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By Tom Carreras, CoinDesk Bot|Edited by Oliver Knight
Mar 3, 2025, 3:52 p.m. UTC
What to know:
- Hut 8 had $162 million in revenue and $331 million in net income in 2024.
- The company managed 1,020 MW worth of energy at the end of December.
- It also held 10,171 Bitcoin, currently worth roughly $905 million.
Bitcoin mining firm Hut 8 took $331 million in net income in 2024, according to the company’s latest financial report. The firm benefited significantly from the rise in bitcoin’s price over the year.
Hut 8 finished the year with a reserve of 10,171 bitcoin (BTC), worth approximately $905 million at the time of writing. The vast majority of this reserve has been pledged as collateral to purchase more ASIC mining machines.
Story continues
The miner saw a sharp reduction in energy costs, with fourth-quarter costs per megawatt-hour dropping by 30% from the previous year to $31.63. While Hut 8 managed roughly 1,020 MW at the end of December, it has more than 12,300 MW in the pipeline.
The company deepened its relationship with Bitmain, one of the largest bitcoin mining firms in the world. Hut 8 secured a colocation deal from Bitmain that is expected to generate $125 million in annual revenue, it is also teaming up with the firm to develop a next-generation ASIC miner.
Hut 8 is increasing its AI infrastructure investments. Its subsidiary, Highrise AI, signed a five-year customer agreement for GPU-as-a-Service. The company also closed a $150 million strategic investment from Coatue to support AI development.
The company’s stock is down 7.25% on the day, bringing its valuation to $1.5 billion.
Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.
Tom writes about markets, bitcoin mining and crypto adoption in Latin America. He has a bachelor’s degree in English literature from McGill University, and can usually be found in Costa Rica. He holds BTC above CoinDesk’s disclosure threshold of $1,000.
“CoinDesk Bot” indicates a generative text tool, typically an AI chatbot, contributed to the article. In each and every case, the article was edited, fact-checked and published by a human. Read more about CoinDesk’s AI Policy here.
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