Hut 8 Corp. reported $80.7 million in cryptocurrency revenue for 2024, thanks to its Bitcoin mining and GPU-as-a-service business. The company increased its Bitcoin holdings to 10,171 BTC and signed a $125 million deal with Bitmain.
Bitcoin mining and digital infrastructure development company Hut 8 Corp. has strengthened its Bitcoin strategy by signing a $125 million strategic agreement with Bitmain Technology for ASIC mining.
According to the financial data for 2024, Hut 8 earned $80.7 million from Bitcoin mining and cloud services, confirming its importance in the crypto industry. The company increased its self-mining hashrate to 10.3 EH/s and plans to increase it to 25.1 EH/s after exercising the option to acquire Bitmain.
“In 2024, we delivered on our commitment to operational excellence and improved financial performance. We strengthened our capital strategy and balance sheet by converting our senior debt into equity, launching ATM and share buyback programs, and increasing our strategic Bitcoin holdings. Today, we operate from a position of strength, focusing on the development of our 12.3 GW project,” said Asher Genout, CEO of Hut 8.
The company also introduced Highrise AI, Inc., a GPU-as-a-service subsidiary, aiming to meet the growing demand for AI-focused computing infrastructure. Additionally, Hut 8 deployed a custom liquid-cooled ASIC system in its Vega data center, bridging the gap between Bitcoin mining and traditional high-performance computing.
With 10,171 BTC in reserves, or an estimated market value of $949.5 million, Hut 8 continues to strengthen its balance sheet and evolve into a next-generation digital infrastructure. As it scales its operations, the company aims to become a key player in both the Bitcoin and AI computing sectors.
Source: cryptonews.net
Your email address will not be published. Required fields are marked *
[…] January 2022, the number of cryptocurrencies existing in the market increased by 1 thousand. This implies that each new…
Your writing is like a breath of fresh air in the often stale world of online content. Your unique perspective…
I would like to share my story and express my great gratitude to Maria. My husband Alexander was literally taken…