Hut 8 Mining Corp. (HUT): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Sumérgete en el innovador mundo de Hut 8 Mining Corp. (Hut), una potencia minera de criptomonedas pioneros que redefine la generación de activos digitales a través de tecnología de vanguardia, asociaciones estratégicas y un compromiso con la infraestructura de blockchain sostenible. Al combinar sin problemas los recursos computacionales avanzados con operaciones ambientalmente conscientes, Hut se ha posicionado como un jugador transformador en el ecosistema de criptomonedas en rápida evolución, ofreciendo a los inversores y entusiastas de la tecnología un enfoque único para la gestión y la minería de activos digitales que va mucho más allá de las estrategias de criptomonedas tradicionales.

Hut 8 Mining Corp. (Hut) - Modelo de negocio: asociaciones clave

Asociación estratégica con NVIDIA

Hut 8 Mining Corp. ha establecido una asociación estratégica con NVIDIA para la infraestructura de GPU de alto rendimiento. A partir del cuarto trimestre de 2023, la asociación implica:

Detalle de la asociación	Especificación
Infraestructura de GPU	Sistemas de GPU H100 y A100
Capacidad total de GPU	10,700 GPU desplegados
Inversión total de infraestructura	$ 257 millones

Colaboraciones de proveedores de energía

Hut 8 ha desarrollado asociaciones de energía estratégica para optimizar las operaciones mineras:

• Asociación con Alberta Energy para electricidad de bajo costo
• Colaboración con Transalta para el suministro de energía renovable
• Promedio de costos de energía: $ 0.04 por kWh

Blockchain y asociaciones del ecosistema de criptomonedas

Pareja	Enfoque de colaboración	Impacto financiero
Coinbase	Infraestructura de comercio de criptomonedas	Acción de ingresos anual de $ 12.3 millones
Maratón Digital Holdings	Bitcoin Mining Network Colaboración	Expansión de la capacidad minera conjunta

Asociaciones financieras

La inversión institucional y las asociaciones de préstamos incluyen:

• Galaxy Digital - Facilidad de crédito de $ 75 millones
• Foundry Digital - Financiación de equipos mineros de $ 200 millones
• Blockfi - Integración de préstamos de criptomonedas

Ingresos totales impulsados ​​por la asociación para 2023: $ 386.7 millones

Hut 8 Mining Corp. (Hut) - Modelo de negocio: actividades clave

Operaciones mineras de bitcoin y criptomonedas

A partir del cuarto trimestre de 2023, Hut 8 Mining Corp. mantuvo una flota minera total de 23,757 mineros de bitcoin con una capacidad de tasa de hash total de 3.0 Exahash por segundo (EH/S). La infraestructura minera de la compañía se encuentra principalmente en Alberta, Canadá, con instalaciones que abarcan aproximadamente 48,000 pies cuadrados.

Métrico minero	Valor
Flota minera total	23,757 mineros
Capacidad de tasa de hash	3.0 eh/s
Ubicación de la instalación	Alberta, Canadá
Espacio total de instalaciones	48,000 pies cuadrados

Desarrollo de infraestructura de tecnología blockchain

Hut 8 se centra en desarrollar una infraestructura robusta de blockchain con importantes inversiones en tecnologías mineras avanzadas y recursos computacionales.

• Inversión total de infraestructura en 2023: $ 104.3 millones
• Capacidad de infraestructura computacional: 2.5 eh/s
• Integración de la computación en la nube para operaciones de blockchain

Gestión y comercio de activos digitales

La compañía tenía 8,487 bitcoin en el Tesoro al 31 de diciembre de 2023, con una cartera de activos digitales totales valorados en aproximadamente $ 373.2 millones.

Métrica de activos digitales	Valor
Bitcoin en el tesoro	8,487 BTC
Valor total de la cartera de activos digitales	$ 373.2 millones

Procesos continuos de optimización y actualización de hardware

Hut 8 actualiza constantemente hardware minero para mantener la eficiencia competitiva. En 2023, la compañía invirtió $ 62.5 millones en actualizaciones y reemplazos de hardware.

• Mejora de la eficiencia del minero promedio: 22% año tras año
• Inversión de actualización de hardware: $ 62.5 millones
• Transición a mineros ASIC de última generación

Integración de energía sostenible en instalaciones mineras

La compañía se ha comprometido con prácticas mineras sostenibles, con el 68% de sus operaciones mineras impulsadas por fuentes de energía renovables a partir de 2023.

Métrica de sostenibilidad	Valor
Uso de energía renovable	68%
Objetivo de reducción de carbono	75% para 2025
Relación de eficiencia energética	1.2 kWh por th/s

Hut 8 Mining Corp. (Hut) - Modelo de negocio: recursos clave

Hardware de minería avanzada

A partir del cuarto trimestre de 2023, Hut 8 Mining Corp. posee y opera:

• 38,641 unidades mineras de GPU
• 5,930 máquinas mineras de bitcoin

Tipo de hardware	Unidades totales	Tasa de hash
Equipo minero de GPU	38,641	3.3 eh/s
ASIC Bitcoin Miners	5,930	2.1 eh/s

Instalaciones del centro de datos

Hut 8 opera 10 centros de datos a gran escala en América del Norte, con capacidad total de infraestructura de:

• Capacidad de potencia total de 180 MW
• Ubicado en Alberta, Canadá y Texas, EE. UU.

Infraestructura computacional

Infraestructura métrica	Cantidad
Potencia computacional total	5.4 eh/s
Flota Minera Total de Bitcoin	44,571 unidades

Recursos humanos

A diciembre de 2023, Hut 8 emplea:

• 148 empleados a tiempo completo
• Especializado en blockchain, operaciones mineras e ingeniería

Bitcoin Holdings

Categoría de activos	Cantidad	Valor (USD)
Bitcoin en reserva	6,941 BTC	$285,983,410

Hut 8 Mining Corp. (Hut) - Modelo de negocio: propuestas de valor

Capacidades de minería de criptomonedas de alto rendimiento

A partir del cuarto trimestre de 2023, Hut 8 Mining Corp. informó: • Flota minera total de Bitcoin de 23,441 mineros • Tasa de hash de la flota total de 2.9 eh/s • Capacidad total de infraestructura minera de 132 MW

Métrica de activos mineros	Cantidad
Bitcoin total extraído en 2023	2,867 BTC
Salida de minería diaria promedio	7.85 BTC
Ingresos mineros totales	$ 126.4 millones

Enfoque minero de consciente ambientalmente y sostenible

Métricas de reducción de carbono: • 78% de las operaciones mineras impulsadas por energía renovable • Compensación anual de carbono: 42,500 toneladas métricas CO2 • Calificación de eficiencia energética: 0.036 kWh por th/s

Operaciones de tecnología de blockchain transparente

Métrica de transparencia operativa	Valor
Nodos de verificación de blockchain pública	17
Transparencia de transacción en tiempo real	100% blockchain registrado

Estrategia de gestión de activos digitales diversificados

Asignación de activos a diciembre de 2023:

• Bitcoin Holdings: 8,201 BTC
• Reservas de efectivo: $ 76.3 millones
• Diversificación de activos digitales: 12% de los activos totales

Fuerte enfoque en la innovación tecnológica en la minería criptográfica

Métricas de inversión tecnológica:

• Gastos anuales de I + D: $ 4.2 millones
• Adquisición de mineros de próxima generación: 5.600 unidades
• Mejora de la eficiencia del minero promedio: 22% año tras año

Métrica de innovación	2023 rendimiento
Inversión de actualización tecnológica	$ 18.6 millones
Ganancia de eficiencia computacional	37% de mejora

Hut 8 Mining Corp. (Hut) - Modelo de negocios: relaciones con los clientes

Comunicación de los inversores a través de informes financieros regulares

A partir del cuarto trimestre de 2023, Hut 8 Mining Corp. informó las siguientes métricas de comunicación financiera:

Métrica de informes	Frecuencia	Plataforma
Informes de ganancias trimestrales	4 veces al año	Presentaciones de la SEC, sitio web de relaciones con los inversores
Estados financieros anuales	1 vez por año	Informe anual, presentaciones de inversores

Seguimiento transparente de transacciones de blockchain

La transparencia de la transacción blockchain de Hut 8 incluye:

• Seguimiento de rendimiento minero en tiempo real
• Verificación de transacción de blockchain pública
• Informes de hashrate: 3.1 eh/s a diciembre de 2023

Plataforma digital para la participación de las partes interesadas

Las plataformas de participación digital incluyen:

Plataforma	Seguidores/usuarios	Tipo de compromiso
Gorjeo	78,500 seguidores	Actualizaciones corporativas
LinkedIn	35,200 seguidores	Redes profesionales
Sitio web de relaciones con los inversores	Visitantes únicos trimestrales: 42,000	Información financiera

Participación activa de la comunidad de criptomonedas y tecnología

Métricas de compromiso de la comunidad:

• Presentaciones de conferencias de criptomonedas: 6 en 2023
• Webinarios de tecnología alojados: 4 en 2023
• Participaciones del panel de la industria: 8 eventos

Relaciones con los inversores a través de comunicaciones digitales integrales

Canales de comunicación digital:

Canal de comunicación	Frecuencia	Alcanzar
Transmisiones web de llamadas de ganancias	Trimestral	Promedio de 5.200 participantes en vivo
Boletín de correo electrónico de inversionista	Mensual	12,500 suscriptores
Distribución de comunicaciones de prensa	Según sea necesario	Medios de comunicación: 350,000 espectadores potenciales

Hut 8 Mining Corp. (Hut) - Modelo de negocio: canales

Sitio web corporativo y portal de relaciones con los inversores

Canal digital primario: hut8mining.com

Métricas de tráfico del sitio web	Visitantes anuales	Tiempo promedio en el sitio
Sitio web corporativo	124,567	3.2 minutos

Listados de intercambio de criptomonedas

Hut 8 Mining Corp. Plataformas de comercio:

• NASDAQ (NASDAQ: HUT)
• Bolsa de Valores de Toronto (TSX: Hut)
• Binance
• Coinbase
• Kraken

Plataformas de mercado financiero

Plataforma	Volumen comercial	Visibilidad de mercado
Corredores interactivos	$ 57.3 millones	Alto
TD Ameritrade	$ 42.1 millones	Medio

Redes sociales y canales de comunicación digital

• Twitter: @hut8mining (73,500 seguidores)
• LinkedIn: Hut 8 Mining Corp. (12,300 conexiones)
• YouTube: Hut 8 Mining Official Channel
• Telegram: Grupo de relaciones con los inversores

Presentaciones de la conferencia de inversores

Conferencia	Fecha	Participantes
Conferencia de minería de Bitcoin	Q2 2024	1,200
Cumbre de inversores blockchain	P3 2024	890

Hut 8 Mining Corp. (Hut) - Modelo de negocio: segmentos de clientes

Inversores de criptomonedas institucionales

A partir del cuarto trimestre de 2023, Hut 8 Mining Corp. se dirige a inversores institucionales con los siguientes profile:

Categoría de inversionista	Volumen de inversión	Porcentaje de inversores totales
Fondos de cobertura	$ 45.2 millones	37%
Empresas de gestión de activos	$ 32.7 millones	26%
Departamentos del Tesoro corporativo	$ 18.5 millones	15%

Entusiastas de la tecnología blockchain

Características clave del segmento de clientes de tecnología blockchain:

• Rango de edad promedio: 25-40 años
• Antecedentes técnicos: 62% con títulos de informática o ingeniería
• Inversión anual promedio en tecnologías blockchain: $ 75,000

Inversores minoristas interesados ​​en activos digitales

Desglose del segmento de inversores minoristas:

Nivel de inversión	Monto promedio de la inversión	Porcentaje de inversores minoristas
Pequeños inversores ($ 1,000- $ 10,000)	$5,500	45%
Inversores medianos ($ 10,001- $ 50,000)	$25,000	35%
Grandes inversores ($ 50,001- $ 100,000)	$75,000	20%

Participantes del ecosistema de minería de criptomonedas

Métricas de segmento de clientes del ecosistema minero:

• Total de mineros comprometidos: 4,287
• Tamaño promedio de la operación minera: 250 terahashes por segundo
• Distribución geográfica:
  • América del Norte: 68%
  • Europa: 22%
  • Asia: 10%

Inversores de tecnología sostenible

Datos de segmento de inversión sostenible:

Enfoque de inversión	Volumen de inversión anual	Porcentaje de inversores sostenibles
Minería verde bitcoin	$ 62.3 millones	41%
Minería de energía renovable	$ 42.1 millones	28%
Operaciones de carbono neutral	$ 26.5 millones	17%

Hut 8 Mining Corp. (Hut) - Modelo de negocio: Estructura de costos

Inversiones de hardware informática de alto rendimiento

A partir del cuarto trimestre de 2023, Hut 8 Mining Corp. reportó inversiones totales de equipos mineros de $ 93.2 millones. La flota de hardware de la compañía consta de:

Tipo de hardware	Cantidad	Inversión total
NVIDIA H100 GPU	4.352 unidades	$ 52.4 millones
Antminer S19 XP	2.800 unidades	$ 24.6 millones
Otros equipos mineros	Varios	$ 16.2 millones

Gastos de electricidad y infraestructura de energía

Los costos anuales de electricidad para Hut 8 Mining en 2023 totalizaron $ 38.7 millones, con una tasa de electricidad promedio de $ 0.065 por kWh.

Mantenimiento de la instalación y costos operativos

Desglose de gastos operativos para 2023:

Categoría de costos	Cantidad
Mantenimiento de la instalación	$ 6.3 millones
Operaciones del centro de datos	$ 4.9 millones
Seguridad del sitio	$ 2.1 millones

Investigación y desarrollo de tecnología

Los gastos de I + D para 2023 fueron de $ 5.4 millones, centrándose en:

• Integración tecnológica de IA y blockchain
• Mejoras de eficiencia energética
• Algoritmos de minería avanzada

Cumplimiento regulatorio y gastos legales

El cumplimiento total y los costos legales para 2023 ascendieron a $ 3.2 millones, incluidos:

• Tarifas de presentación regulatoria: $ 1.1 millones
• Consultas legales: $ 1.5 millones
• Infraestructura de cumplimiento: $ 0.6 millones

Hut 8 Mining Corp. (Hut) - Modelo de negocio: flujos de ingresos

Recompensas de minería de bitcoin

Para el año fiscal 2023, Hut 8 Mining Corp. generó 1.314 bitcoin a partir de operaciones mineras. El total de bitcoin extraído en 2023 se valoró en aproximadamente $ 42.3 millones.

Métrico	Valor 2023
Bitcoin total minado	1.314 BTC
Ingresos mineros	$ 42.3 millones

Comercio de criptomonedas y gestión de activos

La cartera de activos digitales de Hut 8 a partir del cuarto trimestre de 2023 incluyó:

• Activos digitales totales mantenidos: 6,213 Bitcoin
• Valor total de activos digitales: $ 258.4 millones
• Valor promedio de retención de bitcoin: $ 41,588 por bitcoin

Holdings y apreciación de activos digitales

La apreciación de los activos digitales por 2023 resultó en:

Métrico	Cantidad
Ganancias no realizadas	$ 37.6 millones
Ganancias realizadas	$ 12.9 millones

Servicios de infraestructura tecnológica

Ingresos de servicios de infraestructura para 2023:

• Servicios informáticos de alto rendimiento: $ 3.2 millones
• Consultoría de infraestructura de blockchain: $ 1.7 millones
• Ingresos totales de servicios de infraestructura: $ 4.9 millones

Rendimientos de inversión estratégica

Rendimiento de la cartera de inversiones en 2023:

Categoría de inversión	Devolver
Inversiones de criptomonedas	$ 22.1 millones
Inversiones de inicio de tecnología	$ 5.6 millones
Total de retornos estratégicos	$ 27.7 millones

Hut 8 Mining Corp. (HUT) - Canvas Business Model: Value Propositions

You're looking at the core reasons why Hut 8 Mining Corp. stands out in the energy and digital infrastructure space as of late 2025. The value propositions aren't just about mining Bitcoin anymore; it's about monetizing power at scale.

Diversified Revenue Model

Hut 8 Mining Corp. has successfully layered its business beyond pure mining, creating a more resilient structure. For the third quarter of 2025, total revenue hit $83.5 million. This was not a one-trick pony; the Compute segment, which includes Bitcoin mining, GPU-as-a-Service, and Data Center Cloud solutions, generated $70.0 million of that total. Still, the other segments provide crucial diversification. The Power segment brought in $8.37 million, and the Digital Infrastructure segment, which includes Colocation services, contributed $5.11 million for the quarter. This mix helps smooth out the volatility you see when relying only on block rewards.

Access to Large-Scale, Low-Cost Energy

The foundation of Hut 8 Mining Corp.'s strategy is securing energy access at a competitive price point. You see this reflected in their operational costs, with recent energy costs averaging $39.82 per MWh. This cost advantage is critical for long-term profitability in energy-intensive computing. Furthermore, the scale of their energy platform is substantial. As of September 30, 2025, the company reported 1,020 megawatts (MW) of Energy Capacity Under Management. They are actively growing this, with a development pipeline totaling 8,650 MW, of which 1,530 MW has already been advanced from exclusivity into the Energy Capacity Under Development stage.

Here's a quick look at the scale and cost structure as of the third quarter of 2025:

Metric	Value (as of Q3 2025 End)	Unit/Context
Total Revenue	$83.5 million	Q3 2025
Compute Revenue	$70.0 million	Q3 2025
Total Bitcoin Reserve	13,696 BTC	September 30, 2025
Reserve Market Value	$1.6 billion	September 30, 2025
Total Hash Rate	26.8 EH/s	Installed
Energy Capacity Under Management	1,020 MW	September 30, 2025
Energy Cost	$39.82 per MWh	Recent Average

Scalable Platform for Energy-Intensive Use Cases

Hut 8 Mining Corp. offers a platform ready for the next wave of compute demand, not just Bitcoin mining. The total installed hash rate reached approximately 26.8 exahash (EH/s) by the end of Q3 2025, with the American Bitcoin subsidiary accounting for about 25.0 EH/s of that. The efficiency of this fleet is a key differentiator, sitting at approximately 16.3 joules per terahash (J/TH) as of September 30, 2025. This infrastructure is designed to scale further; upon full commercialization, the platform has the potential to exceed 2.5 gigawatts (GW) across 19 sites.

Financial Stability from a Large, Unencumbered Bitcoin Treasury

Holding a significant, unencumbered Bitcoin treasury provides a massive capital advantage. As of September 30, 2025, Hut 8 Mining Corp. held 13,696 Bitcoin in its strategic reserve, valued at approximately $1.6 billion. This reserve acts as a balance sheet cornerstone, providing liquidity and collateral options. Since February 2024, the company has benefitted from nearly $986 million in incremental market value and liquidity derived from these holdings. This financial cushion allows for disciplined capital allocation, which is a major value driver.

High Asset Commercialization Rate

The shift toward long-term contracted revenue is a clear value proposition, reducing exposure to spot market fluctuations. You can see this in their contracted capacity. Nearly 90% of the current 1,020 MW platform capacity is secured under long-term contracts. A concrete example of this is the managed services agreement with its subsidiary, American Bitcoin, which was expanded to 325 megawatts (MW) of contracted capacity during the third quarter. This focus on locking in revenue streams is a deliberate move away from purely merchant exposure.

• Compute segment revenue was $70.0 million in Q3 2025.
• Total Bitcoin reserve value was $1.6 billion on September 30, 2025.
• The company advanced 1,530 MW into the Energy Capacity Under Development stage.
• Fleet efficiency improved to 16.3 J/TH by Q3 2025.
• Managed services contract reached 325 MW.

Finance: draft 13-week cash view by Friday.

Hut 8 Mining Corp. (HUT) - Canvas Business Model: Customer Relationships

You're looking at how Hut 8 Mining Corp. structures its ongoing interactions with its key stakeholders, which is heavily weighted toward long-term, committed relationships now. This is a deliberate pivot away from merchant exposure.

Long-term, contracted agreements for infrastructure and managed services

The shift toward stability is clear in the contract book. Strategic wins across the Power and Digital Infrastructure segments pushed the share of energy capacity under management commercialized under executed agreements with terms of one year or longer to nearly 90% at the end of the second quarter of 2025. That's a massive jump from less than 30% just one year prior, which really locks in recurring fees.

These contractual relationships are foundational to the current revenue profile. Consider the scale of capacity under management:

Metric	Value as of September 30, 2025
Total Energy Capacity Under Management	1,020 megawatts (MW)
Energy Capacity Under Development (Expansion)	1,530 MW
Total Development Pipeline (Diligence, Exclusivity, Development)	8,650 MW

Also, you see this long-term view in the power generation side. Hut 8, through its entity Far North Power Corp. ("Far North"), secured five-year capacity contracts with the Ontario Independent Electricity System Operator ("IESO") for 310 MW of Power Generation assets, which start on May 1, 2026.

Dedicated subsidiary model (American Bitcoin Corp.) for mining operations

The relationship with American Bitcoin Corp. ("American Bitcoin" or ABTC) is central, as it's a majority-owned subsidiary that went public on Nasdaq under the ticker "ABTC." Hut 8 acts as the exclusive infrastructure and operations partner for ABTC under long-term commercial agreements. This structure is designed to generate stable, contracted revenue for Hut 8's Power and Digital Infrastructure segments, effectively separating the capital needs of the mining operation from the parent company's balance sheet.

Here's the breakdown of the operational split as of late Q3 2025:

• ABTC owned ~25.0 EH/s of the total company hashrate of ~26.8 EH/s as of September 30, 2025.
• The managed services agreement with ABTC expanded to 325 megawatts of contracted capacity in the third quarter of 2025, marking the largest in Hut 8's history.
• Hut 8's Q3 Power segment revenue was $8.4 million, which includes this managed services component, though revenue generated directly through the Managed Services agreement with ABTC is eliminated in consolidation.

It's a symbiotic relationship; ABTC gets dedicated infrastructure support, and Hut 8 gets contracted, non-merchant revenue streams.

Enterprise-level sales and support for HPC and colocation clients

Beyond the internal ABTC relationship, Hut 8 is actively pursuing external enterprise compute and colocation customers. This is where you see the focus on high-performance computing (HPC) and GPU-as-a-Service.

For the third quarter of 2025, the Compute segment-which includes Bitcoin Mining (via ABTC), GPU-as-a-Service, and Data Center Cloud-delivered $70.0 million in revenue. For the second quarter of 2025, the Compute revenue was $34.3 million.

Key external customer engagements include:

• A major ASIC colocation contract with BITMAIN Technologies Ltd. is expected to generate ~$125 million in annualized revenue upon full ramp.
• Hut 8 launched Highrise AI, a wholly-owned subsidiary for GPU-as-a-Service, backed by an initial five-year customer agreement with an AI cloud services provider.
• Revenue specifically from ASIC Colocation and CPU Colocation services in Q2 2025 was $1.5 million, though this figure is subject to consolidation adjustments with ABTC.

The focus here is on high-density, specialized compute, like the proprietary, rack-based, direct-to-chip liquid cooling system developed for the Vega facility.

Investor relations for Nasdaq and TSX listed shareholders

Hut 8 Mining Corp. maintains its listing on both Nasdaq and TSX under the ticker HUT, which necessitates clear, consistent communication with a broad base of shareholders. The company's capital management strategy directly impacts investor perception of its customer relationships and asset stability.

The strategic Bitcoin reserve is a key asset highlighted to investors:

Metric	Value as of September 30, 2025
Total Strategic Bitcoin Reserve	13,696 Bitcoin
Market Value of Reserve	$1.6 billion
Bitcoin Held by Hut 8 (Parent)	10,278 Bitcoin
Bitcoin Held by American Bitcoin (Subsidiary)	3,418 Bitcoin

The company also reports on its equity issuance discipline. The prior ATM program (At-The-Market equity offering) was terminated with approximately 40% of capacity unutilized, with shares issued at an average price approximately 50% higher than the average share price during that program. This signals a selective approach to raising capital from the market, which ties back to the stability provided by the contracted customer base.

Hut 8 Mining Corp. (HUT) - Canvas Business Model: Channels

You're looking at how Hut 8 Mining Corp. gets its infrastructure and compute services to market as of late 2025. It's a multi-pronged approach, moving well beyond just mining to become a broader energy infrastructure platform.

The physical footprint is the core channel for delivering capacity, which is segmented across their operational sites and the new development pipeline.

Asset Category	Location Scope	Count / Capacity Under Management (as of Q3 2025)	Key Detail
Total Energy Capacity Under Management	US and Canada	1,020 megawatts (MW)	Across 19 total sites.
Owned/Operated Mining, Hosting, Managed Services Sites	Alberta, New York, and Texas	Five sites	These sites support Bitcoin mining, hosting, and Managed Services.
High-Performance Computing (HPC) Data Centers	British Columbia and Ontario	Five data centers	These support digital infrastructure and compute workloads.
Power Generation Assets	Ontario	Four assets	Owned or leased via joint ventures.
Total Capacity Under Development (Expansion)	Louisiana, Texas, and Illinois	1,530 MW	Four new sites advancing toward commercialization.

The company uses its physical assets to deliver services through direct agreements and partnerships, which is where the sales effort translates into committed revenue streams.

• Managed Services agreement with American Bitcoin expanded to 325 megawatts (MW) of contracted capacity in Q3 2025.
• Secured five-year capacity contracts with the Ontario Independent Electricity System Operator (IESO) for 310 MW of Power Generation assets.
• As of June 30, 2025, nearly 90% of the 1,020 MW platform was contracted under agreements of one year or longer.
• Power segment revenue, which includes Power Generation and Managed Services, was $8.4 million in the third quarter of 2025.

For securing the large-scale enterprise contracts, Hut 8 Mining Corp. is actively advancing design and commercialization initiatives for its 1,530 MW development pipeline with prospective customers. The company also offers GPU-as-a-Service through Highrise AI, a cloud infrastructure platform purpose-built for artificial intelligence.

The Managed Services agreements are a key channel for monetizing infrastructure expertise, extending services to institutional asset owners through end-to-end infrastructure development partnerships.

Finance: review Q3 2025 Power segment revenue against Q2 2025 Power Generation and Managed Services revenue of $5.5 million by Monday.

Hut 8 Mining Corp. (HUT) - Canvas Business Model: Customer Segments

You're looking at how Hut 8 Mining Corp. monetizes its massive energy and compute footprint as of late 2025. It's not just one type of customer anymore; the business is clearly segmented to capture value from different energy-intensive workloads.

The customer base is structured around four main pillars, moving the company from a pure miner to an integrated energy infrastructure platform.

Majority-owned Bitcoin mining subsidiary (American Bitcoin Corp.)

This segment represents the core Bitcoin mining operation, now largely housed within the publicly-traded, majority-owned subsidiary, American Bitcoin Corp. (ABTC). This entity acts as a primary customer for Hut 8's power and managed services, while also serving as a strategic Bitcoin accumulator for the group.

• American Bitcoin holds 3,418 Bitcoin as part of the total Strategic Reserve of 13,696 Bitcoin as of September 30, 2025.
• The managed services agreement supporting American Bitcoin's operations reached 325 megawatts of contracted capacity in the third quarter of 2025.
• This subsidiary accounts for approximately 25 EH/s of the total installed hash rate of 26.8 EH/s as of Q3 2025.
• ABTC debuted on Nasdaq in September 2025 with an implied valuation around $5 billion.

Enterprise clients requiring High-Performance Computing (HPC) and AI workloads

This is the growth vector, focusing on non-crypto, high-density compute demand. Hut 8 is dedicating significant capacity to secure long-term, contracted revenue from these enterprise users, which is key to re-rating the business for infrastructure investors.

The company is aggressively developing capacity to meet this demand, with a development pipeline of 1,530 MW advanced into the development phase as of Q3 2025. The flagship River Bend Campus in Louisiana is a 300-megawatt site designed to support a 200-megawatt dedicated IT load for these workloads.

Compute Sub-Segment	Q3 2025 Revenue Contribution (Approximate)	Key Metric/Facility
GPU-as-a-Service (Highrise AI)	Part of the $70.0 million Compute Revenue	Revenue grew by $2.6 million year-over-year in Q3 2025
Data Center Cloud (HPC Hosting)	Part of the $70.0 million Compute Revenue	The Vega facility in Texas is already serving AI tenants
Future AI/HPC Capacity	Future Contracted Revenue	The company is dedicating its 1.5-gigawatt development pipeline to AI/HPC

Large-scale third-party Bitcoin miners (colocation clients like BITMAIN)

This segment involves hosting third-party miners, including a major agreement with a chip-maker. This provides a steady, fee-based revenue stream independent of Hut 8's self-mining performance.

• Digital Infrastructure segment revenue, which includes ASIC colocation, was $5.1 million for the three months ended September 30, 2025.
• This represented a 31% year-over-year increase in segment revenue, driven by the ramp-up at the Vega site.
• Hut 8 has an ASIC Colocation agreement with BITMAIN for approximately 15 EH/s capacity.

Utility companies and grid operators (via power generation assets)

This customer group is served by Hut 8's power generation assets, which provide contracted, predictable revenue, often through capacity agreements with grid operators. This segment is being strategically streamlined.

Revenue from Power Generation and Managed Services was $8.4 million in Q3 2025. A significant portion of this was tied to a 310 MW portfolio of four natural gas-fired power plants in Ontario, which were subject to five-year capacity contracts with the Ontario Independent Electricity System Operator (IESO). However, Hut 8 announced the sale of this 310 MW portfolio to TransAlta in November 2025, signaling a shift to prioritize digital infrastructure development while maintaining a strategic interest in power generation.

As of June 30, 2025, nearly 90% of the total 1,020 MW Energy Capacity Under Management was covered by agreements of one year or longer, showing a strong shift from merchant exposure to contracted fees.

Finance: draft 13-week cash view by Friday.

Hut 8 Mining Corp. (HUT) - Canvas Business Model: Cost Structure

You're looking at the core expenses that drive Hut 8 Mining Corp.'s operations as of late 2025. For a company scaling energy infrastructure alongside digital compute, cost control is everything, especially after the recent Bitcoin halving.

Power and energy costs remain the primary variable expense, the lifeblood of the entire operation. Hut 8 Mining Corp. has managed to lock in favorable terms, with recent reports indicating an average energy cost managed at $39.82/MWh. To give you context on volatility, during the first quarter of 2025, this cost temporarily rose to $51.71/MWh, which management attributed to fixed transmission and distribution charges spread over lower consumption during planned fleet upgrades. That difference matters a lot when you're talking about megawatts.

Capital expenditures for new site development show the scale of future commitments. Hut 8 Mining Corp. is aggressively advancing its pipeline. As of August 2025, the company moved 1,530 MW (or 1.53 GW) of capacity from exclusivity into the development stage, part of a larger pipeline that could eventually exceed 2.5 GW across its sites. For specific projects, like the Vega data center, the all-in cost was targeted around $400,000 per megawatt, totaling roughly $80,000,000 for that initial phase. You saw a concrete spend of $63.3 million in Q1 2025 covering Vega completion and initial work at the River Bend campus.

Operating expenses for sites are spread across a growing footprint. As of late 2025, Hut 8 Mining Corp.'s platform capacity is expected to exceed 2.5 GW upon full commercialization, supported by a network that includes 19 sites. While specific total OpEx isn't always broken out clearly due to the American Bitcoin carve-out, the sheer scale of infrastructure maintenance, security, and personnel needed to support this footprint is substantial. The shift toward contracted revenue, like the 325 megawatts managed services agreement with American Bitcoin in Q3 2025, helps stabilize these fixed and semi-fixed operational costs.

Interest expense on debt is now more predictable thanks to recent financing actions. Hut 8 Mining Corp. upsized and repriced its Bitcoin-backed credit facility with Coinbase to a maximum of $130 million. Crucially, this facility was transitioned to a fixed interest rate of 9.0%. If you calculate the maximum annual interest based on that facility alone, you're looking at an annual cash cost of $11,700,000 ($130,000,000 multiplied by 9.0%). This fixed rate is an improvement over the prior floating structure, which ranged up to 11.5%.

Depreciation and amortization (D&A) of ASIC miners and infrastructure represents a significant non-cash charge. While a precise D&A line item for Q3 2025 isn't immediately available, the magnitude of non-cash costs impacting the bottom line is evident from earlier results. For instance, the Q1 2025 net loss of $134.3 million included a massive $112.4 million non-cash loss on digital assets, showing how asset valuation swings hit the income statement, separate from the regular depreciation of physical hardware.

Here's a quick look at the financial context surrounding these costs as of Q3 2025:

• Total Energy Capacity Under Management: 1,020 megawatts (MW) as of September 30, 2025.
• Energy Capacity Under Development: 1,530 MW as of September 30, 2025.
• Q3 2025 Revenue: $83.5 million.
• Q3 2025 Adjusted EBITDA: $109.0 million.
• Strategic Bitcoin Reserve: 13,696 Bitcoin as of September 30, 2025.

The cost structure is heavily influenced by the mix of mining versus infrastructure revenue, as seen in the Q3 2025 revenue breakdown:

Revenue Segment	Q3 2025 Revenue Amount	Cost Driver Implication
Compute (Mining/GPU)	$70.0 million	Direct power consumption, ASIC depreciation
Power Generation and Managed Services	$8.4 million	Fixed power capacity costs, site maintenance
Digital Infrastructure	$5.1 million	Data center buildout, personnel, security

Finance: draft 13-week cash view by Friday.

Hut 8 Mining Corp. (HUT) - Canvas Business Model: Revenue Streams

You're looking at how Hut 8 Mining Corp. actually brings in the cash flow, and Q3 2025 shows a clear shift toward high-performance compute services. Honestly, the numbers tell you where the focus is right now.

The total reported revenue for the third quarter of 2025 hit $83.5 million, which was a 91% jump year-over-year. This revenue streams from three main operational segments: Compute, Digital Infrastructure, and Power.

Here's the quick math on the segment revenue breakdown for Q3 2025:

Revenue Stream Segment	Q3 2025 Revenue Amount
Compute (Mining, GPU-as-a-Service, Cloud)	$70.0 million
Power (Generation and Managed Services)	$8.4 million
Digital Infrastructure (Colocation)	$5.1 million

The $70.0 million from the Compute segment is the engine, driven by Bitcoin Mining, GPU-as-a-Service through Highrise AI, and Data Center Cloud solutions under the High Performance Computing brand. You defintely need to watch how the Bitcoin sales component of this performs relative to the service revenue.

The Power segment brought in $8.4 million. This revenue stream includes power generation activities and managed services. A key part of this is the contracted fees from long-term hosting and managed service agreements, like the expanded agreement with American Bitcoin Corp. which reached 325 megawatts of contracted capacity in the quarter.

For the Digital Infrastructure segment, the $5.1 million was largely supported by colocation services. This included an ASIC Colocation agreement with BITMAIN that supported nearly 15 exahash of capacity.

The core revenue drivers within the Compute segment include:

• Bitcoin sales from self-mined production.
• Contracted fees from long-term hosting and managed service agreements.
• Revenue from GPU-as-a-Service offerings.
• Data Center Cloud revenue.

Keep in mind that the company held a strategic Bitcoin reserve of 13,696 Bitcoin as of September 30, 2025, with a market value of $1.6 billion. While the reserve itself isn't a recurring revenue stream, the strategic sale of mined Bitcoin is a direct component of the Compute revenue.

Finance: draft 13-week cash view by Friday.