Hut 8, a cryptocurrency mining firm, reported a significant 79% increase in hashrate during Q1 2025, despite incurring a net loss of $134.3 million on revenues of $21.8 million. CEO Asher Genoot attributed the losses to extensive investments aimed at long-term growth, including upgrades to their application-specific integrated circuit (ASIC) fleet and the launch of its majority-owned subsidiary, American Bitcoin. This new venture, introduced in March, seeks to become a leading Bitcoin miner with a strong strategic reserve. Hut 8's operational capacity reached 1,020 megawatts as of March 31, with potential for expansion. Moving forward, the company is focused on energizing the Vega data center, initiating site work at River Bend, and developing a utility-scale power portfolio to enhance cash flow resilience. Hut 8 shares are currently trading at $12.66, down over 38% from the start of the year, reflecting broader trends in the industry.

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