Bitcoin miner Hut 8 grows hashrate 79% despite $134M quarterly loss
Summary
Hut 8 increased its hashrate by 79% in Q1, despite reporting a net loss of $134.3 million against $21.8 million in revenue. CEO Asher Genoot attributed the loss to significant investments, emphasizing that these efforts will yield returns in future quarters. As of March 31, Hut 8's energy capacity reached 1,020 megawatts, sufficient to power over 800,000 homes, with potential to expand by an additional 2,600 MW. The firm launched American Bitcoin, a subsidiary aimed at becoming a leading Bitcoin miner, with plans for an IPO to raise capital. Future initiatives include energizing the Vega data center and developing a utility-scale power portfolio. Hut 8's stock is currently trading at $12.66, down over 38% from the year's start.
