![[hut 8 logo.png|300]] Company website: https://hut8.com/ ### Introduction Hut 8 Corp., an integrated energy infrastructure platform focused on Bitcoin mining and high-performance computing, was founded in 2017 by a team including early leaders like Andrew Kiguel and has evolved through mergers and strategic pivots. Headquartered in Miami, Florida, with operations across the United States and Canada spanning 15 sites and 1,020 MW of energy capacity under management as of March 2025, the company's mission is to fuel transformative technologies like AI and Bitcoin at scale by developing power, digital infrastructure, and compute assets that optimize underutilized energy. Hut 8's key focus areas include large-scale Bitcoin mining targeting over 15 EH/s with next-generation hardware, data center development for ASIC and HPC workloads, and energy management through power generation and optimization services. Following its 2023 merger with US Bitcoin Corp. and a 2025 rebrand, the company emphasizes a power-first model, integrating renewables and natural gas assets to support grid stability while expanding into AI infrastructure amid growing demand for compute. ### Key Products and Technology - **Bitcoin Mining Operations**: Proprietary and managed mining with deployed hashrate reaching 13.2 EH/s under management by January 2025, targeting ~15 EH/s at Vega with next-generation rack-based ASICs. Features include direct-to-chip liquid cooling for efficiency, fleet upgrades (e.g., 31% improvement in Q1 2025), and demand-response capabilities; applications secure the Bitcoin network, producing revenue from mining (e.g., 1,003 BTC in Q1 2025) and hosting third-party miners. - **Data Center Infrastructure**: Develops and operates facilities like the 205 MW Vega site (energized June 2025) and River Bend campus in Louisiana (592 acres secured in February 2025), with Tier III-grade colocation for low-latency HPC. Technologies emphasize high-density compute (up to 130 kW/rack), immersion/liquid cooling, and rapid deployment (under a year for Vega); applications include Bitcoin mining, AI workloads, and cloud solutions, with 180 MW dedicated to mining sites like Alpha and Salt Creek. - **Energy Management and Power Generation**: Manages 1,020 MW across Bitcoin mining, HPC, and power assets, including 310 MW natural gas facilities under five-year IESO contracts starting July 2025. Features optimization of stranded energy and grid-balancing services; applications support utilities in monetizing assets, with expansions like the 665 MW pipeline for HPC repurposing. - **Hosting and Colocation Services**: Provides infrastructure for third-party ASIC servers and cloud solutions, with low-availability tailored for businesses. Features include VMware partnerships for virtualization; applications enable scalable compute without ownership, contributing to diversified revenue streams. ### Team and Leadership - **Asher Genoot, Chief Executive Officer and Board Member**: Appointed CEO in February 2024 after serving as President; drives strategic direction in energy infrastructure and Bitcoin mining; Forbes 30 Under 30 in Energy (2024); expertise in digital assets and operations. [@ashergenoot](https://x.com/ashergenoot). - **Michael Ho, Chief Strategy Officer and Board Member**: Oversees growth initiatives, including mergers and energy expansions; background in tech strategy and finance. - **Sean Glennan, Chief Financial Officer**: Manages financial operations, treasury, and reporting; experienced in public company finance within mining and infrastructure sectors. - **Jaime Leverton, Former Chief Executive Officer**: Led through merger and early expansions; transitioned out in February 2024 to pursue new opportunities; strong background in tech leadership. ### Recent News and Developments (2025) | Date | Event | Details | |------------|--------------------------------|-------------------------------------------------------------------------| | July 15, 2025 | Rebranding Announcement | Unveiled new brand identity aligning with power-first, platform-driven model; reflects integration of energy, digital infrastructure, and compute. | | July 2, 2025 | Secures IESO Capacity Contracts | Awarded five-year contracts for 310 MW of power generation assets through Far North Power Corp. partnership; enhances revenue stability. | | June 30, 2025 | Energizes Vega Data Center | Brought online 205 MW facility in under a year; supports ~15 EH/s with liquid-cooled ASICs for Bitcoin mining and HPC. | | June 24, 2025 | Amends Credit Facility with Coinbase | Expanded Bitcoin-backed loan to $130 million at fixed rate; supports lower-cost growth and expansions. | | May 12, 2025 | American Bitcoin Go-Public Transaction | Subsidiary announced merger to list on NASDAQ; Hut 8 retains infrastructure partnership and 80% stake. | | May 8, 2025 | Q1 2025 Financial Results | Revenue $21.8 million; net loss $134.3 million amid investments; held 9,102 BTC; advanced Vega and fleet upgrades. | | April 4, 2025 | March 2025 Operations Update | Deployed hashrate doubled to 9.3 EH/s; 31% fleet efficiency gain; secured Louisiana site for expansion. | | March 31, 2025 | Launches American Bitcoin with Eric Trump | Formed JV for high-scale mining; Hut 8 provides operations; aims to set new standards in Bitcoin treasury and infrastructure. | | February 4, 2025 | February 2025 Operations Update | Secured 592-acre River Bend site; ASIC upgrades underway; Vega on track for Q2 energization; 4.6 EH/s average hashrate. | | January | January 2025 Operations Update | Advancing Vega for Q2; 665 MW pipeline; deployed 34.1K miners (12.7 EH/s); partnership with Synota for energy settlements noted in broader updates. | ### Partnerships and Collaborations - **Independent Electricity System Operator (IESO)**: Secured five-year capacity contracts in July 2025 for 310 MW of natural gas power generation assets via Far North Power Corp.; provides stable revenue and grid support in Ontario. - **Macquarie Equipment Finance**: Joint venture in Far North Power Corp. for power assets; supports IESO contracts and energy infrastructure expansions. - **Coinbase**: Amended Bitcoin-backed credit facility to $130 million in June 2025; provides fixed-rate financing for growth without dilution. - **Eric Trump and Donald Trump Jr.**: Launched [[American BTC]] JV in March 2025; Hut 8 operates infrastructure while partners focus on treasury and scaling; 80% Hut 8 ownership post-merger. - **VMware**: Premier partner status announced in March 2025; delivers virtualization and cloud solutions for colocation services, enhancing efficiency for clients. ### Closing Note As a publicly traded company (NASDAQ/TSX: HUT) with $130 million in credit facilities and Q1 2025 revenue of $21.8 million backed by 9,102 BTC holdings, Hut 8 is in a mature growth stage, with a positive future outlook driven by hashrate expansion to over 15 EH/s, AI/HPC diversification, and projected profitability through energy contracts into 2030. *Report generated July 28, 2025*