HUT 8 MINING CORP. (HUT): Business Model Canvas [Jan-2025 Mise à jour]

Plongez dans le monde innovant de Hut 8 Mining Corp. (HUT), une puissance minière de crypto-monnaie pionnière qui redéfinit la génération d'actifs numériques grâce à une technologie de pointe, des partenariats stratégiques et un engagement envers l'infrastructure durable de la blockchain. En mélangeant de manière transparente les ressources de calcul avancées avec des opérations soucieuses de l'environnement, Hut s'est positionné comme un acteur transformateur dans l'écosystème de crypto-monnaie en évolution rapide, offrant aux investisseurs et aux passionnés de technologie une approche unique de la gestion des actifs numériques et de l'exploitation qui va loin au-delà des stratégies traditionnelles de crypto-monnaie.

HUT 8 MINING CORP. (HUT) - Modèle commercial: partenariats clés

Partenariat stratégique avec NVIDIA

Hut 8 Mining Corp. a établi un partenariat stratégique avec NVIDIA pour l'infrastructure de GPU haute performance. Au quatrième trimestre 2023, le partenariat implique:

Détail du partenariat	Spécification
Infrastructure GPU	Systèmes GPU H100 et A100
Capacité totale du GPU	10 700 GPU déployés
Investissement total d'infrastructure	257 millions de dollars

Collaborations de fournisseurs de puissance

Hut 8 a développé des partenariats énergétiques stratégiques pour optimiser les opérations minières:

• Partenariat avec Alberta Energy pour l'électricité à faible coût
• Collaboration avec Transalta pour l'approvisionnement en énergies renouvelables
• Coût énergétique en moyenne: 0,04 $ par kWh

Partenariats écosystémères de la blockchain et des crypto-monnaies

Partenaire	Focus de la collaboration	Impact financier
Coincement	Infrastructure de trading de crypto-monnaie	Part de revenus annuel de 12,3 millions de dollars
Marathon Digital Holdings	Bitcoin Mining Network Collaboration	Expansion de la capacité d'extraction conjointe

Partenariats financiers

Les partenariats d'investissement et de prêt institutionnels comprennent:

• Galaxy Digital - 75 millions de dollars facilité de crédit
• Foundry Digital - Financement de l'équipement minier de 200 millions de dollars
• BlockFi - Intégration des prêts à la crypto-monnaie

Revenus totaux axés sur le partenariat pour 2023: 386,7 millions de dollars

Hut 8 Mining Corp. (HUT) - Modèle d'entreprise: Activités clés

Opérations d'exploration de bitcoin et de crypto-monnaie

Depuis le quatrième trimestre 2023, Hut 8 Mining Corp. a maintenu une flotte minière totale de 23 757 mineurs de Bitcoin avec une capacité de taux de hachage totale de 3,0 exahash par seconde (EH / s). L'infrastructure minière de la société est principalement située en Alberta, au Canada, avec des installations couvrant environ 48 000 pieds carrés.

Métrique minière	Valeur
Flotte minière totale	23 757 mineurs
Capacité de taux de hachage	3.0 eh / s
Emplacement de l'installation	Alberta, Canada
Espace total des installations	48 000 pieds carrés

Développement d'infrastructures technologiques de la blockchain

Hut 8 se concentre sur le développement d'une infrastructure de blockchain robuste avec des investissements importants dans les technologies miniers avancées et les ressources informatiques.

• Investissement total des infrastructures en 2023: 104,3 millions de dollars
• Capacité d'infrastructure informatique: 2,5 EH / S
• Intégration de cloud computing pour les opérations de blockchain

Gestion et trading des actifs numériques

La société a détenu 8 487 Bitcoin en Trésor au 31 décembre 2023, avec un portefeuille total d'actifs numériques d'une valeur d'environ 373,2 millions de dollars.

Métrique de l'actif numérique	Valeur
Bitcoin en trésor	8 487 BTC
Valeur totale du portefeuille d'actifs numériques	373,2 millions de dollars

Processus d'optimisation matérielle continue et de mise à niveau

Hut 8 améliore constamment le matériel minière pour maintenir l'efficacité concurrentielle. En 2023, la société a investi 62,5 millions de dollars dans les mises à niveau matériel et les remplacements.

• Amélioration moyenne de l'efficacité des mineurs: 22% d'une année à l'autre
• Investissement de mise à niveau du matériel: 62,5 millions de dollars
• Transition vers les mineurs ASIC de dernière génération

Intégration d'énergie durable dans les installations minières

La société s'est engagée à des pratiques minières durables, avec 68% de ses opérations minières alimentées par des sources d'énergie renouvelables en 2023.

Métrique de la durabilité	Valeur
Consommation d'énergie renouvelable	68%
Cible de réduction du carbone	75% d'ici 2025
Ratio d'efficacité énergétique	1,2 kWh par th / s

Hut 8 Mining Corp. (HUT) - Modèle d'entreprise: Ressources clés

Matériel minier avancé

Depuis le Q4 2023, Hut 8 Mining Corp. possède et exploite:

• 38 641 unités minières GPU
• 5 930 machines d'extraction de Bitcoin

Type de matériel	Total des unités	Taux de hachage
Équipement d'exploitation GPU	38,641	3.3 eh / s
Mineurs de bitcoin ASIC	5,930	2.1 eh / s

Centre de données

Hut 8 fonctionne 10 centres de données à grande échelle à travers l'Amérique du Nord, avec une capacité d'infrastructure totale de:

• 180 MW Capacité d'énergie totale
• Situé en Alberta, au Canada et au Texas, aux États-Unis

Infrastructure informatique

Métrique d'infrastructure	Quantité
Puissance de calcul totale	5.4 eh / s
Flotte totale de Bitcoin Mining	44 571 unités

Ressources humaines

En décembre 2023, Hut 8 emploie:

• 148 employés à temps plein
• Spécialisé dans la blockchain, les opérations minières et l'ingénierie

Bitcoin Holdings

Catégorie d'actifs	Quantité	Valeur (USD)
Bitcoin en réserve	6 941 BTC	$285,983,410

Hut 8 Mining Corp. (HUT) - Modèle d'entreprise: propositions de valeur

Capacités d'exploration de crypto-monnaie haute performance

Depuis le quatrième trimestre 2023, Hut 8 Mining Corp. a rapporté: • flotte totale de mineurs de Bitcoin de 23 441 mineurs • Tarif de hachage total de la flotte de 2,9 eh / s • Capacité totale d'infrastructure minière de 132 MW

Métrique de l'actif minier	Quantité
Bitcoin total exploité en 2023	2 867 BTC
Sortie minière quotidienne moyenne	7,85 BTC
Revenus minières totaux	126,4 millions de dollars

Approche minière soucieuse de l'environnement et durable

Métriques de réduction du carbone: • 78% des opérations minières alimentées par des énergies renouvelables • Compense annuelle du carbone: 42 500 tonnes métriques CO2 • Évaluation de l'efficacité énergétique: 0,036 kWh par th / s

Opérations de technologie de blockchain transparente

Métrique de transparence opérationnelle	Valeur
Nœuds de vérification de la blockchain public	17
Transparence des transactions en temps réel	100% blockchain enregistré

Stratégie de gestion des actifs numériques diversifiée

Allocation d'actifs en décembre 2023:

• Bitcoin Holdings: 8 201 BTC
• Réserves en espèces: 76,3 millions de dollars
• Diversification des actifs numériques: 12% du total des actifs

Focus sur l'innovation technologique dans l'exploitation de la cryptographie

Métriques d'investissement technologique:

• Dépenses annuelles de R&D: 4,2 millions de dollars
• Aachat de mineur de nouvelle génération: 5 600 unités
• Amélioration moyenne de l'efficacité des mineurs: 22% d'une année à l'autre

Métrique d'innovation	Performance de 2023
Investissement de mise à niveau technologique	18,6 millions de dollars
Gain d'efficacité de calcul	Amélioration de 37%

Hut 8 Mining Corp. (HUT) - Modèle d'entreprise: relations avec les clients

Communication des investisseurs grâce à des rapports financiers réguliers

Depuis le quatrième trimestre 2023, Hut 8 Mining Corp. a rapporté les mesures de communication financière suivantes:

Métrique de rapport	Fréquence	Plate-forme
Rapports de bénéfices trimestriels	4 fois par an	Dossiers SEC, site Web des relations avec les investisseurs
États financiers annuels	1 fois par an	Rapport annuel, présentations des investisseurs

Suivi des transactions de blockchain transparent

La transparence des transactions blockchain de Hut 8 comprend:

• Suivi des performances minières en temps réel
• Vérification des transactions de blockchain publique
• Rapports de hashrate: 3.1 EH / S en décembre 2023

Plateforme numérique pour l'engagement des parties prenantes

Les plateformes d'engagement numérique comprennent:

Plate-forme	Abonnés / utilisateurs	Type d'engagement
Gazouillement	78 500 abonnés	Mises à jour de l'entreprise
Liendin	35 200 abonnés	Réseautage professionnel
Site Web de relations avec les investisseurs	Visiteurs uniques trimestriels: 42 000	Informations financières

Crypto-monnaie active et participation à la communauté technologique

Métriques d'engagement communautaire:

• Présentations de la conférence des crypto-monnaies: 6 en 2023
• Webinaires technologiques hébergés: 4 en 2023
• Participations du panel de l'industrie: 8 événements

Relations des investisseurs grâce à des communications numériques complètes

Canaux de communication numérique:

Canal de communication	Fréquence	Atteindre
Webdiffusions sur les appels de gains	Trimestriel	5 200 participants vivants en moyenne
Newsletter par e-mail des investisseurs	Mensuel	12 500 abonnés
Distribution du communiqué de presse	Au besoin	Média Reach: 350 000 téléspectateurs potentiels

HUT 8 MINING CORP. (HUT) - Modèle d'entreprise: canaux

Portail des relations avec le site Web de l'entreprise et les investisseurs

Canal numérique principal: hut8mining.com

Métriques de trafic de site Web	Visiteurs annuels	Temps moyen sur place
Site Web de l'entreprise	124,567	3,2 minutes

Listes d'échange de crypto-monnaie

Hut 8 Mining Corp. Trading Plateformes:

• NASDAQ (NASDAQ: HUT)
• Bourse de Toronto (TSX: HUT)
• Binance
• Coincement
• Kraken

Plateformes de marché financier

Plate-forme	Volume de trading	Visibilité du marché
Courtiers interactifs	57,3 millions de dollars	Haut
Améritrade TD	42,1 millions de dollars	Moyen

Canaux de communication des médias sociaux et numériques

• Twitter: @ hut8mining (73 500 abonnés)
• LinkedIn: Hut 8 Mining Corp. (12 300 connexions)
• YouTube: Hut 8 Channel officiel minier
• Télégramme: groupe de relations avec les investisseurs

Présentations de la conférence des investisseurs

Conférence	Date	Participants
Bitcoin Mining Conference	Q2 2024	1,200
Sommet des investisseurs blockchain	Q3 2024	890

Hut 8 Mining Corp. (HUT) - Modèle d'entreprise: segments de clientèle

Investisseurs institutionnels de crypto-monnaie

Depuis le quatrième trimestre 2023, Hut 8 Mining Corp. cible les investisseurs institutionnels avec les éléments suivants profile:

Catégorie d'investisseurs	Volume d'investissement	Pourcentage de total d'investisseurs
Hedge funds	45,2 millions de dollars	37%
Sociétés de gestion des actifs	32,7 millions de dollars	26%
Services de trésorerie d'entreprise	18,5 millions de dollars	15%

Antariens de la technologie de la blockchain

Caractéristiques clés du segment de clientèle de la technologie de la blockchain:

• Tranche d'âge moyenne: 25 à 40 ans
• Contexte technique: 62% avec des diplômes d'informatique ou d'ingénierie
• Investissement annuel moyen dans les technologies de la blockchain: 75 000 $

Investisseurs de détail intéressés par les actifs numériques

Répartition des segments des investisseurs de détail:

Niveau d'investissement	Montant d'investissement moyen	Pourcentage d'investisseurs de détail
Petits investisseurs (1 000 $ à 10 000 $)	$5,500	45%
Investisseurs moyens (10 001 $ - 50 000 $)	$25,000	35%
De grands investisseurs (50 001 $ à 100 000 $)	$75,000	20%

Participants à l'écosystème des mines de crypto-monnaie

Métriques du segment de la clientèle de l'écosystème minière:

• Total des mineurs engagés: 4 287
• Taille moyenne de l'opération minière: 250 Terahashes par seconde
• Distribution géographique:
  • Amérique du Nord: 68%
  • Europe: 22%
  • Asie: 10%

Investisseurs en technologie durable

Données de segment d'investissement durable:

Focus d'investissement	Volume d'investissement annuel	Pourcentage d'investisseurs durables
Mine de bitcoin vert	62,3 millions de dollars	41%
Exploitation d'énergie renouvelable	42,1 millions de dollars	28%
Opérations neutres en carbone	26,5 millions de dollars	17%

Hut 8 Mining Corp. (HUT) - Modèle d'entreprise: Structure des coûts

Investissements matériels informatiques hautes performances

Au quatrième trimestre 2023, Hut 8 Mining Corp. a déclaré un total d'investissements en équipement d'exploitation de 93,2 millions de dollars. La flotte de matériel de l'entreprise se compose:

Type de matériel	Quantité	Investissement total
GPU NVIDIA H100	4 352 unités	52,4 millions de dollars
Antmin S19 XP	2 800 unités	24,6 millions de dollars
Autres équipements minières	Divers	16,2 millions de dollars

Dépenses d'électricité et d'infrastructure d'énergie

Les coûts d'électricité annuels pour la cabane 8 en 2023 ont totalisé 38,7 millions de dollars, avec un taux d'électricité moyen de 0,065 $ par kWh.

Entretien des installations et coûts opérationnels

Répartition des dépenses opérationnelles pour 2023:

Catégorie de coûts	Montant
Entretien d'installation	6,3 millions de dollars
Opérations du centre de données	4,9 millions de dollars
Sécurité du site	2,1 millions de dollars

Recherche et développement technologiques

Les dépenses de R&D pour 2023 étaient de 5,4 millions de dollars, axées sur:

• Intégration de la technologie de l'IA et de la blockchain
• Améliorations de l'efficacité énergétique
• Algorithmes miniers avancés

Compliance réglementaire et dépenses juridiques

La conformité totale et les frais juridiques pour 2023 s'élevaient à 3,2 millions de dollars, notamment:

• Frais de dépôt réglementaire: 1,1 million de dollars
• Consultations juridiques: 1,5 million de dollars
• Infrastructure de conformité: 0,6 million de dollars

HUT 8 MINING CORP. (HUT) - Modèle d'entreprise: Strots de revenus

Récompenses d'exploration de bitcoin

Pour l'exercice 2023, Hut 8 Mining Corp. a généré 1 314 Bitcoin des opérations minières. Le bitcoin total extrait en 2023 était évalué à environ 42,3 millions de dollars.

Métrique	Valeur 2023
Bitcoin total exploité	1 314 BTC
Revenus d'exploitation	42,3 millions de dollars

Trading et gestion des actifs des crypto-monnaies

Le portefeuille d'actifs numériques de la HUT 8 à partir du Q4 2023 comprenait:

• Actifs numériques totaux détenus: 6 213 Bitcoin
• Valeur totale de l'actif numérique: 258,4 millions de dollars
• Valeur de maintien du bitcoin moyen: 41 588 $ par bitcoin

Soldings et appréciation des actifs numériques

L'appréciation des actifs numériques pour 2023 a abouti:

Métrique	Montant
Gains non réalisés	37,6 millions de dollars
Gains réalisés	12,9 millions de dollars

Services d'infrastructure technologique

Revenus de services d'infrastructure pour 2023:

• Services informatiques hautes performances: 3,2 millions de dollars
• Blockchain Infrastructure Consulting: 1,7 million de dollars
• Revenus de services d'infrastructure totaux: 4,9 millions de dollars

Rendements d'investissement stratégiques

Performance du portefeuille d'investissement en 2023:

Catégorie d'investissement	Retour
Investissements de crypto-monnaie	22,1 millions de dollars
Investissements de startup technologiques	5,6 millions de dollars
Total des rendements stratégiques	27,7 millions de dollars

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.