Highlights

• Total number of Bitcoin mined during 2024 was 755, or 2.1 Bitcoin per day (2023: 1,760, or 4.8 Bitcoin per day).
• Revenues of $47.1 million (2023: $50.6 million), a decrease of 7% from 2023, driven primarily by the reduced hashprice resulting from the Bitcoin halving.
• Mining margin of 33%, down from 43% in 2023. Similar to revenue, this decrease was largely attributable to the reduced hashprice resulting from the Bitcoin halving in April 2024.
• Reduced non-mining operating costs by 34% in 2024 compared to the prior year.
• Adjusted EBITDA of $5.7 million, compared to $7.7 million in 2023.
• Net loss of $55.1 million, compared to a net loss of $34.6 million in 2023. The net loss was primarily the result of a $31.5 million asset impairment, $15.0 million of amortization and $6.8 million of interest expense.
• Reduced interest expense by 41%, as a result of fully repaying the Galaxy debt during 2024.
• Net debt (cash less debt obligations) was reduced by $24.1 million from $55.1 million at 31 December 2023 to $31.0 million at 31 December 2024.