Summary
Hut 8, a bitcoin mining company, achieved $331 million in net income for the year 2024, bolstered by the increase in bitcoin’s valuation during that period. The firm concluded the year with a reserve of 10,171 bitcoin (BTC), approximating a value of $905 million.
Key Details:
- Revenue: $162 million in 2024.
- Energy Management: 1,020 MW capacity managed as of December.
- The majority of bitcoin held has been used as collateral to acquire more ASIC mining machines.
The company also saw a significant reduction in energy expenditures, experiencing a 30% decrease in costs per megawatt-hour in the fourth quarter of 2024, averaging $31.63 per megawatt-hour. With existing energy management capabilities around 1,020 MW, there is more than 12,300 MW in development.
Hut 8 has strengthened its partnership with Bitmain, one of the foremost bitcoin mining entities globally. The collaboration includes a colocation agreement anticipated to yield $125 million annually, while jointly working on a cutting-edge ASIC miner design.
Additionally, Hut 8 is enhancing its AI infrastructure investments, notably through its subsidiary Highrise AI, which secured a five-year partnership for GPU-as-a-Service. The firm also finalized a $150 million strategic investment from Coatue to fortify AI initiatives.
Despite the positive financial outlook, the company’s shares declined 7.25% on the reporting day, marking a market valuation of $1.5 billion.
Disclaimer
Parts of this article were supported by AI tools, which have been reviewed to ensure adherence to CoinDesk standards.
