Hut 8 Mining Corp. (HUT): Modelo de negócios Canvas [Jan-2025 Atualizado]

Mergulhe no mundo inovador da HUT 8 Mining Corp. (HUT), uma potência de mineração de criptomoedas pioneiras que redefina a geração de ativos digitais por meio de tecnologia de ponta, parcerias estratégicas e um compromisso com a infraestrutura de blockchain sustentável. Ao misturar perfeitamente recursos computacionais avançados com operações ambientalmente conscientes, a HUT se posicionou como um jogador transformador no ecossistema de criptomoeda em rápida evolução, oferecendo aos investidores e entusiastas da tecnologia uma abordagem única para o gerenciamento e a mineração digitais que vão muito além das estratégias tradicionais de criptografia.

Hut 8 Mining Corp. (HUT) - Modelo de negócios: Parcerias -chave

Parceria estratégica com a NVIDIA

HUT 8 Mining Corp. estabeleceu uma parceria estratégica com a NVIDIA para infraestrutura de GPU de alto desempenho. A partir do quarto trimestre 2023, a parceria envolve:

Detalhes da parceria	Especificação
Infraestrutura da GPU	Sistemas de GPU H100 e A100
Capacidade total da GPU	10.700 GPUs implantados
Investimento total de infraestrutura	US $ 257 milhões

Colaborações do provedor de energia

A HUT 8 desenvolveu parcerias estratégicas de energia para otimizar as operações de mineração:

• Parceria com a Alberta Energy para eletricidade de baixo custo
• Colaboração com transalta para fornecimento de energia renovável
• Média de custo de energia: US $ 0,04 por kWh

Parcerias de ecossistemas de blockchain e criptomoeda

Parceiro	Foco de colaboração	Impacto financeiro
Coinbase	Infraestrutura de negociação de criptomoedas	$ 12,3 milhões de participação de receita anual
Maratona Digital Holdings	Colaboração de rede de mineração de bitcoin	Expansão da capacidade de mineração conjunta

Parcerias financeiras

As parcerias institucionais de investimento e empréstimos incluem:

• Galaxy Digital - Linha de crédito de US $ 75 milhões
• Foundry Digital - financiamento de equipamentos de mineração de US $ 200 milhões
• Blockfi - Integração de empréstimo de criptomoeda

Receita total de parceria para 2023: US $ 386,7 milhões

Mas 8 Mining Corp. (HUT) - Modelo de negócios: Atividades -chave

Operações de mineração de bitcoin e criptomoedas

A partir do quarto trimestre de 2023, a HUT 8 Mining Corp. manteve uma frota total de mineração de 23.757 mineiros de bitcoin com uma capacidade total de hash de 3,0 Exahash por segundo (EH/S). A infraestrutura de mineração da empresa está localizada principalmente em Alberta, Canadá, com instalações que abrangem aproximadamente 48.000 pés quadrados.

Métrica de mineração	Valor
Frota total de mineração	23.757 mineiros
Capacidade da taxa de hash	3.0 eh/s
Localização da instalação	Alberta, Canadá
Espaço total da instalação	48.000 pés quadrados

Desenvolvimento de infraestrutura de tecnologia blockchain

O HUT 8 se concentra no desenvolvimento de infraestrutura robusta de blockchain, com investimentos significativos em tecnologias avançadas de mineração e recursos computacionais.

• Investimento total de infraestrutura em 2023: US $ 104,3 milhões
• Capacidade de infraestrutura computacional: 2,5 EH/S
• Integração de computação em nuvem para operações de blockchain

Gerenciamento de ativos digitais e negociação

A empresa realizou 8.487 bitcoin no Tesouro em 31 de dezembro de 2023, com um portfólio de ativos digitais total avaliado em aproximadamente US $ 373,2 milhões.

Métrica de ativo digital	Valor
Bitcoin no Tesouro	8.487 BTC
Valor total de portfólio de ativos digitais	US $ 373,2 milhões

Otimização contínua de hardware e processos de atualização

Mas 8 atualiza consistentemente o hardware de mineração para manter a eficiência competitiva. Em 2023, a empresa investiu US $ 62,5 milhões em atualizações e substituições de hardware.

• Melhoria média da eficiência do mineiro: 22% ano a ano
• Investimento de atualização de hardware: US $ 62,5 milhões
• Transição para os mineiros ASIC de última geração

Integração de energia sustentável em instalações de mineração

A empresa se comprometeu com práticas sustentáveis ​​de mineração, com 68% de suas operações de mineração alimentadas por fontes de energia renovável a partir de 2023.

Métrica de sustentabilidade	Valor
Uso de energia renovável	68%
Alvo de redução de carbono	75% até 2025
Índice de eficiência energética	1,2 kwh por th/s

Hut 8 Mining Corp. (HUT) - Modelo de negócios: Recursos -chave

Hardware avançado de mineração

A partir do quarto trimestre 2023, o HUT 8 Mining Corp. possui e opera:

• 38.641 unidades de mineração de GPU
• 5.930 máquinas de mineração de bitcoin

Tipo de hardware	Unidades totais	Taxa de hash
Equipamento de mineração de GPU	38,641	3.3 EH/S.
Mineiros de Bitcoin ASIC	5,930	2.1 eh/s

Instalações de data center

Mas 8 opera 10 data centers em larga escala em toda a América do Norte, com capacidade total de infraestrutura de:

• Capacidade total de energia de 180 MW
• Localizado em Alberta, Canadá e Texas, EUA

Infraestrutura computacional

Métrica de infraestrutura	Quantidade
Poder computacional total	5.4 EH/S.
Frota total de mineração de bitcoin	44.571 unidades

Recursos Humanos

Em dezembro de 2023, mas 8 emprega:

• 148 funcionários em tempo integral
• Especializado em blockchain, operações de mineração e engenharia

Bitcoin Holdings

Categoria de ativos	Quantidade	Valor (USD)
Bitcoin em reserva	6.941 BTC	$285,983,410

Mas 8 Mining Corp. (HUT) - Modelo de Negócios: Proposições de Valor

Capacidades de mineração de criptomoedas de alto desempenho

A partir do quarto trimestre 2023, o HUT 8 Mining Corp. relatou: • Frota total de mineração de bitcoin de 23.441 mineiros • Taxa total de hash de frota de 2,9 eh/s • Capacidade total de infraestrutura de mineração de 132 MW

Métrica de ativos de mineração	Quantidade
Total Bitcoin minerado em 2023	2.867 BTC
Saída média diária de mineração	7.85 BTC
Receita total de mineração	US $ 126,4 milhões

Abordagem de mineração ambientalmente consciente e sustentável

Métricas de redução de carbono: • 78% das operações de mineração alimentadas por energia renovável • Offset anual de carbono: 42.500 toneladas métricas CO2 • Classificação de eficiência energética: 0,036 kWh por th/s

Operações de tecnologia de blockchain transparentes

Métrica de transparência operacional	Valor
Nós de verificação de blockchain público	17
Transação em tempo real transparência	Blockchain 100% registrado

Estratégia diversificada de gerenciamento de ativos digitais

Alocação de ativos em dezembro de 2023:

• Bitcoin Holdings: 8.201 BTC
• Reservas de caixa: US $ 76,3 milhões
• Diversificação de ativos digitais: 12% do total de ativos

Forte foco na inovação tecnológica na mineração de criptografia

Métricas de investimento em tecnologia:

• Despesas anuais de P&D: US $ 4,2 milhões
• Aquisição de mineiro de próxima geração: 5.600 unidades
• Melhoria média da eficiência do mineiro: 22% ano a ano

Métrica de inovação	2023 desempenho
Investimento de atualização de tecnologia	US $ 18,6 milhões
Ganho de eficiência computacional	Melhoria de 37%

Mas 8 Mining Corp. (HUT) - Modelo de Negócios: Relacionamentos do Cliente

Comunicação dos investidores através de relatórios financeiros regulares

A partir do quarto trimestre 2023, o HUT 8 Mining Corp. relatou as seguintes métricas de comunicação financeira:

Métrica de relatório	Freqüência	Plataforma
Relatórios de ganhos trimestrais	4 vezes por ano	Registros da SEC, site de relações com investidores
Demonstrações financeiras anuais	1 tempo por ano	Relatório anual, apresentações de investidores

Rastreamento de transações de blockchain transparente

Transparência de transação de blockchain da cabana 8 inclui:

• Rastreamento de desempenho de mineração em tempo real
• Verificação de transação de blockchain público
• Relatórios de hashrate: 3.1 EH/s em dezembro de 2023

Plataforma digital para engajamento das partes interessadas

As plataformas de engajamento digital incluem:

Plataforma	Seguidores/usuários	Tipo de engajamento
Twitter	78.500 seguidores	Atualizações corporativas
LinkedIn	35.200 seguidores	Networking profissional
Site de Relações com Investidores	Visitantes únicos trimestrais: 42.000	Informações financeiras

Participação ativa da comunidade de criptomoedas e tecnologia

Métricas de engajamento da comunidade:

• Apresentações da conferência de criptomoedas: 6 em 2023
• Webinars de tecnologia hospedados: 4 em 2023
• Participações do painel da indústria: 8 eventos

Relações com investidores por meio de comunicações digitais abrangentes

Canais de comunicação digital:

Canal de comunicação	Freqüência	Alcançar
Ganhos chamam webcasts	Trimestral	Média 5.200 participantes vivos
Boletim informativo por e -mail para investidores	Mensal	12.500 assinantes
Distribuição do comunicado à imprensa	Conforme necessário	Alcance da mídia: 350.000 espectadores em potencial

Hut 8 Mining Corp. (HUT) - Modelo de Negócios: Canais

Site corporativo e portal de relações com investidores

Canal digital primário: hut8mining.com

Métricas de tráfego do site	Visitantes anuais	Tempo médio no local
Site corporativo	124,567	3,2 minutos

Listagens de troca de criptomoedas

Hut 8 Mining Corp. Plataformas de negociação:

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

Plataformas de mercado financeiro

Plataforma	Volume de negociação	Visibilidade do mercado
Corretores interativos	US $ 57,3 milhões	Alto
TD Ameritrade	US $ 42,1 milhões	Médio

Mídias sociais e canais de comunicação digital

• Twitter: @Hut8Mining (73.500 seguidores)
• LinkedIn: Hut 8 Mining Corp. (12.300 conexões)
• YouTube: mas 8 canal oficial de mineração
• Telegrama: Grupo de Relações com Investidores

Apresentações da Conferência de Investidores

Conferência	Data	Participantes
Conferência de Mineração de Bitcoin	Q2 2024	1,200
Summit Blockchain Investors	Q3 2024	890

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

Investidores institucionais de criptomoeda

A partir do quarto trimestre 2023, mas 8 Mining Corp. tem como alvo os investidores institucionais com o seguinte profile:

Categoria de investidores	Volume de investimento	Porcentagem do total de investidores
Fundos de hedge	US $ 45,2 milhões	37%
Empresas de gerenciamento de ativos	US $ 32,7 milhões	26%
Departamentos do Tesouro Corporativo	US $ 18,5 milhões	15%

Entusiastas da tecnologia blockchain

Principais características do segmento de clientes da Blockchain Technology:

• Faixa etária média: 25-40 anos
• Antecedentes técnicos: 62% com ciência da computação ou graus de engenharia
• Investimento anual médio em tecnologias de blockchain: US $ 75.000

Investidores de varejo interessados ​​em ativos digitais

Repartição do segmento de investidores de varejo:

Nível de investimento	Valor médio de investimento	Porcentagem de investidores de varejo
Pequenos investidores (US $ 1.000 a US $ 10.000)	$5,500	45%
Investidores médios (US $ 10.001 a US $ 50.000)	$25,000	35%
Grandes investidores (US $ 50.001 a US $ 100.000)	$75,000	20%

Participantes do ecossistema de mineração de criptomoedas

Métricas do segmento de clientes do ecossistema de mineração:

• Total de mineiros envolvidos: 4.287
• Tamanho médio da operação de mineração: 250 terahashes por segundo
• Distribuição geográfica:
  • América do Norte: 68%
  • Europa: 22%
  • Ásia: 10%

Investidores de tecnologia sustentável

Dados de segmento de investimento sustentável:

Foco de investimento	Volume anual de investimento	Porcentagem de investidores sustentáveis
Mineração verde de bitcoin	US $ 62,3 milhões	41%
Mineração de energia renovável	US $ 42,1 milhões	28%
Operações neutras em carbono	US $ 26,5 milhões	17%

Hut 8 Mining Corp. (HUT) - Modelo de negócios: estrutura de custos

Investimentos de hardware de computação de alto desempenho

A partir do quarto trimestre de 2023, a HUT 8 Mining Corp. reportou investimentos totais de equipamentos de mineração de US $ 93,2 milhões. A frota de hardware da empresa consiste em:

Tipo de hardware	Quantidade	Investimento total
Nvidia H100 GPUS	4.352 unidades	US $ 52,4 milhões
Antminer S19 XP	2.800 unidades	US $ 24,6 milhões
Outros equipamentos de mineração	Vários	US $ 16,2 milhões

Despesas de infraestrutura de eletricidade e energia

Os custos anuais anuais para a mineração 8 em 2023 totalizaram US $ 38,7 milhões, com uma taxa média de eletricidade de US $ 0,065 por kWh.

Manutenção de instalações e custos operacionais

Redução de despesas operacionais para 2023:

Categoria de custo	Quantia
Manutenção da instalação	US $ 6,3 milhões
Operações de data center	US $ 4,9 milhões
Segurança do site	US $ 2,1 milhões

Pesquisa e desenvolvimento de tecnologia

As despesas de P&D para 2023 foram de US $ 5,4 milhões, com foco em:

• Integração tecnológica de IA e blockchain
• Melhorias de eficiência energética
• Algoritmos avançados de mineração

Conformidade regulatória e despesas legais

A conformidade total e os custos legais de 2023 totalizaram US $ 3,2 milhões, incluindo:

• Taxas de arquivamento regulatório: US $ 1,1 milhão
• Consultas legais: US $ 1,5 milhão
• Infraestrutura de conformidade: US $ 0,6 milhão

Mas 8 Mining Corp. (HUT) - Modelo de negócios: fluxos de receita

Recompensas de mineração de Bitcoin

Para o ano fiscal de 2023, a HUT 8 Mining Corp. gerou 1.314 Bitcoin a partir de operações de mineração. O bitcoin total minerado em 2023 foi avaliado em aproximadamente US $ 42,3 milhões.

Métrica	2023 valor
Bitcoin total extraído	1.314 BTC
Receita de mineração	US $ 42,3 milhões

Negociação de criptomoedas e gerenciamento de ativos

O portfólio de ativos digitais da HUT 8, a partir do quarto trimestre 2023, incluído:

• Total de ativos digitais mantidos: 6.213 Bitcoin
• Valor total do ativo digital: US $ 258,4 milhões
• Valor médio de retenção de bitcoin: US $ 41.588 por bitcoin

Holdings de ativos digitais e apreciação

A apreciação de ativos digitais para 2023 resultou em:

Métrica	Quantia
Ganhos não realizados	US $ 37,6 milhões
Ganhos realizados	US $ 12,9 milhões

Serviços de infraestrutura de tecnologia

Receita de serviços de infraestrutura para 2023:

• Serviços de computação de alto desempenho: US $ 3,2 milhões
• Consultoria de Infraestrutura de Blockchain: US $ 1,7 milhão
• Receita total de serviços de infraestrutura: US $ 4,9 milhões

Retornos estratégicos de investimento

Desempenho do portfólio de investimentos em 2023:

Categoria de investimento	Retornar
Investimentos de criptomoeda	US $ 22,1 milhões
Investimentos de inicialização de tecnologia	US $ 5,6 milhões
Retornos estratégicos totais	US $ 27,7 milhões

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.