Bitcoin miner Hut 8 grows hashrate 79% despite $134M quarterly loss

Quick Summary:

The firm’s CEO, Asher Genoot, explained that this was a result of large-scale investments.“As reflected in our results, the first quarter was a deliberate and necessary phase of investment,” Genoot said.“We believe the returns on this work will become increasingly visible in the quarters ahead.”Hut 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.

In today’s quarterly earnings announcement, Genoot stated:“The 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.“Related: Browser-based crypto mining in 2025: Still viable or virtually dead?

According to the announcement, the new venture “aims to become the world’s largest, most efficient pure-play Bitcoin miner while building a robust strategic Bitcoin reserve.”Early April reports also revealed that American Bitcoin has plans to raise additional capital, including through an initial public offering.

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Article Details

Author / Journalist: Cointelegraph by Adrian Zmudzinski

Category: Crypto

Markets: United States

Topics: Results Investments Firm American Quarter First Million Genoot Mining Bitcoin Firm’s

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2025-05-08 @ 14:51:08 (12 hours ago)

News Timezone: GMT -5:00

News Source URL: cointelegraph.com

Language: English

Article Length: 460 words

Reading Time: 3 minutes read

Sentences: 18 lines

Sentence Length: 26 words per sentence (average)

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Copyright Owner: © Coin Telegraph

News ID: 28494546

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