press release

Hut 8 Operations Update for March 2025

Apr 4, 2025
Posted by  Hut 8

  • 102% increase in deployed hashrate from an average of 4.6 EH/s in February 2025 to 9.3 EH/s as of the end of March 2025
  • 31% improvement in fleet efficiency from an average of 29.3 J/TH in February 2025 to 20.1 J/TH as of the end of March 2025
  • Launch of American Bitcoin in partnership with Eric Trump
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Notes
  1. Energy capacity under management (mining) includes (i) 180 MW of Bitcoin Mining sites comprised of Alpha, Medicine Hat, and Salt Creek, (ii) 205 MW of ASIC Colocation capacity at Vega, which is currently under construction, and (iii) 280 MW of capacity under management at King Mountain.
  2. As of the end of the period.
  3. Includes 205 MW of capacity at Vega as the site is expected to host miners for BITMAIN.
  4. Includes all miners that are racked with power and networking, rounded to the nearest 100, in Bitcoin Mining, Managed Services, and ASIC Colocation infrastructure with power and networking, including all miners at the King Mountain site.
  5. Includes all Bitcoin Mining, Managed Services, and ASIC Colocation hashrate, including 100% of the hashrate at the King Mountain site.
  6. Bitcoin Mining operations for Hut 8 include 100% of operations at the King Mountain site.
  7. Deployed miners are defined as those physically racked with power and networking, rounded to the nearest 100; deployed Bitcoin Mining miners net of the 50% share of the King Mountain JV held by Hut 8’s joint venture partner was 45.4K during March and 33.1K during February.
  8. Miners are rounded to the nearest 100.
  9. Indicates the target hashrate of all deployed miners; deployed Bitcoin Mining hashrate net of the 50% share of the King Mountain JV held by Hut 8’s joint venture partner was 8.5 EH/s during March and 3.8 EH/s during February.
  10. Bitcoin produced net of the 50% share of the King Mountain JV held by Hut 8’s joint venture partner was 78 during March and 38 BTC during February.
  11. Includes 968 Bitcoin pledged and transferred to a third-party wallet to finance Hut’s previously announced fleet upgrade.
  12. Managed Services includes 280 MW of capacity under management at King Mountain.
  13. 9K deployed miners under management net of the 50% share of the King Mountain JV held by Hut 8’s joint venture partner during March compared to 33.8K during February.
  14. 7 EH/s under management net of Hut 8’s joint venture partner’s 50% share of the King Mountain JV during March compared to 3.8 EH/s during February.
  15. Reflects revenue sources to Hut 8, its subsidiaries, and/or joint ventures in which they participate during the period.
  16. Owned denotes ownership of power infrastructure at owned or leased data center locations, except for HPC sites where owned denotes ownership of mechanical and electrical infrastructure at leased data center locations.
  17. Site is currently under development.
  18. As of April 1, 2025, as a result of the launch of American Bitcoin, the site no longer generates revenue under Bitcoin Mining and instead generates revenue under Managed Services and ASIC Colocation.
  19. Site currently shut down; Hut 8 maintaining lease with option value of re-energizing site.
  20. Owned by a JV between Hut 8 and a Fortune 200 renewable energy producer in which Hut 8 has an approximately 50% membership interest.
  21. Owned by a JV between Hut 8 and Macquarie in which Hut 8 has an approximately 80% membership interest.