Infrastructure upgrades near completion in advance of expected miner deliveries
205 MW Vega project advancing on track for Q2 2025 energization
MIAMI, Feb. 04, 2025 (GLOBE NEWSWIRE) -- Hut 8 Corp. (Nasdaq | TSX: HUT) (“Hut 8” or the “Company”), a leading, vertically integrated operator of large-scale energy infrastructure and one of North America’s largest Bitcoin miners, today released its operations update for January 2025.
“With infrastructure upgrades for our initial fleet upgrade near completion, we believe we are well-positioned to energize new miners upon expected delivery in the coming weeks,” said Asher Genoot, CEO of Hut 8. “While these upgrades resulted in downtime during the month, we remain focused on optimizing returns from our existing fleet, leveraging Reactor to dynamically curtail operations, particularly at our Alpha site, where power prices were elevated.”
“We continue to execute on key growth initiatives across our digital infrastructure layer. Data center construction at Vega is progressing rapidly, keeping us on schedule for energization in Q2 2025 as we prepare for the launch of our ~15 EH/s colocation agreement with BITMAIN. As we focus on AI data center development, we also advanced and expanded our development pipeline.”
Highlights
- Infrastructure upgrades near completion in advance of expected miner deliveries for initial fleet upgrade
- Data center construction at Vega progressing rapidly, on track for Q2 energization (image to left)
- Advanced AI data center development opportunities across development pipeline
Operating Metrics
| Average during the period unless otherwise noted1 | January 2025 | December 2024 |
| Total energy capacity under management (mining)2,3,4 | 665 MW | 665 MW |
| Total deployed miners under management5 | 115.3K | 121.4K |
| Total hashrate under management6 | 12.7 EH/s | 13.2 EH/s |
| Self-Mining7 | ||
| Deployed miners8,9 | 47.1K | 53.2K |
| Deployed hashrate10 | 5.0 EH/s | 5.5 EH/s |
| Bitcoin produced3,11 | 65 BTC | 89 BTC |
| Bitcoin held in reserve3,12 | 10,208 BTC | 10,171 BTC |
| Managed Services13 | ||
| Energy capacity under management3 | 280 MW | 280 MW |
| Deployed miners under management9 | 85.7K | 85.5K |
| Hashrate under management | 9.4 EH/s | 9.4 EH/s |
| Hosting | ||
| Deployed miners under management9,14 | 68.1K | 68.2K |
| Hashrate under management15 | 7.7 EH/s | 7.7 EH/s |
Energy Infrastructure Platform3
| Current/Contracted Revenue Stream(s)16 | ||||||||
| Site | Location | Owner17 | Power Capacity | Self- Mining | Managed Services | Hosting | HPC | Power Sales |
| Vega18 | Texas Panhandle | Hut 8 | 205 MW | Yes19 | ||||
| Medicine Hat | Medicine Hat, AB | Hut 8 | 67 MW | Yes | ||||
| Salt Creek | Orla, TX | Hut 8 | 63 MW | Yes | ||||
| Alpha | Niagara Falls, NY | Hut 8 | 50 MW | Yes | ||||
| Drumheller20 | Drumheller, AB | Hut 8 | 42 MW | |||||
| Kelowna | Kelowna, BC | Hut 8 | 1.1 MW | Yes | ||||
| Mississauga | Mississauga, ON | Hut 8 | 0.9 MW | Yes | ||||
| Vaughan | Vaughan, ON | Hut 8 | 0.6 MW | Yes | ||||
| Vancouver II | Vancouver, BC | Hut 8 | 0.5 MW | Yes | ||||
| Vancouver I | Vancouver, BC | Hut 8 | 0.3 MW | Yes | ||||
| King Mountain21 | McCamey, TX | Hut 8 (JV) | 280 MW | Yes | Yes | Yes | Yes | |
| Iroquois Falls22 | Iroquois Falls, ON | Hut 8 (JV) | 120 MW | Yes | ||||
| Kingston22 | Kingston, ON | Hut 8 (JV) | 110 MW | Yes | ||||
| North Bay22 | North Bay, ON | Hut 8 (JV) | 40 MW | Yes | ||||
| Kapuskasing22 | Kapuskasing, ON | Hut 8 (JV) | 40 MW | Yes | ||||
| Total | 1,020 MW | |||||||
Upcoming Conferences & Events
- February 24–25, 2025: Capacity Media Metro Connect USA, Fort Lauderdale
- February 24–28, 2025: Bitcoin Investor Week, New York
- February 25–27, 2025: Infocast ERCOT Market Summit, Austin
- March 3–6, 2025: Morgan Stanley Energy & Power Conference, New York
Notes:
| (1) | All figures exclude Hut 8’s managed services agreement with Ionic Digital Inc. (“Ionic”), which was terminated effective December 10, 2024. | |
| (2) | Energy capacity under management (mining) includes (i) 180 MW of self-mining sites comprised of Alpha, Medicine Hat, and Salt Creek, (ii) 205 MW of hosting capacity at Vega, which is currently under construction, and (iii) 280 MW of capacity under management at King Mountain. | |
| (3) | As of the end of the period. | |
| (4) | Includes 205 MW of capacity at Vega as the site is expected to host miners for BITMAIN. | |
| (5) | Includes all miners that are racked with power and networking, rounded to the nearest 100, in Self-Mining, Managed Services, and Hosting infrastructure with power and networking, including all miners at the King Mountain site. | |
| (6) | Includes all Self-Mining, Managed Services, and Hosting hashrate, including 100% of the hashrate at the King Mountain site. | |
| (7) | Self-Mining operations for Hut 8 include 100% of operations at the King Mountain site. | |
| (8) | Deployed miners are defined as those physically racked with power and networking, rounded to the nearest 100; deployed self-mining miners net of the 50% share of the King Mountain JV held by Hut 8’s joint venture partner was 38.4K during January 2025 and 44.5K during December 2024. | |
| (9) | Miners are rounded to the nearest 100. | |
| (10) | Indicates the target hashrate of all deployed miners; deployed self-mining hashrate net of the 50% share of the King Mountain JV held by Hut 8’s joint venture partner was 4.7 EH/s during both January 2025 and December 2024. | |
| (11) | Bitcoin produced net of the 50% share of the King Mountain JV held by Hut 8’s joint venture partner was 51 BTC during January 2025 and 74 BTC during December. | |
| (12) | Includes 968 Bitcoin pledged and transferred to a third-party wallet to finance Hut’s previously announced fleet upgrade. | |
| (13) | Managed Services includes 280 MW of capacity under management at King Mountain. | |
| (14) | 34.1K deployed miners under management net of the 50% share of the King Mountain JV held by Hut 8’s joint venture partner during January 2025 and December 2024. | |
| (15) | 3.8 EH/s under management net of Hut 8’s joint venture partner’s 50% share of the King Mountain JV during both January 2025 and December 2024. | |
| (16) | Reflects revenue sources to Hut 8, its subsidiaries, and/or joint ventures in which they participate. | |
| (17) | Owned denotes ownership of power infrastructure at owned or leased data center locations, except for HPC sites where owned denotes ownership of mechanical and electrical infrastructure at leased data center locations. | |
| (18) | Site is currently under development. | |
| (19) | Anticipated to begin generating revenue by Q2 2025. | |
| (20) | Site currently shut down; Hut 8 maintaining lease with option value of re-energizing site. | |
| (21) | Owned by a JV between Hut 8 and a Fortune 200 renewable energy producer in which Hut 8 has an approximately 50% membership interest. | |
| (22) | Owned by a JV between Hut 8 and Macquarie in which Hut 8 has an approximately 80% membership interest. | |
About Hut 8
Hut 8 Corp. is an energy infrastructure operator and Bitcoin miner with self-mining, hosting, managed services, and traditional data center operations across North America. Headquartered in Miami, Florida, Hut 8 Corp. has a portfolio comprising fifteen sites: five Bitcoin mining, hosting, and Managed Services sites in Alberta, New York, and Texas, five high performance computing data centers in British Columbia and Ontario, four power generation assets in Ontario, and one non-operational site in Alberta.