Hey guys, welcome or welcome back to the channel McNal Money, the official home of Power Analysis. A big interview in store for you today with none other than the CEO of Hut 8, Asher Genoot, joining us on the podcast hot off the heels of Q2 earnings. We've got a lot to talk about. Before we get into it, take a second, smash the like button, guys. Big help to myself and the channel. If you're not already subscribed to McNal Money, feel free to join, and let us know in the comments section below what your thoughts are on Hut 8 and if you're currently holding shares. With that being said, let's get into today's interview.
All right, guys. Away we go. Asher Genoot, hot off the heels of earnings, back on the podcast. We've got a quick one on our hands here today. Asher, welcome to the podcast. Thanks for making the time. First question for you: highlights from Q2 earnings?
Q2 earnings: we signed another data center lease, and so now we're three leases in, almost $27 billion in contracted revenue and almost a gigawatt of IT contracted capacity. So very happy with Q2. We also did our second financing on our second building, and we're obviously working on our third one now. About $7.5 billion raised within a couple of months, all project level, no parent recourse debt.
Awesome. Now, we're going to cover, obviously, these three big deals with a little bit more color later, but just want a couple of quick questions. News that's come out this week: obviously, the moratorium from the governor of Texas — just your view on that, and does that impact anything? Maybe not at the moment, but does it impact anything that you're planning down the line? And also Logan County, in terms of how you're able to sort of educate and help the locals there understand what you're all about and that you're bringing things to the community. I mean, we've recorded the podcast, we've met all the companies, we know how socially responsible you guys are, but sort of give us a flavor from those two particular areas before we get into the big, big contracts.
So specifically on our Beacon Point site, we were actually one of the few that voluntarily submitted the PUC survey they had a couple of weeks ago, and a lot of Governor Abbott's questions that he raised are very similar to the questions we responded to the PUC on — grid reliability, water usage, environmental concerns, noise, traffic, emergency, and kind of other community protection. So overall, a lot of those things we actually already provided to the PUC, and so I think we're prepared to provide whatever the governor is looking for. So from a Beacon Point perspective, we've run through the process, everything that's been happening to date, and today it's just another process. The way I think about it is, there's so much fear in the U.S. in general around data centers, and there needs to be things to be able to put these false fears at bay. And so I think what Governor Abbott is doing makes a ton of sense. It's actually great because then the residents have comfort of, okay, this is not going to take all my water usage. This is not going to screw up my electricity bill pricing. This is not going to go and contaminate the soils, right? And so I think doing these things — I don't think Governor Abbott is saying we don't want data centers in Texas. I think he's saying the opposite. I think he's saying we want to get ahead of people being so scared of data centers coming. We're actually going to get ahead of all these things people are fearful of and check the box and have a checklist to make sure none of them exist.
So we need that because otherwise, like, we'll bring up Logan County. I think a lot of the work we're doing is trying to correct all the false information and narratives that are out there. And sometimes it's hard, right? Because we're coming in and they're saying, 'Well, you're biased because you want to go build this. Can we trust you? Is this real? Is this not?' And I think by putting process in, then people get comfort over, okay, you now have verified you have a closed-loop water system and you're not using water to cool down your chips, right? You have now verified you're actually paying for the transmission upgrades and the energy supply, so you're not going to increase our energy bills. So I think those things are good because it takes a lot of the noise and the FUD out of the ecosystem.
That's great to hear, and we'd expect nothing less from the company. And the fact that I did see the acknowledgement that you were one of the first companies to respond to the governor's work on a previous request — and so that will only, for me, sounds like having that more regulation in Texas anyway will only better the companies that are going to deliver the proper facilities for this amazing technology that we're seeing at the moment.
And we would prefer that you don't have a couple of bad-actor developers go and create a bunch of fear in the system. We'd rather have this kind of process where all these things are built the right way from the get-go and we're able to continue to scale this critical infrastructure in the United States.
Yeah. In terms of those deals at Riverbend and Beacon Point, I mean, you've blown the market apart in terms of creating the size of those deals, and the numbers are phenomenal. You've been very transparent on the levels of numbers there and you're sort of setting benchmarks. Can you give us a bit more color as to this latest deal, this addition there to the site there — looks like you've just mimicked the first deal in terms of delivering the expansion.
So if we think about the three deals we've announced, all three things are the same construct, same lease rate, same escalation, same years, literally same structure. We have different tenants, so it shows the structure is repeatable across multiple tenants, not just one. And we had one tenant double down, which shows that people like it and they're willing to continue to expand. And so overall, I feel like we're building a program that's scalable and that's repeatable. Like, the second deal was easier than the first, a third deal is easier than the second. And so we're really building that platform not just from a commercial perspective, not just from a financing perspective, but also from an operations and execution perspective as well. And so, like in my mind, we're just getting this engine turned on and we're just starting to get going and starting to scale. And a lot of my earnings was talking about, like, we're building a platform and we're showing the repeatability of the platform in these first couple of deals.
Hey, now, one thing we've noticed in these recent deals, Asher — we put a visual on yesterday's podcast. The rates we're seeing on a per-megawatt basis, both on colo and CSP, continue to creep up. Can you talk to us a bit about overall macro demand sentiment? There's been obviously some FUD in the headlines recently. Part of it is that NIMBY pushback to data centers, but from the actual numbers, we're seeing everything moving up and to the right.
