Hut 8 Corp.
Information Technology · IT Services
STRUCTURAL: Energy-first BTC miner with 1,330+ MW of contracted power and a real HPC/AI colo pivot - Vega Texas (205 MW liquid-cooled, designed for next-gen GPU density) is the flagship. American Bitcoin (HUT-controlled, Trump-family-fronted) carved out the pure BTC-mining leg, leaving HUT with the infra + HPC story.
Power costs in the $30s/MWh range via Texas + Alberta + Nebraska sites.
- 1,330 MW under management is top-quartile vs $MARA $RIOT $CIFR $IREN - power is the binding constraint of the AI buildout
- HPC/AI colo pivot is real (Vega Texas), not slideware - gives non-BTC revenue stream that re-rates the multiple toward $CRWV $NBIS
- American Bitcoin separation isolates the volatile mining P&L and unlocks token-style upside
- Trump-family political optionality reduces US regulatory tail risk on miners
- BTC halving math + post-halving network hashrate normalization improves mining margin if BTC holds
- Still ~70%+ revenue tied to BTC price + hashrate - not a clean HPC name
- HPC pivot needs a marquee anchor tenant signing (none disclosed at scale) to compete with $CRWV $NBIS $APLD
- Power-cost advantage erodes if ERCOT basis blows out or Alberta carbon policy tightens
- American Bitcoin governance complexity + related-party optics around Trump family
- Capex to deliver 205 MW Vega plus future expansions strains balance sheet vs hyperscaler-funded peers
No major news in the last 7 days for HUT - only listicles and opinion pieces, which we filter out by default. See everything anyway.
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