Hut 8 Financial Report 2024

Bitcoin mining firm Hut 8 reported a net income of $331 million in 2024, largely benefiting from the significant rise in bitcoin’s price over the year.

At the end of the year, Hut 8 held a reserve of 10,171 bitcoin (BTC), valued at approximately $905 million at the time of writing. Most of this reserve has been pledged as collateral for purchasing additional ASIC mining machines.

The firm experienced a notable 30% reduction in energy costs, with fourth-quarter costs per megawatt-hour dropping to $31.63 compared to the previous year. At the end of December, Hut 8 was operating roughly 1,020 MW, with over 12,300 MW more in the pipeline.

Hut 8 strengthened its relationship with Bitmain, one of the largest bitcoin mining firms, securing a colocation deal expected to generate $125 million in annual revenue. They are also collaborating with Bitmain to develop a next-generation ASIC miner.

The company is increasing its investment in AI infrastructure. Its subsidiary, Highrise AI, signed a five-year customer agreement for GPU-as-a-Service and completed a $150 million strategic investment from Coatue to support AI development.

Despite these achievements, the company’s stock fell 7.25% on the day, valuing the firm at $1.5 billion.

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