A Bitcoin mining company based on Wall Street has made headlines with its impressive financial results for 2024, highlighting a total revenue of $376.7 million and a net income of $109.4 million. These achievements occurred despite industry challenges, including the Bitcoin halving event and a notable increase in global hash rate, which indicates intensified competition in the sector.
By the end of the fiscal year, the miner achieved a deployed hash rate of 31.5 EH/s and significantly grew its Bitcoin holdings to 17,722, representing a 141% increase compared to the previous year. The financial results exhibited a pronounced resilience in navigating tough circumstances within the market.
The previous year witnessed operational advancements, including the energizing of the Corsicana Facility and the acquisition of two electrical engineering services companies. The firm’s power management strategy was efficient, showcasing an all-in power cost of only 3.4 cents per kilowatt-hour across its facilities.
However, mounting production costs posed a challenge, as the average cost to mine one Bitcoin surged to $32,216 in 2024, a dramatic jump from $3,831 in 2023. This inflation in mining expenses can be linked to a 53% decline in power credits, the adverse effects of the halving event, and increased competition within the global network.
In terms of production volume, the firm reported a decrease of Bitcoin mined, producing only 4,828 in 2024, down from 6,626 the year prior. Nonetheless, revenue from Bitcoin mining reached $321 million, a substantial rise from $189 million in the previous year, largely fueled by heightened Bitcoin prices spurred by an increase in operational hash rate.
Toward the end of 2024, the company made a strategic financial move by completing a convertible senior notes offering, raising $579 million in net proceeds, which facilitated the purchase of an additional 5,784 Bitcoins. This maneuver was portrayed as generating a “39% Bitcoin yield” for shareholders during the year.
Looking ahead to 2025, the company is keen on exploring prospects in artificial intelligence (AI) and high-performance computing (HPC) sectors. The Corsicana Facility, equipped with a total capacity of one gigawatt—of which 600 megawatts are currently unutilized—positions it as a strategic asset, particularly for future technological advancements.
At the close of the fiscal year, the company’s financial health remained robust, reporting $439.1 million in working capital. This comprised $277.9 million in cash and $134.3 million in marketable equity securities. Based on the Bitcoin price as of December 31, 2024, valued at $93,354, the total Bitcoin holdings are estimated at around $1.65 billion.
On the engineering front, the company reported a downturn in revenue, bringing in $38.5 million compared to $64.3 million for the previous year, primarily attributed to delays in a significant manufacturing contract due to supply chain challenges.
In the broader landscape, two other publicly traded Bitcoin mining firms also unveiled their earnings recently, with one reporting higher mining revenue yet a nearly 30% drop in total revenue, alongside another that disclosed a modest revenue figure.
The overall performance and strategic outlook of the firm underscore a promising trajectory in the rapidly evolving cryptocurrency market, demonstrating resilience amidst challenges while maintaining a focus on future growth avenues.