Hut 8 Secures 990 BTC in Strategic Move Toward Expansion

• Hut 8 acquired 990 BTC, bringing its reserves to 10,096 BTC and cementing its position as a leading Bitcoin holder.
• The company actively diversifies its operations, expanding into AI and cloud computing through GPU-as-a-Service offerings.

Hut 8, a top Bitcoin mining company, has made a large investment by purchasing 990 BTC at an average price of US$101,710 per coin. With a total value of around $100 million, this acquisition shows the company’s calculated approach to augmenting its Bitcoin holdings.

Hut 8’s overall holdings of 10,096 BTC, worth over $1 billion, now reflect this acquisition, ranking the companies among the top ten Bitcoin holders globally.

@Hut8Corp ( $HUT ) bought $100M worth of Bitcoin, adding 990 BTC at an average price of $101,710.

They now hold 10,096 $BTC (~$1B).

The miner plans to use this reserve for options, pledges, or sales and may buy more BTC in the future. pic.twitter.com/0tYaEj1GH8

— Satoshi Club (@esatoshiclub) December 19, 2024

Hut 8: Operational Growth and Speculated AI Collaboration 

The purchase coincides with a period of active operational capability expansion by the corporation. In its most recent update for November 2024, Hut 8 indicated 967 megawatts (MW) and a mining capacity of 21.0 exahashes per second (EH/s).

Recently completed is the Salt Creek research and development center; work at the Vega location is under way and energizing by the second quarter of 2025 is expected. Plans to replace its mining fleet in early 2025 also seek to increase operational efficiency to 19.9 joules per terahash, therefore confirming its leadership in the mining sector.

Also, rumors emerged regarding Hut 8’s participation in a $12 billion artificial intelligence data center project. With the plant slated to be built in Louisiana over several phases, reports indicate the corporation might work with Meta on this project.

Although no official announcements have been made, this possible alliance has already created market talk and changed Hut 8’s stock price as well as expectations for its next projects.

Apart from these advances, Hut 8 keeps expanding its company model outside of mining Bitcoin. Earlier, CNF covered the company’s launch of its GPU-as-a-Service product, therefore reaching into artificial intelligence and cloud computing.

Under Hut 8’s subsidiary Highrise AI, Inc., this effort is led in association with AdviseX and Hewlett Packard Enterprise (HPE).