Hut 8 Reports $331M Net Income in 2024, Strengthens AI and Bitcoin Mining Operations
Hut 8, a leading Bitcoin mining firm, reported a net income of $331 million for 2024, driven by the surge in Bitcoin’s price throughout the year.
By the end of December, the company held a reserve of 10,171 BTC, valued at approximately $905 million at the time of reporting. A significant portion of this reserve has been leveraged as collateral to acquire additional ASIC mining hardware.
The firm also saw a notable decline in operational costs, with fourth-quarter energy expenses dropping 30% year-over-year to $31.63 per megawatt-hour. While Hut 8 was managing around 1,020 MW of power capacity at year-end, its development pipeline exceeds 12,300 MW.
Expanding its partnership with Bitmain, a global leader in Bitcoin mining, Hut 8 secured a colocation agreement expected to bring in $125 million in annual revenue. The two companies are also collaborating on the development of a next-generation ASIC miner.
Beyond Bitcoin mining, Hut 8 is ramping up investments in artificial intelligence infrastructure. Its subsidiary, Highrise AI, recently inked a five-year deal for GPU-as-a-Service, while a $150 million strategic investment from Coatue will further fuel its AI expansion.
Despite these advancements, Hut 8’s stock dropped 7.25% on the day, bringing its market valuation to $1.5 billion.
