Bitcoin mining firm Hut 8 reported a net income of $331 million in 2024, benefiting from the rise in bitcoin's price. The company currently holds a reserve of 10,171 BTC valued at around $905 million. Hut 8's energy costs per megawatt-hour dropped by 30% in the fourth quarter, and it has over 12,300 MW in the pipeline. The firm strengthened its relationship with Bitmain, securing a colocation deal expected to generate $125 million in annual revenue, and collaborating on a next-generation ASIC miner. Hut 8's subsidiary, Highrise AI, signed a GPU-as-a-Service agreement and received a $150 million strategic investment from Coatue. The company's stock is down 7.25% with a valuation of $1.5 billion.



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