Bitcoin mining company HUT 8 took $ 331 million in net income in 2024, according to the company’s latest financial report. The company was significantly distributed of the increase in Bitcoin’s award during the year.
Cabin 8 ended the year with a reserve of 10,171 Bitcoin (BTC) worth approx. $ 905 million at the time of writing. The vast majority of this reserve has been pledged as security to buy more ASIC miners.
The miner experienced a sharp reduction in energy costs, where costs in the 4th quarter per year. Megawatt-time fell by 30% from the year before to $ 31.63. While HUT 8 managed approx. 1,020 MW at the end of December, it has more than 12,300 MW in the pipeline.
The company elaborated its relationship with Bitmain, one of the largest Bitcoin mining companies in the world. HUT 8 secured a Colocation agreement from Bitmain, which is expected to generate $ 125 million in annual revenue, it also collaborates with the company to develop a next generation’s ASIC miner.
Hytte 8 increases its AI infrastructure investments. Its subsidiary, Highrise AI, signed a five-year customer agreement for GPU-A-A-Service. The company also closed a strategic investment of $ 150 million from Coatue to support AI development.
The company’s stock is down with 7.25% a day and brings its valuation to $ 1.5 billion.
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