Cryptocurrency mining company Hut 8 witnessed a significant 79% increase in its hashrate in the first quarter of the year, as per the latest quarterly report released on May 8. Despite generating revenue of $21.8 million, the firm reported a net loss of $134.3 million, attributed to substantial investments. Hut 8’s CEO, Asher Genoot, emphasized that these investments were crucial for future growth and anticipated visible returns in the upcoming quarters. By March 31, Hut 8 had reached a total energy capacity of 1,020 megawatts, sufficient to power over 800,000 average homes in the United States, with plans for further expansion up to 2,600 MW. The company’s recent initiatives included upgrading its ASIC fleet and launching American Bitcoin, a majority-owned subsidiary that aims to become a leading Bitcoin miner and build a strategic Bitcoin reserve. To support these endeavors, American Bitcoin is looking to raise additional capital, including through an IPO. Looking ahead, Hut 8 is focused on executing its 2025 plans, including developments at the Vega and River Bend data centers. The company’s stock is currently trading at $12.66 on the Nasdaq, reflecting a 2.2% increase for the day but a 38% decline from the beginning of the year. The announcement from Hut 8 follows Core Scientific, another Nasdaq-listed Bitcoin mining firm, reporting a net profit of $580 million in its first quarter results, falling short of revenue estimates due to decreased mining profits.