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    Hut 8 Operations Update for February 2025

    3/6/25 5:30:00 PM ET
    $HUT
    Finance: Consumer Services
    Finance
    Get the next $HUT alert in real time by email

    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



    Hut 8 - Vega (Mar 5 2025)

    Operating Metrics

    Average during the period unless otherwise notedFebruary 2025January 2025
       
    Total energy capacity under management (mining)1,2,3665 MW665 MW
    Total deployed miners under management4109.2K115.3K
    Total hashrate under management512.3 EH/s12.7 EH/s
       
    Bitcoin Mining6  
    Deployed miners7,841.5K47.1K
    Deployed hashrate94.6 EH/s5.0 EH/s
    Bitcoin produced2,1046 BTC65 BTC
    Bitcoin held in reserve2,1110,237 BTC10,208 BTC
       
    Managed Services12  
    Energy capacity under management2280 MW280 MW
    Deployed miners under management884.4K85.7K
    Hashrate under management9.4 EH/s 9.4 EH/s
       
    ASIC Colocation  
    Deployed miners under management8,1367.7K68.1K
    Hashrate under management147.7 EH/s7.7 EH/s
       

    Energy Infrastructure Platform2

        Current/Contracted Revenue Stream(s)15
    SiteLocationOwner16Power

    Capacity
    Bitcoin

    Mining
    Managed

    Services
    ASIC

    Colocation
    CPU

    Colocation

    / Data

    Center

    Cloud
    Power

    Generation
    Vega17Texas PanhandleHut 8205 MW  Yes18  
    Medicine HatMedicine Hat, ABHut 867 MWYes    
    Salt CreekOrla, TXHut 863 MWYes    
    AlphaNiagara Falls, NYHut 850 MWYes    
    Drumheller18Drumheller, ABHut 842 MW     
    KelownaKelowna, BCHut 81.1 MW   Yes 
    MississaugaMississauga, ONHut 80.9 MW   Yes 
    VaughanVaughan, ONHut 80.6 MW   Yes 
    Vancouver IIVancouver, BCHut 80.5 MW   Yes 
    Vancouver IVancouver, BCHut 80.3 MW   Yes 
    King Mountain19McCamey, TXHut 8 (JV)280 MWYesYesYes  
    Iroquois Falls20Iroquois Falls, ONHut 8 (JV)120 MW    Yes
    Kingston20Kingston, ONHut 8 (JV)110 MW    Yes
    North Bay20North Bay, ONHut 8 (JV)40 MW    Yes
    Kapuskasing20Kapuskasing, ONHut 8 (JV)40 MW    Yes
    Total  1,020 MW     
             

    Upcoming Events

    DatesEventLocation
    March 11–12, 2025Cantor Crypto, Digital Assets & AI Infrastructure ConferenceMiami, FL
    March 16–18, 202537th Annual ROTH ConferenceDana Point, CA
    March 24–25, 2025Data Center Dynamics DCD>ConnectNew York City, NY
    March 25–27, 2025Mining DisruptFort Lauderdale, FL
    April 7–8, 2025Jones Healthcare and Technology Innovation ConferenceLas Vegas, NV
    May 13–15, 2025J.P. Morgan Global Technology, Media and Communications ConferenceBoston, MA
    May 19–20, 2025Barclays 15th Annual Emerging Payments and FinTech ForumNew 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.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

    [email protected]

    Hut 8 Corp. Media Relations

    [email protected]

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/491f8f14-dfa3-4756-b936-beb3e627bede



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