Bitcoin mining agency Hut 8 took $331 million in web earnings in 2024, in keeping with the corporate’s newest monetary report. The agency benefited considerably from the rise in bitcoin’s value over the yr.
Hut 8 completed the yr with a reserve of 10,171 bitcoin (BTC), value roughly $905 million on the time of writing. The overwhelming majority of this reserve has been pledged as collateral to buy extra ASIC mining machines.
The miner noticed a pointy discount in power prices, with fourth-quarter prices per megawatt-hour dropping by 30% from the earlier yr to $31.63. Whereas Hut 8 managed roughly 1,020 MW on the finish of December, it has greater than 12,300 MW within the pipeline.
The corporate deepened its relationship with Bitmain, one of many largest bitcoin mining companies on the planet. Hut 8 secured a colocation deal from Bitmain that’s anticipated to generate $125 million in annual income, it is usually teaming up with the agency to develop a next-generation ASIC miner.
Hut 8 is rising its AI infrastructure investments. Its subsidiary, Highrise AI, signed a five-year buyer settlement for GPU-as-a-Service. The corporate additionally closed a $150 million strategic funding from Coatue to help AI improvement.
The corporate’s inventory is down 7.25% on the day, bringing its valuation to $1.5 billion.
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