Mining company Hut 8 will make a profit of 331 million US dollars in 2024, holding a total of 10171 BTC

Odaily Planet Daily News: Bitcoin mining company Hut 8 has released its financial report, achieving a net income of $331 million in 2024, benefiting from the rise in Bitcoin prices. The company holds 10171 BTC (approximately $905 million), most of which have been used as collateral to purchase more ASIC mining machines. Hut 8's energy costs have significantly decreased, with a year-on-year cost reduction of 30% to $31.63 per megawatt hour in the fourth quarter. The company manages 1020 MW of electricity and plans to expand to 12300 MW. Hut 8 deepens its cooperation with Bitmain, reaches a custody agreement with an annual revenue of $125 million, and jointly develops a new generation of ASIC mining machines. In addition, its subsidiary Highrise AI has signed a five-year GPU service agreement and received $150 million in investment support from Coatue for AI development. On the day of the data release, the company's stock price fell by 7.25%, and its market value dropped to $1.5 billion. （CoinDesk）