Hut 8 Reports $331M Net Income for 2024, Strengthens Bitcoin Mining and AI Expansion
Hut 8, a major player in Bitcoin mining, announced a net income of $331 million for 2024, benefiting from Bitcoin’s strong price appreciation throughout the year.
By year-end, the company held a total of 10,171 BTC, valued at approximately $905 million. A significant portion of this reserve has been pledged as collateral to support the acquisition of new ASIC mining hardware.
The company also saw a sharp drop in energy expenses, with fourth-quarter costs per megawatt-hour declining 30% year-over-year to $31.63. Hut 8’s power capacity stood at roughly 1,020 MW by December, with more than 12,300 MW in the pipeline for future expansion.
Hut 8 further solidified its partnership with Bitmain, securing a colocation deal projected to generate $125 million in annual revenue. The two companies are also working together to develop next-generation ASIC mining technology.
Expanding its focus beyond Bitcoin mining, Hut 8 is making significant investments in artificial intelligence. Its subsidiary, Highrise AI, recently signed a five-year agreement to provide GPU-as-a-Service, while a $150 million strategic investment from Coatue will help drive further AI infrastructure growth.
Despite these strategic moves, Hut 8’s stock declined 7.25% today, bringing its market capitalization down to $1.5 billion.
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