Hut 8 surges on solid earnings
Bitcoin’s mining company Hut 8 released fourth-quarter and full-year earnings this morning, reporting strong year-over-year revenue growth. The company’s revenue for the full year was $162.4 million, compared to $96 million in 2023. This includes a $7.3 million increase in bitcoin mining revenue. The stock is up about 5% following the good news, but remains down about 25% year to date.
The company’s strategic bitcoin reserve crossed the 10,000 mark at the end of 2024, growing its stash to 10,171 bitcoin as of December 31, an 11% increase from 2023. The company also bought more bitcoin in January — its reserve now holds 10,208 bitcoin.
While this makes Hut 8 the sixth-largest corporate bitcoin holder, it is still far behind the ultimate stasher, Strategy, which holds 499,096 bitcoin.
“We believe we are well-positioned to meet the continued and rising demand for energy capacity from applications like AI while building a platform positioned to fuel the world’s most transformative technologies for decades to come,” CEO Asher Genoot said in the press release.
While the overall number of bitcoin the company held grew, the number of bitcoin mined in 2024 decreased to 1,184, compared to 2,138 produced in 2023.
Just like fellow miner Riot Platforms, the company noted the skyrocketing costs of mining: in 2024, it spent $37,958 per bitcoin in Q4, more than double the $17,771 spent per bitcoin in Q4 2023.
The company’s strategic bitcoin reserve crossed the 10,000 mark at the end of 2024, growing its stash to 10,171 bitcoin as of December 31, an 11% increase from 2023. The company also bought more bitcoin in January — its reserve now holds 10,208 bitcoin.
While this makes Hut 8 the sixth-largest corporate bitcoin holder, it is still far behind the ultimate stasher, Strategy, which holds 499,096 bitcoin.
“We believe we are well-positioned to meet the continued and rising demand for energy capacity from applications like AI while building a platform positioned to fuel the world’s most transformative technologies for decades to come,” CEO Asher Genoot said in the press release.
While the overall number of bitcoin the company held grew, the number of bitcoin mined in 2024 decreased to 1,184, compared to 2,138 produced in 2023.
Just like fellow miner Riot Platforms, the company noted the skyrocketing costs of mining: in 2024, it spent $37,958 per bitcoin in Q4, more than double the $17,771 spent per bitcoin in Q4 2023.
