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Hut 8
(HUT ↗)
hut8.com ↗
Hut 8 started as a bitcoin miner; it's pivoted into the energy-and-data-center landlord for the AI boom. A 9.3-gigawatt pipeline is among the largest in the industry — and so are the bets and balance-sheet swings.
Updated · Q1 2026 · May 2026
6
Chapters
~17
Min read
~$256M / yr revenue · ~250 employees · public since 2019
🌶️🌶️🌶️🌶️
Spice: Ghost (5/5)
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0 of 6
1
Growth
~4 min
From Mining Bitcoin to Renting Power
Hut 8's reported revenue is small. The real story is the *9.3 gigawatts* of power it's lining up.
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2
Financial Health
~3 min
Cash, Bitcoin, and a Sale of Power Plants
Hut 8 has nearly $800M in cash and bitcoin — but lost $253M last quarter. Both are true.
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3
Moat
~3 min
Power-First, Vertically Integrated
Owning the *power* is what lets Hut 8 own the *data centers* that lease to AI giants.
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4
Management
~2 min
Builder Energy at the Top
Hut 8's CEO came up the operator track — from a portfolio company that knew how to actually energize megawatts.
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5
Behind the Numbers
~2 min
The Story Behind the Numbers
Hut 8's income statement looks ugly; the company update tells you why and what to ignore.
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6
Risk
~3 min
The Conversion Question
Hut 8 needs to convert pipeline into operating capacity — while bitcoin keeps moving the income statement.
↻ Next update · Aug 6
est. Aug 6, 2026 · Q2 2026 · Hut 8 IR ↗
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↻ The read keeps updating
You're reading the 6 opening chapters. After that, every time Hut 8 files a new report, the chapters get updated here.