Hut 8 Reports $331 Million Net Income and Expands AI Investments
Hut 8 reported a net income of $331 million in 2024, benefiting from an increase in Bitcoin prices.
- The firm holds a reserve of 10,171 BTC, valued at approximately $905 million.
- Most of the BTC reserve is pledged as collateral for acquiring more ASIC mining machines.
- Energy costs decreased by 30% year-over-year to $31.63 per megawatt-hour in Q4.
- Hut 8 managed roughly 1,020 MW and has over 12,300 MW under development.
- A colocation deal with Bitmain is expected to generate $125 million in annual revenue.
- Hut 8 is investing in AI infrastructure, with its subsidiary signing a five-year agreement for GPU-as-a-Service and securing a $150 million investment from Coatue.
The company's stock decreased by 7.25%, bringing its valuation to $1.5 billion.