TechFlow news, according to CoinDesk, Bitcoin mining company Hut 8 released its 2024 financial report showing the company achieved a net income of $331 million and revenue of $162 million, benefiting from the rising Bitcoin price. As of the end of 2024, Hut 8 held 10,171 bitcoins, worth approximately $905 million at current prices, most of which has been pledged as collateral to purchase additional ASIC mining machines.
The report showed that Hut 8's energy cost per megawatt-hour in Q4 decreased by 30% year-on-year to $31.63. As of the end of December 2024, the company managed around 1,020 megawatts of power capacity and has expansion plans exceeding 12,300 megawatts.
Hut 8 has deepened its collaboration with Bitmain, one of the world's largest mining machine manufacturers, signing a hosting agreement expected to generate $125 million in annual revenue, and jointly developing next-generation ASIC miners. Meanwhile, the company is increasing investments in artificial intelligence infrastructure. Its subsidiary, Highrise AI, signed a five-year GPU-as-a-Service customer agreement and secured a $150 million strategic investment from Coatue to support the growth of its AI business.
