Hut 8 Operations Update for February 2025

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

Energy Infrastructure Platform²

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Notes:

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