Bitcoin miner Hut 8 grows hashrate 79% despite $134M quarterly loss
Hut 8 increased its hashrate by 79% in Q1 2025 despite reporting a $134.3 million net loss, driven by major investments and the launch of its American Bitcoin subsidiary.
Cryptocurrency mining firm Hut 8 increased its hashrate by 79% during the first quarter of the year.
According to Hut8’s 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’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.”
Read more
If you liked the article, do not forget to share it with your friends. Follow us on Google News too, click on the star and choose us from your favorites.
If you want to read more News articles, you can visit our General category.
