Hut 8's net income reached $331 million last year, and by the end of last year, it held 10,171 bitcoins

ChainCatcher news, according to CoinDesk, Bitcoin mining company Hut 8 released its 2024 financial report showing that the company achieved a net income of $331 million and revenue of $162 million for the year, benefiting from the rise in Bitcoin prices. As of the end of 2024, Hut 8 holds 10,171 Bitcoins, valued at approximately $905 million at current prices, most of which has been used as collateral to purchase more ASIC miners.

The report indicates that Hut 8's energy cost per megawatt hour in the fourth quarter decreased by 30% year-on-year to $31.63. As of the end of December 2024, the company manages approximately 1,020 megawatts of power and has expansion plans exceeding 12,300 megawatts.

Hut 8 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 the next generation of ASIC miners. At the same time, the company is increasing its investment in artificial intelligence infrastructure, with its subsidiary Highrise AI signing a five-year GPU-as-a-service customer agreement and receiving a $150 million strategic investment from Coatue to support the development of its AI business.