11:53 AM EDT, 06/30/2025 (MT Newswires) -- (Updates shares.)

Hut 8 ( HUT ) on Monday said it started operations at the Vega data center, believed to be the largest single-building bitcoin mining facility by nameplate hash rate.

The facility is powered by 205 megawatts of nameplate energy capacity and at full operations will support up to 15 exahash per second of BITMAIN U3S21EXPH servers for bitcoin mining ASIC compute, or nearly 2% of current global bitcoin network hash rate.

Vega features a proprietary, rack-based, direct-to-chip liquid cooling system designed in-house by Hut 8 ( HUT ). The architecture supports ASIC deployments at densities of up to 180 kilowatts per rack. The system's modular architecture was designed by Hut 8's ( HUT ) in-house development organization to optimize thermal efficiency, miner stability and operational reliability. The facility has an estimated all-in cost of approximately $430,000 to $450,000 per MW of nameplate capacity. It was also brought online in under a year.

"Vega's design is particularly relevant for AI training and other non-customer-facing HPC workloads, where we believe speed, density, and cost efficiency will increasingly take precedence over traditional redundancy standards," said Jake Palmer, senior vice president of development at Hut 8 ( HUT ).

BITMAIN is the client for the full deployment at Vega under an ASIC colocation agreement. Based on ERCOT forward energy prices, the agreement is expected to generate between $110 million and $120 million in annualized revenue upon full energization, subject to factors including ERCOT energy pricing and facility uptime.

The agreement also includes a purchase option that allows Hut 8 ( HUT ) to acquire all or part of the hosted fleet in up to three tranches at a fixed price, exercisable within six months of each tranche's energization.

Hut 8 ( HUT ) shares were last seen up $1.20 to $25.39 on the Toronto Stock Exchange.

Price: 25.35, Change: +1.16, Percent Change: +4.80