Bitcoin mining firm HUT 8 gained a internet revenue of $331 million in 2024, in keeping with the corporate’s newest monetary report. The corporate has benefited vastly from the rising value of Bitcoin over the yr.
Hat8 completed the yr with a reserve of 10,171 Bitcoin (BTC) and was price round $905 million on the time of writing. Most of this spare is pledged as collateral to purchase extra ASIC mining machines.
Miners have sharply decreased power prices, with 4 quarter per megawatt hour costing down 30% from the earlier yr to $31.63. Hut 8 managed round 1,020 MW on the finish of December, however the pipeline has over 12,300 MW.
The corporate has deepened its ties with Bitmain, one of many world’s largest Bitcoin mining corporations. Hut 8 has secured colocation transactions from Bitmain, which is predicted to generate $125 million in annual income. We’re additionally working with the corporate to develop the following technology of ASIC miners.
HUT 8 is growing its AI infrastructure funding. Its subsidiary, Highrise AI, has signed a five-year buyer settlement for GPU-As-A-Service. The corporate has additionally signed a $150 million strategic funding from Coatue to assist AI improvement.
The corporate’s shares fell 7.25% on the day, bringing its valuation to $1.5 billion.
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