05:29 PM EDT, 07/03/2024 (MT Newswires) -- Hut 8 Corp. ( HUT ) was at last look down 2.5% in US after hours as it released its operations update for June.

Among highlights, Hut cited 17.8 EH/s and 762 MW under management and a US$150 million investment from Coatue to support the buildout of a next generation AI infrastructure platform. It added AI vertical is expected to begin generating revenue in the second half of 2024.

"Our corporate development team made significant progress this month advancing the expansion opportunities in our previously announced pipeline of more than 1,100 megawatts of energy capacity under exclusivity," said Asher Genoot, CEO of Hut 8 ( HUT ) in a statement. "We believe our recently announced investment from Coatue has further strengthened our positioning with potential site development counterparties, and we are excited to share more as projects develop and convert."

Genoot added: "We continue to optimize our existing assets, including our self-mining sites and five high performance computing data centers, for Bitcoin mining or AI workloads," said Asher Genoot, CEO of Hut 8 ( HUT ). "At Salt Creek, for example, our team launched and completed initiatives to fortify the upstream electrical infrastructure supporting the facility. We expect our optimization initiatives to drive greater site longevity and productivity as we scale our data center portfolio. In parallel, we are actively engaged in discussions regarding upgrades to our miner fleet."

"Commercialization efforts for our new AI vertical are also progressing nicely, including the assembly of our first GPU cluster and fit-out of our data center suite. More than half of our 1,000 NVIDIA H100 GPUs have been configured and are now undergoing testing at the manufacturer's facility. We are on track to go live in H2 and begin generating revenue at a forecasted annual rate of approximately $20 million."

Hut at last look was down 2.5% in US after hours. It closed down $0.11 at $21.53 on the Toronto Stock Exchange.