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.

Hut 8 Boosts Bitcoin Mining and Digital Infrastructure with $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