PANews reported on March 4 that according to CoinDesk, Bitcoin mining company Hut 8 achieved a net profit of US$331 million in 2024 and annual revenue of US$162 million, benefiting from the rise in Bitcoin prices.
As of the end of 2024, Hut 8 holds 10,171 BTC, currently valued at approximately $905 million, most of which have been used as collateral to purchase ASIC mining machines. The company manages 1,020MW of energy and plans to expand to 12,300MW. At the same time, it has reached a hosting cooperation with Bitmain, which is expected to generate $125 million in revenue each year and jointly develop the next generation of ASIC mining machines.
Hut 8 is also increasing its investment in AI infrastructure. Its subsidiary Highrise AI signed a five-year GPU cloud computing service agreement and received a $150 million strategic investment from Coatue to support the development of its AI business. Despite the strong performance, the company's stock price fell 7.25% today, and its market value fell to $1.5 billion.
