{"id":15911,"date":"2025-03-03T16:01:50","date_gmt":"2025-03-03T16:01:50","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=15911"},"modified":"2025-03-03T16:01:50","modified_gmt":"2025-03-03T16:01:50","slug":"hut-8-reports-331m-net-income-in-2024-while-expanding-ai-infrastructure","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=15911","title":{"rendered":"Hut 8 Reports $331M Net Income in 2024 While Expanding AI Infrastructure"},"content":{"rendered":"<div>\n<p>Bitcoin mining firm Hut 8 took $331 million in net income in 2024, according to the company\u2019s latest financial report. The firm benefited significantly from the rise in bitcoin\u2019s price over the year.<\/p>\n<p>Hut 8 finished the year with a reserve of 10,171 bitcoin (BTC), worth approximately $905 million at the time of writing. The vast majority of this reserve has been pledged as collateral to purchase more ASIC mining machines.<\/p>\n<p>The miner saw a sharp reduction in energy costs, with fourth-quarter costs per megawatt-hour dropping by 30% from the previous year to $31.63. While Hut 8 managed roughly 1,020 MW at the end of December, it has more than 12,300 MW in the pipeline.<\/p>\n<p>The company deepened its relationship with Bitmain, one of the largest bitcoin mining firms in the world. Hut 8 secured a colocation deal from Bitmain that is expected to generate $125 million in annual revenue, it is also teaming up with the firm to develop a next-generation ASIC miner.<\/p>\n<p>Hut 8 is increasing its AI infrastructure investments. Its subsidiary, Highrise AI, signed a five-year customer agreement for GPU-as-a-Service. The company also closed a $150 million strategic investment from Coatue to support AI development.<\/p>\n<p>The company\u2019s stock is down 7.25% on the day, bringing its valuation to $1.5 billion.<\/p>\n<p>Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to <a href=\"https:\/\/www.coindesk.com\/ethics\" target=\"_blank\">our standards<\/a>. For more information, see <a href=\"https:\/\/www.coindesk.com\/coindesk-news\/2023\/04\/14\/how-coindesk-will-use-generative-ai-tools\" target=\"_blank\">CoinDesk\u2019s full AI Policy<\/a>.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin mining firm Hut 8 took $331 million in net income in 2024, according to the company\u2019s latest financial report. The firm benefited significantly from the rise in bitcoin\u2019s price over the year. Hut 8 finished the year with a reserve of 10,171 bitcoin (BTC), worth approximately $905 million at the time of writing. The [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":0,"footnotes":""},"categories":[2],"tags":[3,4,5],"class_list":["post-15911","post","type-post","status-publish","format-standard","hentry","category-news","tag-crypto","tag-doge","tag-news"],"_links":{"self":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/15911","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=15911"}],"version-history":[{"count":0,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/15911\/revisions"}],"wp:attachment":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=15911"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=15911"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=15911"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}