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ConvergenceLegacy canonicalDiagram

The chain, drawn

3 recorded steps, left to right. Above the line is the claim at each step; beneath it is the document that carries the step and the conclusion that document cannot support.

Legacy canonical · accepted transmission path

Every column must carry both evidence and a stated limit
Step 01
Original 352 MW Beacon Point lease baseline
Primary SEC record
Step 02 · funded perimeter
June Beacon Point financing scope and close
Primary SEC record
Step 03 · disclosed gap
July second Beacon Point lease
Primary record + derived reconciliation
Primary SEC record
The original Beacon Point lease paired 352 MW with a Q3 2027 delivery target
Phase 1 cash-conversion baseline
A Phase 2 capital stack.
Primary SEC record
The Beacon Point bond scope covered the first 352 MW phase
Beacon Point closed $4.25 billion of 6.129% secured notes
The disclosed Phase 1 model carries a complete debt and cash waterfall
Funded Phase 1 project-finance state
That closed financing covers the second 352 MW phase.
Primary record + derived reconciliation
Hut 8 doubled Beacon Point contracted IT capacity to 704 MW
Beacon Point is contracted beyond the scope of its disclosed closed financing
Separate Phase 2 capital and delivery exposure
Financing distress, delay, dilution, or worse terms.
Is it documented?Yes — every step resolves to a named SEC record; the derived receipt exposes its lineage.
Does it run one way?Yes — the sequence runs from the original lease, through the closed Phase 1 financing perimeter, to the later Phase 2 lease.
Can it be broken?Confirms it: A new filing or financing document explicitly attaches committed capital to Beacon Point Phase 2 or expands project debt scope beyond 352 MW. A future company presentation or filing provides a distinct Phase 2 NOI, capital stack, or debt-service profile instead of relying only on the June Phase 1 waterfall. Breaks it: A filed amendment or contemporaneous document shows the June financing already covered both 352 MW phases or scaled automatically to 704 MW. A later company filing expressly states that the previously closed Phase 1 notes and waterfall were always for the full 704 MW Beacon Point campus.
Retired chains, same test
Record
No retired candidate met the same custody test, so none is attached here.
Full ledger →

Counterfactual boundary

Limits recorded by the trace; no extra failure modes inferred
01Original 352 MW Beacon Point lease baselineA Phase 2 capital stack.; That the original lease baseline applies to 704 MW.The original Beacon Point lease paired 352 MW with a Q3 2027 delivery target
02June Beacon Point financing scope and closeThat closed financing covers the second 352 MW phase.; That Phase 2 financing is unavailable.The Beacon Point bond scope covered the first 352 MW phaseBeacon Point closed $4.25 billion of 6.129% secured notesThe disclosed Phase 1 model carries a complete debt and cash waterfall
03July second Beacon Point leaseFinancing distress, delay, dilution, or worse terms.; Consolidated earnings impact.Hut 8 doubled Beacon Point contracted IT capacity to 704 MWBeacon Point is contracted beyond the scope of its disclosed closed financing
Confirms the issue

A new filing or financing document explicitly attaches committed capital to Beacon Point Phase 2 or expands project debt scope beyond 352 MW. A future company presentation or filing provides a distinct Phase 2 NOI, capital stack, or debt-service profile instead of relying only on the June Phase 1 waterfall.

Breaks the issue

A filed amendment or contemporaneous document shows the June financing already covered both 352 MW phases or scaled automatically to 704 MW. A later company filing expressly states that the previously closed Phase 1 notes and waterfall were always for the full 704 MW Beacon Point campus.

Other recorded chains

Previously accepted · legacy canonical · Single source family · SEC EDGAR

No additional accepted chain met the same custody test.

The chain, drawn · Convergence · ARCANE