6 hours ago
Bitcoin mining steadfast Hut 8 took $331 cardinal successful nett income successful 2024, according to the company’s latest fiscal report. The steadfast benefited importantly from the emergence successful bitcoin’s terms implicit the year.
Hut 8 finished the twelvemonth with a reserve of 10,171 bitcoin (BTC), worthy astir $905 cardinal astatine the clip of writing. The immense bulk of this reserve has been pledged arsenic collateral to acquisition much ASIC mining machines.
The miner saw a crisp simplification successful vigor costs, with fourth-quarter costs per megawatt-hour dropping by 30% from the erstwhile twelvemonth to $31.63. While Hut 8 managed astir 1,020 MW astatine the extremity of December, it has much than 12,300 MW successful the pipeline.
The institution deepened its narration with Bitmain, 1 of the largest bitcoin mining firms successful the world. Hut 8 secured a colocation woody from Bitmain that is expected to make $125 cardinal successful yearly revenue, it is besides teaming up with the steadfast to make a next-generation ASIC miner.
Hut 8 is expanding its AI infrastructure investments. Its subsidiary, Highrise AI, signed a five-year lawsuit statement for GPU-as-a-Service. The institution besides closed a $150 cardinal strategical concern from Coatue to enactment AI development.
The company’s banal is down 7.25% connected the day, bringing its valuation to $1.5 billion.
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