Crypto: Hut 8 Swings To Q4 Loss; Compute Revenue Contribution Increases

The Bitcoin miner's digital asset losses mounted, even as it advanced a 15-year, $7 billion AI data center lease.

Hut 8 (HUT) reported a fourth-quarter net loss Wednesday of $279.7 million, from income of $152.2 million a year earlier.

Revenue for the quarter ended Dec. 31 was $88.5 million, compared with $31.7 million in the same period a year earlier.

In its earnings report released Wednesday, Hut 8 said compute revenue for the three-month period totaled $81.9 million, up from $19.2 million a year earlier. The company did not disclose quarterly Bitcoin (BTC) production or sales figures.

Operating results were affected by a $401.9 million loss on digital assets in the quarter, compared with a $308.2 million increase a year earlier.

Hut 8 said it ended the year with about $1.4 billion in cash and Bitcoin reserves and up to $400 million in revolving credit capacity.

During the quarter, the company signed a 15-year lease for 245 megawatts of AI data center capacity at its River Bend campus valued at $7 billion. The agreement includes payments financially backstopped by Google and builds on Hut 8’s broader expansion into AI and high-performance computing infrastructure.

The company also completed the sale of a 310 MW natural gas portfolio in February and said it launched American Bitcoin Corp. as a separately listed vehicle focused on Bitcoin accumulation.

According to BitcoinTreasuries.NET data, Hut 8 holds 13,696 BTC, ranking it among the larger public Bitcoin holders. Shares were down about 4.5% at last look in Wednesday morning trading. Industry tracker CoinShares Bitcoin Mining ETF (WGMI) was up less than 1%.

Related: Solo Bitcoin miner bags over $200K block reward using rented hashrate

Source: CoinTelegraph