{"id":128842,"date":"2025-05-08T14:16:02","date_gmt":"2025-05-08T14:16:02","guid":{"rendered":"http:\/\/cryptospotters.net\/?p=128842"},"modified":"2025-05-08T14:16:02","modified_gmt":"2025-05-08T14:16:02","slug":"bitcoin-miner-hut-8-grows-hashrate-79-despite-134m-quarterly-loss","status":"publish","type":"post","link":"http:\/\/cryptospotters.net\/?p=128842","title":{"rendered":"Bitcoin miner Hut 8 grows hashrate 79% despite $134M quarterly loss"},"content":{"rendered":"<p>Source: Cointelegraph.com NewsCryptocurrency mining firm Hut 8 increased its hashrate by 79% during the first quarter of the year.<br \/>\nAccording to Hut8\u2019s latest quarterly report released on May 8, the firm saw a net loss of $134.3 million despite revenue of $21.8 million. The firm\u2019s CEO, Asher Genoot, explained that this was a result of large-scale investments.<br \/>\n\u201cAs reflected in our results, the first quarter was a deliberate and necessary phase of investment,\u201d Genoot said. \u201cWe believe the returns on this work will become increasingly visible in the quarters ahead.\u201d<br \/>\nHut 8 operations reached a total energy capacity of 1,020 megawatts as of March 31, enough to power well over 800,000 average homes in the United States. The company also has the right to scale up its operation by another 2,600 MW.<br \/>\nRelated: Bitcoin mining \u2014 Institutions boost investments amid favorable US climate<br \/>\nHut 8 is scaling up operations<br \/>\nGenoot said the financial results follow large-scale investments by Hut 8, including upgrading the firm\u2019s application-specific integrated circuit (ASIC) fleet and launching the majority-owned subsidiary of Hut 8, American Bitcoin.<br \/>\nAmerican Bitcoin was announced at the end of March, with several members of the US President Donald Trump\u2019s family as partners. According to the announcement, the new venture \u201caims to become the world\u2019s largest, most efficient pure-play Bitcoin miner while building a robust strategic Bitcoin reserve.\u201d<br \/>\nEarly April reports also revealed that American Bitcoin has plans to raise additional capital, including through an initial public offering. In today\u2019s quarterly earnings announcement, Genoot stated:<br \/>\n\u201cThe streamlined capital allocation framework made possible by the American Bitcoin launch reinforces our ability to scale lower-cost-of-capital businesses such as high-performance computing.\u201c<br \/>\nRelated: Browser-based crypto mining in 2025: Still viable or virtually dead?<br \/>\nFuture expansion plans<br \/>\nTalking about future plans, Hut 8\u2019s CEO noted that the company is pushing ahead with its plans for 2025. Those include the energization of the Vega data center, the initial sitework at the River Bend data center and the development of the firm\u2019s utility-scale power portfolio. Genoot added:<br \/>\n\u201cWe believe these initiatives will further accelerate our ability to generate resilient near-term cash flows while building toward enduring leadership across next-generation digital infrastructure markets.\u201d<br \/>\nHut 8 stock is trading at $12.66 after seeing a 2.2% increase on the trading day on the Nasdaq. However, it is down by over 38% from $20.49 at the start of the year.<br \/>\nHut8 year-to-date price chart. Source: Google FinanceThe announcement follows Nasdaq-listed Bitcoin (BTC) mining firm Core Scientific posting a net profit of $580 million in its first quarter results, missing analyst revenue estimates after a drop in its mining profits.<br \/>\nMagazine: AI may already use more power than Bitcoin \u2014 and it threatens Bitcoin mining<a href=\"https:\/\/cointelegraph.com\/news\/hut8-q1-2025-hashrate-expansion-loss?utm_source=rss_feed&amp;utm_medium=rss&amp;utm_campaign=rss_partner_inbound\" target=\"_blank\" class=\"feedzy-rss-link-icon\" rel=\"noopener\">Read More<\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>Source: Cointelegraph.com NewsCryptocurrency mining firm Hut 8 increased its hashrate by 79% during the first quarter of the year. According to Hut8\u2019s latest quarterly report released on May 8, the&hellip; <\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[5],"tags":[],"_links":{"self":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/128842"}],"collection":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=128842"}],"version-history":[{"count":0,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/128842\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=128842"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=128842"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=128842"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}