Hut 8
Category: AI Infrastructure
Hut 8 is an energy infrastructure platform that integrates power, digital infrastructure, and compute at scale to fuel next-generation, energy-intensive use cases such as Bitcoin mining and high-performance computing. Hut 8 was founded in 2017. The company is led by Asher Genoot. Based in Miami, USA. Team size: 201-500. Total funding raised: $7.68B. Latest round: Debt. Key investors include Coatue, Fidelity International, Genesis Global Trading, BitFury.
- Founded
- 2017
- Headquarters
- Miami, USA
- Team size
- 201-500
- Total funding
- $7.68B
Value proposition
To provide scalable, energy-efficient infrastructure for high-performance computing and digital asset mining, leveraging a power-first approach to drive innovation and value.
Products and solutions
Bitcoin Mining (via American Bitcoin subsidiary), High-Performance Computing (HPC), AI Infrastructure, GPU-as-a-Service (via Highrise AI), Colocation Services, Cloud Services, Power Generation & Managed Services
Unique value
Hut 8 is distinguished by its strategic shift from a pure-play cryptocurrency miner to a diversified energy infrastructure platform. This power-first approach allows for the integration of energy resources with digital infrastructure, enabling the company to support a wide range of energy-intensive computing applications.
Target customer
Enterprise customers requiring high-performance computing, AI, and digital asset solutions.
Industries served
Digital Asset Mining, Artificial Intelligence, High-Performance Computing, Financial Services, Healthcare, Government, Gaming, Visual Effects, Web 3.0
Technology advantage
Hut 8's primary advantage lies in its vertically integrated model, combining energy infrastructure with digital asset mining and high-performance computing. This allows for optimized energy costs and the ability to provide a comprehensive suite of services. The company's focus on sustainable energy sources and strategic expansion into AI infrastructure further strengthens its competitive position.
How they differentiate
Hut 8 differentiates via a power-first model that originates scarce power, commercializes it with investment-grade counterparties under long-duration NNN leases, and finances construction with non-recourse investment-grade project bonds ($7.5B cumulative). It has pivoted from pure Bitcoin mining to contracted AI data centers (949 MW / $26.6B base-term value across River Bend and Beacon Point) while retaining Bitcoin exposure via majority-owned American Bitcoin.
Main competitors
Riot Platforms, Marathon Digital Holdings, CleanSpark
Key partnerships
BITMAIN, Macquarie Group, Coatue, American Bitcoin, Bitfury, Anthropic, Fluidstack, Google, Nvidia, HPE, AdvizeX, American Electric Power
Notable customers
Fluidstack (with Google financial backstop) - 15-year, $7B / 245 MW AI lease at River Bend, Nvidia (reported) - two 15-year Beacon Point leases totaling 704 MW / $19.6B base-term value, Anthropic - multi-GW partnership via Fluidstack (River Bend) and Lambda/Nvidia compute at Beacon Point ($35B Anthropic-Lambda deal, Sep 2026), Coatue - $150M strategic investment
Major milestones
Secured a $150 million strategic investment from Coatue to build out its AI infrastructure., Completed a merger with U.S. Bitcoin Corp (USBTC)., Shifted headquarters from Toronto to Miami., Launched American Bitcoin Corp as majority-owned subsidiary (April 2025)., American Bitcoin went public via merger with Gryphon Digital Mining (Sept 2025)., Signed 15-year, 245 MW AI data center lease at River Bend with $7B contract value (Dec 2025)., Closed $3.25B investment-grade senior secured notes for River Bend (April 2026)., Signed first Beacon Point 15-year, 352 MW / $9.8B AI lease (May 2026)., Closed $4.25B investment-grade senior secured notes for Beacon Point Phase 1 (June 2026); cumulative IG project financing $7.5B., Fully commercialized 1 GW Beacon Point campus with second 352 MW / $9.8B lease; campus $19.6B base-term; portfolio 949 MW / $26.6B contracted (July 2026)., Named E. Stanley O'Neal Chair of the Board succeeding Bill Tai (June 2026)., Anthropic $35B Lambda/Nvidia cloud deal reported to use Hut 8 Beacon Point capacity (Sep 2026).
Growth metrics
FY2025 revenue $235.1M (45% YoY). Q2 2026 revenue ~$74.9M (+81% YoY), gross margin ~64%. As of mid-2026: ~280–315 employees; ~949 MW contracted AI IT capacity ($26.6B aggregate base-term value; >$1.75B avg annual NOI); energy capacity pipeline ~8.7–9.4 GW; $7.5B cumulative IG project-level data center construction financing (River Bend + Beacon Point).
Market positioning
Hut 8 is positioning itself as a key player in both the digital asset mining and the burgeoning AI infrastructure markets. By leveraging its expertise in energy infrastructure and large-scale computing, the company aims to cater to the high-demand compute needs of AI and machine learning workloads, in addition to its established Bitcoin mining operations.
Geographic focus
North America (United States and Canada)
Patents and IP
Information regarding patents and specific intellectual property is not publicly available.
About Asher Genoot
Asher Genoot is the CEO of Hut 8, a major digital asset mining and high-performance computing infrastructure provider. Before becoming CEO of the merged company in February 2024, Genoot was the co-founder and President of U.S. Bitcoin Corp (USBTC). His earlier career includes experience as an investment banking analyst at Moelis & Company, where he specialized in mergers & acquisitions and restructuring. His expertise covers corporate finance, strategic growth, and operational management in the technology and digital asset sectors.
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Official website: https://hut8.com/