Hut 8 Operations Update for January 2025

Core Viewpoint - Hut 8 Corp. is nearing completion of infrastructure upgrades in anticipation of new miner deliveries, positioning itself for growth in the Bitcoin mining sector with a focus on optimizing returns and expanding its digital infrastructure [1][2]. Group 1: Infrastructure and Operations - The Vega project, with a capacity of 205 MW, is on track for energization in Q2 2025, supporting a colocation agreement with BITMAIN for approximately 15 EH/s [2][4]. - The company is currently managing a total energy capacity of 665 MW, with 115.3K deployed miners and a total hashrate of 12.7 EH/s as of January 2025, showing a decrease from December 2024 figures [3][5]. - Infrastructure upgrades have caused some downtime, but the company is focused on optimizing returns from its existing fleet, particularly at the Alpha site where power prices were elevated [2][4]. Group 2: Self-Mining and Bitcoin Production - In January 2025, the company deployed 47.1K miners for self-mining, producing 65 BTC, a decrease from 89 BTC in December 2024 [5][6]. - The total Bitcoin held in reserve increased slightly to 10,208 BTC from 10,171 BTC in the previous month [5][6]. Group 3: Energy Infrastructure and Revenue Streams - Hut 8 operates multiple sites with a total energy capacity of 1,020 MW across various locations, including Texas and Alberta, with a mix of self-mining, managed services, and hosting capabilities [6][9]. - The company anticipates generating revenue from the Vega site starting in Q2 2025, contributing to its overall revenue streams [6][9].