Hut 8’s Whimsical Journey to $331M: A Tale of Bitcoin and Giggles!

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What to know:

  • Hut 8 raked in a whopping $162 million in revenue and a jaw-dropping $331 million in net income in 2024! 💰
  • By the end of December, they were managing a staggering 1,020 MW of energy—enough to power a small village! ⚡
  • And guess what? They held onto 10,171 Bitcoin, which was worth around $905 million! Talk about a treasure chest! 🪙

Once upon a time in the land of Bitcoin, Hut 8 stumbled upon a magical $331 million net income in 2024! Their secret? Riding the wild rollercoaster of Bitcoin prices! 🎢

As the clock struck midnight on New Year’s Eve, Hut 8 found themselves sitting on a mountain of 10,171 Bitcoin (BTC), worth a staggering $905 million! Most of this shiny treasure was promised to buy even more ASIC mining machines—because who doesn’t love a good gadget? 🤖

In a twist of fate, the miner discovered a delightful drop in energy costs, with fourth-quarter expenses plummeting by 30% to just $31.63 per megawatt-hour! They were managing about 1,020 MW at the end of December, but hold onto your hats—there’s more than 12,300 MW waiting in the wings! 🎩

Hut 8 also made friends with Bitmain, the giant of Bitcoin mining! They struck a deal that’s expected to bring in $125 million annually. And they’re cooking up a next-gen ASIC miner together—how exciting! 🥳

But wait, there’s more! Hut 8 is diving headfirst into AI investments. Their clever little subsidiary, Highrise AI, signed a five-year deal for GPU-as-a-Service. Plus, they snagged a $150 million investment from Coatue to sprinkle some magic on AI development! 🧙‍♂️

However, not all was rosy in the land of Hut 8, as their stock took a tumble, down 7.25% on the day, leaving their valuation at a mere $1.5 billion. Oh dear! 😱

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2025-03-03 19:00