Bitcoin mining company Hut 8 released its 2024 financial report, showing that the company achieved net income of $331 million for the whole year and revenue of $162 million, benefiting from the rise in bitcoin price. As of the end of 2024, Hut 8 held 10,171 bitcoins, which were worth about $905 million at current prices. Most of them have been used as collateral to buy more ASIC mining machines. The report shows that Hut 8's energy cost per megawatt-hour in the fourth quarter decreased by 30% year-on-year to $31.63. As of the end of December 2024, the company managed about 1,020 megawatts of power and had more than 12,300 megawatts of expansion plans. Hut 8 deepened its partnership with Bitmain, one of the world's largest miner manufacturers, signing an escrow agreement expected to generate $125 million in annual revenue and jointly developing the next generation of ASIC miners. At the same time, the company is increasing its investment in artificial intelligence infrastructure. Its subsidiary Highrise AI signed a five-year GPU-as-a-service customer agreement and received a $150 million strategic investment from Coatue to support the development of AI business.