592-acre site secured for newest River Bend campus in Louisiana
ASIC fleet upgrade underway with deployment of new miners
Vega development progressing on schedule for Q2 energization
MIAMI, March 06, 2025 (GLOBE NEWSWIRE) -- Hut 8 Corp. (Nasdaq | TSX: HUT) ("Hut 8" or the "Company"), an energy infrastructure platform integrating power, digital infrastructure, and compute at scale to fuel next-generation, energy-intensive use cases such as Bitcoin mining and high-performance computing, today released its operations update for February 2025.
"We made significant progress in February across every layer of our platform, from expanding our footprint to developing digital infrastructure and upgrading our ASIC fleet," said Asher Genoot, CEO of Hut 8. "In our Power layer, we secured 592 acres in Louisiana for our newest River Bend campus, one of three sites comprising 430 MW of previously disclosed AI data center development opportunities. The site is expected to support a 300-megawatt utility-scale power asset with 200 megawatts of dedicated IT load."
"In our Digital Infrastructure layer, our Vega development remains on schedule for Q2 energization. Miner deliveries for our ~15 EH/s ASIC Colocation agreement with BITMAIN are underway, and as we prepare for energization, we have begun building out the site's operational infrastructure, including the onboarding of site management and the development of operating processes."
"In our Compute layer, new miners began arriving at Salt Creek and Medicine Hat, and we are actively deploying them for our fleet upgrade. In parallel, we began the process of relocating the most efficient of our existing ASICs from Salt Creek to Alpha to improve overall fleet performance. While these initiatives resulted in some downtime during the month, it moves us closer to our post-upgrade hashrate target of ~10.3 EH/s and fleet efficiency target of ~20.5 J/TH."
Highlights
- Secured 592 acres in Louisiana for River Bend campus
- Vega development progressing on schedule for Q2 energization (image below)
- ASIC fleet upgrade underway, with new miners arriving in tranches and being deployed
Operating Metrics
| Average during the period unless otherwise noted | February 2025 | January 2025 |
| Total energy capacity under management (mining)1,2,3 | 665 MW | 665 MW |
| Total deployed miners under management4 | 109.2K | 115.3K |
| Total hashrate under management5 | 12.3 EH/s | 12.7 EH/s |
| Bitcoin Mining6 | ||
| Deployed miners7,8 | 41.5K | 47.1K |
| Deployed hashrate9 | 4.6 EH/s | 5.0 EH/s |
| Bitcoin produced2,10 | 46 BTC | 65 BTC |
| Bitcoin held in reserve2,11 | 10,237 BTC | 10,208 BTC |
| Managed Services12 | ||
| Energy capacity under management2 | 280 MW | 280 MW |
| Deployed miners under management8 | 84.4K | 85.7K |
| Hashrate under management | 9.4 EH/s | 9.4 EH/s |
| ASIC Colocation | ||
| Deployed miners under management8,13 | 67.7K | 68.1K |
| Hashrate under management14 | 7.7 EH/s | 7.7 EH/s |
Energy Infrastructure Platform2
| Current/Contracted Revenue Stream(s)15 | ||||||||
| Site | Location | Owner16 | Power Capacity | Bitcoin Mining | Managed Services | ASIC Colocation | CPU Colocation / Data Center Cloud | Power Generation |
| Vega17 | Texas Panhandle | Hut 8 | 205 MW | Yes18 | ||||
| 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 | ||||
| Drumheller18 | 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 Mountain19 | McCamey, TX | Hut 8 (JV) | 280 MW | Yes | Yes | Yes | ||
| Iroquois Falls20 | Iroquois Falls, ON | Hut 8 (JV) | 120 MW | Yes | ||||
| Kingston20 | Kingston, ON | Hut 8 (JV) | 110 MW | Yes | ||||
| North Bay20 | North Bay, ON | Hut 8 (JV) | 40 MW | Yes | ||||
| Kapuskasing20 | Kapuskasing, ON | Hut 8 (JV) | 40 MW | Yes | ||||
| Total | 1,020 MW | |||||||
Upcoming Events
| Dates | Event | Location |
| March 11-12, 2025 | Cantor Crypto, Digital Assets & AI Infrastructure Conference | Miami, FL |
| March 16-18, 2025 | 37th Annual ROTH Conference | Dana Point, CA |
| March 24-25, 2025 | Data Center Dynamics DCD>Connect | New York City, NY |
| March 25-27, 2025 | Mining Disrupt | Fort Lauderdale, FL |
| April 7-8, 2025 | Jones Healthcare and Technology Innovation Conference | Las Vegas, NV |
| May 13-15, 2025 | J.P. Morgan Global Technology, Media and Communications Conference | Boston, MA |
| May 19-20, 2025 | Barclays 15th Annual Emerging Payments and FinTech Forum | New York City, NY |
Notes:
| (1) | Energy capacity under management (mining) includes (i) 180 MW of Bitcoin Mining sites comprised of Alpha, Medicine Hat, and Salt Creek, (ii) 205 MW of ASIC Colocation capacity at Vega, which is currently under construction, and (iii) 280 MW of capacity under management at King Mountain. |
| (2) | As of the end of the period. |
| (3) | Includes 205 MW of capacity at Vega as the site is expected to host miners for BITMAIN. |
| (4) | Includes all miners that are racked with power and networking, rounded to the nearest 100, in Bitcoin Mining, Managed Services, and ASIC Colocation infrastructure with power and networking, including all miners at the King Mountain site. |
| (5) | Includes all Bitcoin Mining, Managed Services, and ASIC Colocation hashrate, including 100% of the hashrate at the King Mountain site. |
| (6) | Bitcoin Mining operations for Hut 8 include 100% of operations at the King Mountain site. |
| (7) | Deployed miners are defined as those physically racked with power and networking, rounded to the nearest 100; deployed Bitcoin Mining miners net of the 50% share of the King Mountain JV held by Hut 8's joint venture partner was 33.1K during February and 38.4K during January. |
| (8) | Miners are rounded to the nearest 100. |
| (9) | Indicates the target hashrate of all deployed miners; deployed Bitcoin Mining hashrate net of the 50% share of the King Mountain JV held by Hut 8's joint venture partner was 3.8 EH/s during February and 4.7 EH/s during January. |
| (10) | Bitcoin produced net of the 50% share of the King Mountain JV held by Hut 8's joint venture partner was 38 BTC during February and 51 BTC during January. |
| (11) | Includes 968 Bitcoin pledged and transferred to a third-party wallet to finance Hut's previously announced fleet upgrade. |
| (12) | Managed Services includes 280 MW of capacity under management at King Mountain. |
| (13) | 33.8K deployed miners under management net of the 50% share of the King Mountain JV held by Hut 8's joint venture partner during February compared to 34.1K during January. |
| (14) | 3.8 EH/s under management net of Hut 8's joint venture partner's 50% share of the King Mountain JV during both February and January. |
| (15) | Reflects revenue sources to Hut 8, its subsidiaries, and/or joint ventures in which they participate. |
| (16) | 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. |
| (17) | Site is currently under development. |
| (18) | Site currently shut down; Hut 8 maintaining lease with option value of re-energizing site. |
| (19) | Owned by a JV between Hut 8 and a Fortune 200 renewable energy producer in which Hut 8 has an approximately 50% membership interest. |
| (20) | 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 platform integrating power, digital infrastructure, and compute at scale to fuel next-generation, energy-intensive use cases such as Bitcoin mining and high-performance computing. We take a power-first, innovation-driven approach to developing, commercializing, and operating the critical infrastructure that underpins the breakthrough technologies of today and tomorrow. Our platform spans 1,020 megawatts of energy capacity under management across 15 sites in the United States and Canada: 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. For more information, visit www.hut8.comand follow us on X (formerly known as Twitter) at @Hut8Corp.
Cautionary Note Regarding Forward-Looking Information
This press release includes "forward-looking information" and "forward-looking statements" within the meaning of Canadian securities laws and United States securities laws, respectively (collectively, "forward-looking information"). All information, other than statements of historical facts, included in this press release that address activities, events, or developments that Hut 8 expects or anticipates will or may occur in the future, including statements relating to the expected River Bend site capabilities, the timing for the buildout and energization of the Vega site as well as the expected Vega site capabilities, and the timing of the delivery and deployment of the Company's initial fleet upgrade and its fleet relocation, including the expected resulting improvements to hashrate and average fleet efficiency.
Statements containing forward-looking information are not historical facts, but instead represent management's expectations, estimates, and projections regarding future events based on certain material factors and assumptions at the time the statement was made. While considered reasonable by Hut 8 as of the date of this press release, such statements are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance, or achievements to be materially different from those expressed or implied by such forward-looking information, including, but not limited to, failure of critical systems; geopolitical, social, economic, and other events and circumstances; competition from current and future competitors; risks related to power requirements; cybersecurity threats and breaches; hazards and operational risks; changes in leasing arrangements; Internet-related disruptions; dependence on key personnel; having a limited operating history; attracting and retaining customers; entering into new offerings or lines of business; price fluctuations and rapidly changing technologies; construction of new data centers, data center expansions, or data center redevelopment; predicting facility requirements; strategic alliances or joint ventures; operating and expanding internationally; failing to grow hashrate; purchasing miners; relying on third-party mining pool service providers; uncertainty in the development and acceptance of the Bitcoin network; Bitcoin halving events; competition from other methods of investing in Bitcoin; concentration of Bitcoin holdings; hedging transactions; potential liquidity constraints; legal, regulatory, governmental, and technological uncertainties; physical risks related to climate change; involvement in legal proceedings; trading volatility; and other risks described from time to time in Company's filings with the U.S. Securities and Exchange Commission. In particular, see the Company's recent and upcoming annual and quarterly reports and other continuous disclosure documents, which are available under the Company's EDGAR profile at www.sec.gov and SEDAR+ profile at www.sedarplus.ca.
Hut 8 Corp. Investor Relations
Sue Ennis
ir@hut8.com
Hut 8 Corp. Media Relations
media@hut8.com
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/491f8f14-dfa3-4756-b936-beb3e627bede
