05:16 PM EST, 02/04/2025 (MT Newswires) -- Hut 8 ( HUT ) after close of trade Tuesday released its operations update for January 2025.

"With infrastructure upgrades for our initial fleet upgrade near completion, we believe we are well-positioned to energize new miners upon expected delivery in the coming weeks," said Asher Genoot, chief executive of the bitcoin miner. "While these upgrades resulted in downtime during the month, we remain focused on optimizing returns from our existing fleet, leveraging Reactor to dynamically curtail operations, particularly at our Alpha site, where power prices were elevated."

"We continue to execute on key growth initiatives across our digital infrastructure layer," continued Genoot. "Data center construction at Vega is progressing rapidly, keeping us on schedule for energization in Q2 2025 as we prepare for the launch of our ~15 EH/s colocation agreement with BITMAIN. As we focus on AI data center development, we also advanced and expanded our development pipeline."