Hut 8 Reports $331M Profit in 2024 as AI Infrastructure Grows

Hut 8 Closes 2024 With $331M in Net Income, Expands AI and Mining Operations

Bitcoin mining giant Hut 8 posted a net income of $331 million in 2024, capitalizing on Bitcoin’s strong price performance over the year.

The company ended the year with a sizable Bitcoin reserve of 10,171 BTC, currently valued at around $905 million. A significant share of these holdings has been pledged as collateral for the purchase of new ASIC mining equipment.

Hut 8 also benefited from lower energy costs, with fourth-quarter electricity expenses per megawatt-hour falling 30% year-over-year to $31.63. At the close of 2024, the company managed approximately 1,020 MW of capacity, with an ambitious pipeline exceeding 12,300 MW.

Strengthening its industry ties, Hut 8 secured a major colocation agreement with Bitmain, expected to bring in $125 million in annual revenue. Additionally, the two firms are collaborating to develop an advanced ASIC miner.

The company is also expanding into AI infrastructure, with its subsidiary Highrise AI signing a five-year contract for GPU-as-a-Service. To further accelerate its AI growth, Hut 8 secured a $150 million strategic investment from Coatue.

Despite these developments, Hut 8’s stock fell 7.25% today, bringing its market capitalization to $1.5 billion.