Bitcoin mining company HUT 8 won a net profit of $331 million in 2024, according to the company’s latest financial report. The company has benefited greatly from the rising price of Bitcoin over the year.
Hat8 finished the year with a reserve of 10,171 Bitcoin (BTC) and was worth around $905 million at the time of writing. Most of this spare is pledged as collateral to buy more ASIC mining machines.
Miners have sharply reduced energy costs, with four quarter per megawatt hour costing down 30% from the previous year to $31.63. Hut 8 managed around 1,020 MW at the end of December, but the pipeline has over 12,300 MW.
The company has deepened its ties with Bitmain, one of the world’s largest Bitcoin mining companies. Hut 8 has secured colocation transactions from Bitmain, which is expected to generate $125 million in annual revenue. We are also working with the company to develop the next generation of ASIC miners.
HUT 8 is increasing its AI infrastructure investment. Its subsidiary, Highrise AI, has signed a five-year customer agreement for GPU-As-A-Service. The company has also signed a $150 million strategic investment from Coatue to support AI development.
The company’s shares fell 7.25% on the day, bringing its valuation to $1.5 billion.
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