Hut 8 Corp. has reported $80.7 million in crypto-related revenue for 2024, driven by bitcoin mining and GPU-as-a-service operations. The company expanded its bitcoin reserve to 10,171 BTC and secured a $125 million partnership with Bitmain.
Hut 8 Expands Bitcoin Mining and Digital Infrastructure with $125M Bitmain Deal
Hut 8 Corp., a bitcoin mining and digital infrastructure company, has strengthened its bitcoin strategy with a $125 million strategic ASIC miner partnership with Bitmain Technology.
According to its 2024 full-year financials, Hut 8 generated $80.7 million in revenue from bitcoin mining and cloud services, solidifying its role in the crypto industry. The company expanded its self-mining hashrate to 10.3 EH/s and plans to increase it further to 25.1 EH/s upon executing its Bitmain purchase option.
“In 2024, we delivered on our commitment to operational excellence and bottom-line economics. We fortified our capital strategy and balance sheet, converting our anchorage loan to equity, launching ATM and stock repurchase programs, and expanding our strategic bitcoin reserve. Today, we operate from a position of strength as we focus on advancing our 12.3-gigawatt development pipeline,” said Asher Genoot, CEO of Hut 8.
The company also launched Highrise AI, Inc., a GPU-as-a-service subsidiary, positioning itself to meet the rising demand for AI-focused computing infrastructure. Additionally, Hut8 deployed a custom liquid-cooled ASIC mining system at its Vega data center, bridging the gap between bitcoin mining and traditional high-performance computing.
With 10,171 BTC in reserves at an approximate market value of $949.5 million, Hut 8 continues to strengthen its balance sheet and expand into next-generation digital infrastructure. As the company scales operations, it aims to play a pivotal role in both the bitcoin and AI-powered compute sectors.
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