Hut 8 Corp. reports $80 million in crypto-related revenues for 2024 driven by Bitcoin mining and the GPU-As-a-Service business. The company expanded its Bitcoin reserve to 10,171 BTC and secured a $125 million partnership with Bitmain.
HUT 8 expands Bitcoin mining and digital infrastructure with $125 million bitmain trading
Hut 8 Corp., the Bitcoin Mining and Digital Infrastructure Company, has strengthened its Bitcoin strategy with a $125 million strategic ASIC miner partnership with Bitmain Technology.
According to full-year 2024 finance, Hut 8 generates $80 million in revenue from Bitcoin mining and cloud services, solidifying its role in the crypto industry. The company plans to increase its self-mining hashrate to 10.3 EH/s and to an additional 25.1 EH/s when it runs the BitMain purchase option.
“In 2024, we realized our commitment to operational excellence and ultimate economics. We strengthened our capital strategy and balance sheet, converted anchor loans into equity, launched an ATM and stock repurchase program, and expanded our strategic Bitcoin reserve. “Asher Genoot, CEO of Hut 8, said:
The company also includes HighRise AI, Inc., a subsidiary of GPU-as-a-Service. and sets itself up to meet the growing demand for AI-focused computing infrastructure. Additionally, HUT8 deployed a custom liquid-cooled ASIC mining system in its VEGA data center, filling the gap between Bitcoin mining and traditional high-performance computing.
Hut 8 has a market value of around $949.5 million, with a market value of around 10,171 BTC, strengthening its balance sheet and continuing to expand into the next generation of digital infrastructure. As the company operates, it aims to play a pivotal role in both the Bitcoin and AI computing sectors.
