, who outsmarted Hut by miles, which shows nothing but inexperience, & incompetence on Hut's behalf, & me another Joe who got creamed in the market.

    2. Bro her response to the short report should absolutely TERRIFY any HUT investor. Instead of explaining how the report is wrong she was like “look at our board, they are amazing” she was asked point blank if anything in the report was factually incorrect….and she wouldn’t claim ANYTHING was incorrect. Bro that was the speech of a guilty person…deflect, non answers other than “we are above stooping to their levels to even address this” well guess what…your investors care a whole lot about your response. This just confirmed that the short report was factuallly correct.

    3. Bryce thanks for your time, but I do not feel any better after watching your interview, if I were still a Hut shareholder. Its the same stuff, over and over again, with no execution, no definitive path to the post halving, more debt, etc. I already sold, but wanted to watch to see if if I made the wrong choice. After watching I don't feel I did. I will stick with CLSK and maybe another top tier miner.

      I can't believe I held for over 36 months and have tens of thousands in losses to show for it. Hut has never been a forthcoming company or a vision-minded company like others in the space. Even with the HODL, no doubt it will be used with nothing to show for it years from now. Just another tatic.

      For the record, Sue never replied to any of my emails regarding concerns and questions that I had over the last 18 months. I was not asking privledged information, but anwers to my what she could commnet on. I trusted Hut ,and its leadership for 3 years and today have nothing but signifincant financial losses to show for it.

    4. LOL so basically … Here's a bunch of old timey rich people who are on our board to give us name credibility. Bitcoin miners have so much shady underpinnings. Buy Bitcoin and stay the F away from HUT

    5. unfortunately, the markets have basically priced in that USBTC is worth $0 towards HUT8's market cap as the stock is down 50% from the reverse split (more likely the market doesnt want to purchase USBTC issued public shares as they begin to sell). at the end of the day, USBTC's third quarter looked horrible. They relied on an $11 million distribution from the JV just to make ends meat. They are cashflow negative, and a majority of their interest expense was pay-in-kind, saving them $3.9 million in cash outlays to cover that interest. I have an extremely hard time believing the managed services and the 300 bitcoin they produced in December are worth $450 million. At best, USBTC is worth 65% of Bitfarms, so roughly $300 million less the $140 million in debt. USBTC should have been acquired for under $200 million. This is why the market is punishing HUT.

    6. I don’t know how anyone can trust this company anymore. Since Nov 2021 they’ve failed to promptly and fully communicate to their shareholders on their business developments and affairs. Hence is the result of enormous losses for many shareholders.

    7. Great interview with Sue. Thanks Bryce. Tough questions that needed to be asked. Hut price has been beat up… I have no position but will keep my eye on it
      Thanks again Bryce… well done

    8. J Capitals Research is quite scathing. I was just read the whole report on their website. The make of of management and history of some of them would scare the heck out of me. I once ignored management history once before. Never do it again. I would not touch this one at all, especially with better options out.

    9. The number one priority for miners is to increase their hash rate before the halving. Sue saying they purchase a power station and buying miners as an after thought is a joke. This company will NOT survive the halving.

    10. I know it looks bad, but are you really giving up? Just right before halving? When btc blows up, everyone will forget about FUD and will rush to buy anything. The management is playing some game. I’m waiting for the next episode and decided to keep my shares.

    11. As for J Capital report Sue never really addressed the accusations on the report. Like is true that USBTC hired a 13 year old as a meme office lol. Bryce you should've pressed her more on some of the more serious accusations in the report.

    12. Theres lots of maybe we hit bottom or do we think all these is priced in comments… So imo you cant really put a value on potential pump and dump operations which is what the short report is accusing hut8 of. The best analogy is putting money in your friends coffee business because he owns 5 coffee shops and has some inventory so there is some real assets there. However, this friend hasn't really made any money and his coffee business is contracting over time. He continues promoting it to other investors gaining more money and taking on debt as well to 'fund' his operations. Since his business is also on an open ledger, we can check and estimate how well his coffee business is doing. He sends reassurances that things are going well and better things are coming. He even shows that he has alot of his own money at stake in the business. However, he has a shadow partner whom has a large stake in the company and they sell their overvalued positions to unsuspecting investors. So they are more interested in keeping up a facade over their actual operations. Come five to ten years later, if you owned a stake in this coffee business, what do you think the value of your stake will be? You can trade this stock on psychological values but any intrinsic value is hard to justify. With potential dilution, poor execution, expensive management, and running out of options, even that btc hodl gets eroded away… directly or indirectly (due to dilution). The only speculation is on whether management can steer this ship around and make use of their BTC war chest if needed. They will also ideally need to shed light on this pump and dump operation esp on the USBTC side of things with mr ho and his alleged shadow partner. From what's happened so far, it really feels like they are hoping unsuspecting investors will just forget over time. Interesting things to note here from the report is that their mk facility is troubled, even mara thought they were a mess – miners were delivered to the facility but they were never even hooked up, a starlink satellite rather than a fibre connection was used in their facility, usbtc hired a 13yo chief 'meme' officer (maybe in jest?), one of the loans they have has an 18% interest rate on it and hut overvalued usbtc by mulitple folds when doing the merger.

    13. A little disappointed by the response but I do think the company is probably looking into legal action against jcapital. Hence, why she was vague and spoke around and not on the short report. An actual rebuttal at this time would probably hurt the share price more than it is now.

      She was very clear on financials (good). Increased productivity in mining and a good break even on their btc holdings.

      You also did a good job with your questions. Thank you!

    14. Sue is a consummate professional, let me put that out there straight away. Hut8 are very fortunate to have her , she is a superb asset. That said, the approach she is following from Hut8 of ingnoring the allegations, keeping quiet, rising above it , is not fooling me. We need answers and need them now.

    15. A response to the allegations…and ehhhh they did not address any of the said allegations. That’s absolutely ridiculous….Hut is arguably the most incompetent btc miner. They’ve f*** everything up and sat on the BTC stack and are simply incompetent in the running the business.

    16. This is the part that I don’t understand about hut. They have twice more employees than mara who produce 1800 per month. She said in one of the interview ceo will be laser focus on repairing all those down sites and still haven’t got any answers. I am not sure how they are going to produce good financials with all those staffs. They are keep saying cloud, Ai and high computing. However, what is their plan to compete against aws, Microsoft, and ibm? It’s not like they are profitable and need to expand their business. No clear strategies and there are way too many miners that produce 1000 plus and clearer strategies. Hut doesn’t act like a small cap company where decisions and executions supposed to be really fast. I think what managements are trying to do is scared of making decisions meanwhile other miners made a decision to expand their fleets with half of huts staff

    17. Sell one single Bitcoin and its GG 😂 imagine selling off your bags before we even hit the halving/parabolic move. 😂😂 thankful i only put 1k into this dumpter fire.

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