Hut 8 Closes 2024 With $331M in Profits, Expands AI and Mining Operations
Hut 8, a leading Bitcoin mining company, reported a net income of $331 million for 2024, fueled by Bitcoin’s rising price and operational efficiencies.
By the end of the year, the company’s Bitcoin reserves stood at 10,171 BTC, worth approximately $905 million at current prices. A substantial portion of these holdings has been pledged as collateral to acquire additional ASIC mining equipment.
The miner also benefited from lower energy costs, with its Q4 electricity expenses per megawatt-hour falling 30% year-over-year to $31.63. While managing 1,020 MW of power capacity at year-end, Hut 8 has more than 12,300 MW in development.
Expanding its industry partnerships, Hut 8 secured a colocation deal with Bitmain, expected to generate $125 million in annual revenue. The two firms are also working on the development of an advanced ASIC mining rig.
In addition to Bitcoin mining, Hut 8 is ramping up its artificial intelligence infrastructure. Its subsidiary, Highrise AI, signed a five-year contract for GPU-as-a-Service, while a $150 million investment from Coatue will further accelerate its AI growth.
Despite these advancements, Hut 8’s stock declined 7.25% today, bringing its market valuation to $1.5 billion.
