Crypto miner touts recent successes as it announced expansion plans

By Medicine Hat News on March 5, 2025.

Hut 8 Cryptocurrency says it has high-level plans to grow the data-processing company’s operations by 1,200 per cent to mine bitcoin and rent to other digital companies, the company announced Monday while releasing its year-end financial results.

“Today, we operate from a position of strength as we focus on advancing our 12.3-gigawatt development pipeline,” said Asher Genoot, the CEO of Hut 8.

The now Miami-based company launched operations in Alberta in 2018 with a facility in Drumheller and a “flagship” 63-megawatt capacity facility in Medicine Hat.

Through expansions and a merger with American firm, U.S. Bitcoin, in 2023, it currently manages data-processing centres with a total capacity of 1,020 megawatts, and is currently “advancing three large-scale AI data centre development projects.”

Those would comprise 430 megawatts of capacity, if secured, while the longer term development queue totals 12 gigawatts. The company that also hosts other miners and data processors would retain exclusive use of 2,800 megawatts, according to a release.

That comes after Hut 8 decreased its cost of power used by about 30 per cent last year.

“In 2024, we delivered on our commitment to operational excellence and bottom-line economics, setting the foundation for disciplined growth in 2025,” said Genoot.

Year-end financial documents state the company that also operates in Ontario, New York and Texas, earned US162.4 million in revenue, a net income of US$331.4 million and earnings before taxes and adjustments of US. $555.7 million.

The company also stated that its Bitcoin holdings now total 1,171 coins, each valued between C$119,000 and C$128,000 during trading this week.