Hut 8, a mining company, achieved a net income of $331 million last year and held 10,171 bitcoins as of the end of last year.

On March 4th, as per the report by CoinDesk, the Bitcoin mining company Hut 8 released its 2024 financial report. It showed a yearly net revenue of $331 million and a revenue of $162 million, which was benefited from the increase in the Bitcoin price. By the end of 2024, Hut 8 held 10,171 bitcoins, which were valued at approximately $905 million at the current price. Most of these bitcoins had been used as collateral to purchase more ASIC miners. The report indicates that in the fourth quarter, Hut 8's energy cost per megawatt-hour decreased by 30% year-on-year to $31.63. As of the end of December 2024, the company managed approximately 1,020 megawatts of power and had more than 12,300 megawatts in expansion plans. Hut 8 has strengthened its cooperation with one of the world's largest mining hardware manufacturers, Bitmain. It signed a hosting agreement, which is expected to generate $125 million in annual revenue and jointly develop next-generation ASIC miners. At the same time, the company is increasing its investment in artificial intelligence infrastructure. Its subsidiary, Highrise AI, signed a five-year GPU-as-a-Service customer agreement and received a $150 million strategic investment from Coatue to support the development of the AI business.