Hut 8
Hut 8 Corp. is a vertically integrated energy infrastructure company headquartered in Miami, Florida, that develops and operates an integrated portfolio of power generation, digital infrastructure, and compute assets to support energy-intensive technologies such as Bitcoin mining and high-performance computing.[1][2] The company, publicly traded on the NASDAQ and Toronto Stock Exchange under the ticker symbol HUT, was formed in November 2023 through the merger of Hut 8 Mining Corp.—founded in October 2017 as a Bitcoin mining firm—and U.S. Data Mining Group, Inc. (operating as US Bitcoin Corp.), creating a platform with over 1,000 MW of energy infrastructure across 15 sites in North America.[3][4] Drawing its name from the historic Hut 8 at Bletchley Park, where Alan Turing and his team pioneered codebreaking during World War II, Hut 8 emphasizes innovation in energy and technology.[5] Its business model centers on a power-first approach, acquiring and managing energy assets—including four natural gas power plants in Ontario, Canada, with 310 MW capacity through a joint venture with Macquarie Equipment Finance Ltd.—while pursuing a 10,800 MW power origination pipeline that incorporates hydro, nuclear, wind, and solar sources.[2][6] The digital infrastructure segment designs and operates data centers for ASIC and CPU colocation, alongside 430 MW of AI-enabled facilities, such as the 592-acre River Bend site in Louisiana.[6] In the compute domain, Hut 8 restructured its Bitcoin mining operations into American Bitcoin Corp. in March 2025, in partnership with Eric Trump, to establish new standards in sustainable mining.[7] The company also provides data center cloud services and GPU-as-a-Service through Highrise AI. In July 2025, Hut 8 rebranded to better reflect its platform-driven evolution under new leadership, following a year of restructuring.[6] Recent expansions include securing five-year capacity contracts with the Independent Electricity System Operator (IESO) for 310 MW of power generation assets in July 2025 and announcing plans to develop four new sites in August 2025.[8][9] In its third quarter 2025 earnings reported on November 4, 2025, Hut 8 achieved revenue of $83.5 million and net income of $50.6 million, while holding 13,696 Bitcoin as of September 30, 2025.[10] Led by Chief Executive Officer Asher Genoot, Chief Strategy Officer Michael Ho, and Chief Financial Officer Sean Glennan—all veterans in the energy and digital asset sectors—Hut 8 focuses on merit-based decision-making and accountability to drive growth in the intersection of energy and compute technologies.[11] As of December 31, 2024, its digital infrastructure included five Bitcoin mining data centers, five high-performance computing (HPC) data centers, and one non-operational site.[12]History
Establishment
Hut 8 Mining Corp. was founded in October 2017 in Toronto, Ontario, Canada, by serial entrepreneur Marc van der Chijs, focusing on Bitcoin mining operations powered by low-cost renewable energy.[13][3] The company went public on the Toronto Stock Exchange in 2018 as the first cryptocurrency mining firm listed there, aiming to provide infrastructure for digital asset mining while emphasizing sustainability.[14] Early operations centered on self-mining Bitcoin and hosting services for third-party miners, with initial sites in Alberta and British Columbia leveraging hydroelectric power.[5]Expansion and relocation
In February 2023, Hut 8 Mining Corp. announced a merger of equals with U.S. Data Mining Group, Inc. (operating as US Bitcoin Corp.), an American Bitcoin mining and hosting company, to create a larger North American platform with diversified energy assets.[15] The all-stock transaction closed in November 2023, forming Hut 8 Corp., with Asher Genoot, co-founder and former president of US Bitcoin Corp., appointed as CEO.[3] The merger combined Hut 8's Canadian operations with US Bitcoin's U.S.-based facilities, resulting in over 1,000 MW of energy infrastructure across 15 sites and enhancing capabilities in high-performance computing.[16] Following the merger, the company relocated its headquarters from Toronto to Miami, Florida, in 2024 to better align with its growing U.S. operations and access talent in the energy and tech sectors.[17] In March 2025, Hut 8 restructured its Bitcoin mining into a new entity, American Bitcoin Corp., in partnership with Eric Trump, focusing on sustainable mining practices.[7] The company rebranded in July 2025 to emphasize its power-first platform, under new leadership including Chief Strategy Officer Michael Ho and Chief Financial Officer Sean Glennan.[6] Recent expansions include securing five-year capacity contracts with the Independent Electricity System Operator (IESO) for 310 MW in July 2025 and plans for four new development sites announced in August 2025.[8][9]Operations
Power Generation
Hut 8 Corp. adopts a power-first strategy, acquiring, developing, and managing energy assets to support high-density compute applications. Through a joint venture with Macquarie Asset Management, the company owns and operates four natural gas power plants in Ontario, Canada, providing a total capacity of approximately 205 MW.[2] In July 2025, Hut 8 secured five-year capacity contracts with the Independent Electricity System Operator (IESO) for 310 MW of power generation assets.[8] As of September 30, 2025, the company's platform includes 1,020 MW of energy capacity under management across 15 sites in the United States and Canada, with a development pipeline of 8,650 MW incorporating hydro, nuclear, wind, and solar sources.[10] This includes plans announced in August 2025 to develop four new sites totaling more than 1.5 GW of capacity.[9]Digital Infrastructure
The digital infrastructure segment focuses on designing and operating data centers optimized for energy-intensive technologies. Hut 8 provides ASIC and CPU colocation services at strategically located facilities, including five Bitcoin mining data centers and five high-performance computing (HPC) data centers as of December 31, 2024, with expansions continuing into 2025.[12] Key sites include the 592-acre River Bend facility in Louisiana for AI-enabled operations and the Vega site supporting 205 MW. The company also manages one non-operational site and is developing additional infrastructure to reach 430 MW of AI-enabled facilities.[6] As of September 30, 2025, operations span 19 sites, including four under development.[10]Compute
Hut 8's compute operations integrate Bitcoin mining and advanced cloud services. In March 2025, the company restructured its Bitcoin mining into American Bitcoin Corp., a majority-owned subsidiary in partnership with Eric Trump, focusing on sustainable mining practices.[7] As of September 30, 2025, American Bitcoin operates with a total hashrate of approximately 26.8 EH/s (23.7 EH/s operational), achieving an efficiency of 16.3 J/TH, including self-mining at sites like King Mountain, Texas.[10] The company holds a strategic Bitcoin reserve of 13,696 BTC as of the same date.[10] Additionally, through Highrise AI, Hut 8 offers GPU-as-a-Service and data center cloud solutions, including backup, recovery, storage, and network services for institutional clients. Managed services extend to asset owners in the digital asset space.[2]Personnel
Leadership
Hut 8 Corp. is led by a team of executives with expertise in energy, digital assets, and technology sectors. As of November 2025, the key leadership includes:- Asher Genoot, Chief Executive Officer and Board Member, overseeing the company's strategic direction in energy infrastructure and compute assets.[11]
- Michael Ho, Chief Strategy Officer and Board Member, focusing on growth initiatives and partnerships.[11]
- Sean Glennan, Chief Financial Officer, managing financial operations and reporting.[11]
- Victor Semah, Chief Legal Officer, handling legal and compliance matters.[11]