Hut 8 Reports $331M Net Revenue in 2024, Expands AI Infrastructure
According to its latest financial report, Bitcoin mining company Hut 8 recorded a net profit of $331 million in 2024. The organization benefited significantly from the increase in the price of Bitcoin over the year.
Hut 8 ended the year with a holding of 10,171 Bitcoin (BTC), worth approximately $905 million at the time of writing. Much of this holding was used as collateral to purchase additional ASIC mining hardware.
The miner noted a sharp reduction in electricity costs, with costs per megawatt-hour in the fourth quarter down 30% year-over-year to $31.63. While Hut 8 was operating around 1,020 MW at the end of December, the company plans to operate more than 12,300 MW.
The organization has deepened its relationship with Bitmain, one of the world’s leading Bitcoin mining companies. Hut 8 has signed a deal to host Bitmain’s hardware, which is expected to generate $125 million in annual revenue, and is also collaborating with the company to develop a next-generation ASIC miner.
Hut 8 is increasing its investment in AI infrastructure. Its subsidiary Highrise AI signed a five-year contract for GPU-as-a-Service. The company also completed a $150 million strategic investment from Coatue to support its AI initiatives.
The company's shares fell 7.25% on the day, giving it a valuation of $1.5 billion.
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Source: cryptonews.net
