Hut 8 Operations Update for February 2025
Hut 8 Corp. (HUT) has announced significant operational developments in February 2025 across its energy infrastructure platform. The company secured a 592-acre site in Louisiana for its new River Bend campus, which is designed to support a 300-megawatt utility-scale power asset with 200 megawatts of dedicated IT load.
In the Digital Infrastructure segment, the Vega development remains on track for Q2 energization. The company is receiving miner deliveries for its ~15 EH/s ASIC Colocation agreement with BITMAIN and is building operational infrastructure, including site management and operating processes.
The Compute layer sees progress with new miners being deployed at Salt Creek and Medicine Hat facilities. The company is also relocating efficient existing ASICs from Salt Creek to Alpha to enhance fleet performance. Post-upgrade targets include a hashrate of ~10.3 EH/s and fleet efficiency of ~20.5 J/TH.
Hut 8 Corp. (HUT) ha annunciato sviluppi operativi significativi a febbraio 2025 nella sua piattaforma di infrastrutture energetiche. L'azienda ha acquisito un sito di 592 acri in Louisiana per il suo nuovo campus River Bend, progettato per supportare un asset energetico di utilità da 300 megawatt con 200 megawatt di carico IT dedicato.
Nel segmento delle Infrastrutture Digitali, lo
Il livello di calcolo sta facendo progressi con nuovi miner in fase di distribuzione presso le strutture di Salt Creek e Medicine Hat. L'azienda sta anche trasferendo ASIC esistenti e efficienti da Salt Creek ad Alpha per migliorare le prestazioni della flotta. Gli obiettivi post-aggiornamento includono un hashrate di ~10.3 EH/s e un'efficienza della flotta di ~20.5 J/TH.
Hut 8 Corp. (HUT) ha anunciado desarrollos operativos significativos en febrero de 2025 en su plataforma de infraestructura energética. La compañía aseguró un sitio de 592 acres en Louisiana para su nuevo campus River Bend, diseñado para respaldar un activo de energía de utilidad de 300 megavatios con 200 megavatios de carga de TI dedicada.
En el segmento de Infraestructura Digital, el desarrollo de Vega sigue en camino para la energización en el segundo trimestre. La empresa está recibiendo entregas de mineros para su acuerdo de colocation ASIC de ~15 EH/s con BITMAIN y está construyendo infraestructura operativa, incluyendo la gestión del sitio y los procesos operativos.
La capa de Cómputo está progresando con nuevos mineros siendo desplegados en las instalaciones de Salt Creek y Medicine Hat. La compañía también está reubicando ASIC existentes y eficientes de Salt Creek a Alpha para mejorar el rendimiento de la flota. Los objetivos posteriores a la actualización incluyen un hashrate de ~10.3 EH/s y una eficiencia de flota de ~20.5 J/TH.
Hut 8 Corp. (HUT)는 2025년 2월 에너지 인프라 플랫폼에서 중요한 운영 개발을 발표했습니다. 이 회사는 루이지애나에서 592에이커의 부지를 확보하여 새로운 리버 벤드 캠퍼스를 설계했으며, 이는 300메가와트의 유틸리티 규모 전력 자산과 200메가와트의 전용 IT 부하를 지원하도록 설계되었습니다.
디지털 인프라 부문에서 베가 개발은 2분기 전력을 공급할 준비를 하고 있습니다. 이 회사는 BITMAIN과의 ~15 EH/s ASIC 콜로케이션 계약을 위한 채굴기 납품을 받고 있으며, 현장 관리 및 운영 프로세스를 포함한 운영 인프라를 구축하고 있습니다.
컴퓨트 레이어는 새로운 채굴기가 Salt Creek 및 Medicine Hat 시설에 배치되고 있습니다. 회사는 또한 Salt Creek에서 Alpha로 기존의 효율적인 ASIC을 이전하여 플릿 성능을 향상시키고 있습니다. 업그레이드 후 목표는 ~10.3 EH/s의 해시레이트와 ~20.5 J/TH의 플릿 효율성을 포함합니다.
Hut 8 Corp. (HUT) a annoncé des développements opérationnels significatifs en février 2025 sur sa plateforme d'infrastructure énergétique. L'entreprise a sécurisé un site de 592 acres en Louisiane pour son nouveau campus River Bend, conçu pour soutenir un actif énergétique de 300 mégawatts avec 200 mégawatts de charge informatique dédiée.
Dans le segment des infrastructures numériques, le développement de Vega reste sur la bonne voie pour une mise en service au deuxième trimestre. L'entreprise reçoit des livraisons de mineurs pour son accord de colocation ASIC de ~15 EH/s avec BITMAIN et construit une infrastructure opérationnelle, y compris la gestion de site et les processus opérationnels.
Le niveau de calcul progresse avec de nouveaux mineurs déployés dans les installations de Salt Creek et Medicine Hat. L'entreprise relocalise également des ASIC existants et efficaces de Salt Creek à Alpha pour améliorer les performances de la flotte. Les objectifs post-mise à niveau incluent un hashrate de ~10.3 EH/s et une efficacité de flotte de ~20.5 J/TH.
Hut 8 Corp. (HUT) hat im Februar 2025 bedeutende betriebliche Entwicklungen auf seiner Energieinfrastrukturplattform angekündigt. Das Unternehmen hat ein 592 Morgen großes Grundstück in Louisiana für seinen neuen River Bend Campus gesichert, der darauf ausgelegt ist, ein 300-Megawatt-Utility-Scale-Power-Asset mit 200 Megawatt dedizierter IT-Belastung zu unterstützen.
Im Segment Digitale Infrastruktur bleibt die Vega-Entwicklung auf Kurs für die Inbetriebnahme im 2. Quartal. Das Unternehmen erhält Lieferungen von Minern für seinen ~15 EH/s ASIC-Colocation-Vertrag mit BITMAIN und baut betriebliche Infrastrukturen auf, einschließlich Standortmanagement und Betriebsprozesse.
Die Compute-Ebene verzeichnet Fortschritte mit neuen Minern, die in den Anlagen Salt Creek und Medicine Hat eingesetzt werden. Das Unternehmen verlagert auch effiziente bestehende ASICs von Salt Creek nach Alpha, um die Flottenleistung zu verbessern. Die Ziele nach dem Upgrade umfassen eine Hashrate von ~10.3 EH/s und eine Flotteneffizienz von ~20.5 J/TH.
- Secured 592-acre site for 300MW power asset development
- 15 EH/s ASIC Colocation agreement with BITMAIN in progress
- Fleet upgrade to achieve 10.3 EH/s hashrate
- Improved efficiency target of 20.5 J/TH
- Temporary downtime during fleet upgrade and relocation
Insights
Hut 8's February operational update reveals significant infrastructure expansion and equipment modernization efforts that strengthen the company's position in high-performance computing and Bitcoin mining.
The acquisition of 592 acres in Louisiana for their River Bend campus represents a substantial footprint for future growth. This site is designed to support a 300-megawatt power asset with 200 megawatts of dedicated IT load, forming part of their previously announced 430 MW AI data center development pipeline. The scale of this land acquisition provides Hut 8 with significant room for phased expansion over time.
On the digital infrastructure front, their Vega development remains on schedule for Q2 energization, with preparations already underway for the ~15 EH/s ASIC colocation agreement with BITMAIN. This represents a substantial hosting capacity that will diversify their revenue streams beyond self-mining.
The company is simultaneously upgrading its computing capacity with newer, more efficient ASIC miners at Salt Creek and Medicine Hat while relocating their most efficient existing hardware to optimize overall performance. While this transition is causing temporary downtime, it positions Hut 8 to reach their target of ~10.3 EH/s hashrate with improved fleet efficiency of ~20.5 J/TH.
These developments demonstrate Hut 8's execution across all three layers of their business model – power infrastructure, digital infrastructure, and compute capacity. The strategic focus on improving energy efficiency through hardware upgrades is particularly timely for maintaining competitive mining economics.
Hut 8's latest operational update reveals an aggressive infrastructure expansion strategy that significantly increases their power capacity footprint and computing capabilities.
The 592-acre Louisiana acquisition for their River Bend campus represents a massive land position that provides ample room for both initial development and future expansion. The planned 300-megawatt utility-scale power asset with 200 megawatts of dedicated IT load indicates a power utilization effectiveness (PUE) ratio of 1.5, which is reasonably efficient for large-scale computing operations.
What's particularly notable is how this site fits into their broader development portfolio as one of three sites comprising their previously disclosed 430 MW of AI data center development opportunities. With River Bend accounting for 300 MW, this single location represents approximately 70% of their announced AI infrastructure pipeline.
The on-schedule progression of their Vega development for Q2 energization demonstrates solid project execution capabilities. Meanwhile, the parallel upgrade of their ASIC fleet with a target efficiency of ~20.5 J/TH represents an important optimization of their computing hardware to maximize the return on their energy investments.
Hut 8's three-layer approach integrating power infrastructure, digital infrastructure, and compute capacity creates vertical integration advantages, particularly valuable in energy-intensive applications like Bitcoin mining and high-performance computing. This integration allows them to optimize at each stage of the value chain while maintaining strategic control over critical infrastructure components.
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 |
| (6) | Bitcoin Mining operations for Hut 8 include |
| (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 |
| (8) | Miners are rounded to the nearest 100. |
| (9) | Indicates the target hashrate of all deployed miners; deployed Bitcoin Mining hashrate net of the |
| (10) | Bitcoin produced net of the |
| (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 |
| (14) | 3.8 EH/s under management net of Hut 8’s joint venture partner’s |
| (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 |
| (20) | Owned by a JV between Hut 8 and Macquarie in which Hut 8 has an approximately |
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.com and 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
FAQ
What is the capacity of Hut 8's new River Bend campus in Louisiana?
When is Hut 8's Vega development expected to be energized?
What is Hut 8's target hashrate after the current fleet upgrade?
What is the size of Hut 8's ASIC Colocation agreement with BITMAIN?
What is Hut 8's target fleet efficiency after the upgrade?
