The Hut 8 cryptocurrency mining firm increased its hashrate by 79% in the first quarter of the year.
According to Hut8’s latest quarterly report released On May 8, the firm saw a loss of $ 134.3 million despite revenue of $ 21.8 million. Firm CEO explained that Asher Genoot is the result of large -scale investment.
“As can be seen in our results, the first quarter is an intentional and required stage of investment,” Genoot said. “We believe that returning to this work will be more visible in the homes.”
Hut 8 operations reach a total energy capacity of 1,020 megawatts until March 31, enough to power properly Over 800,000 average homes in the United States. The company also has the right to measure its operation by another 2,600 MW.
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Hut 8 measures operations
Genoot said the financial results followed major investments by Hut 8, including the fleet upgrade specified by the Firm (ASIC) application and the launch of the owner of the HUT 8 owner, American Bitcoin.
American Bitcoin was announced at the end of March, along with some US president members Donald Trump’s family as partners. According to the announcement, the new adventure is “aimed at becoming the largest, biggest great pure-playing bitcoin miner while building a solid Bitcoin strategic reserve.”
Early April also announced those reports American Bitcoin has a plan to raise additional capitalincluding by an initial offer to the public. In today’s announcement of quarterly earnings, Genoot said:
“The streamlined framework of capital allocation that has been made by the launch of American Bitcoin strengthens our ability to measure lower capital businesses such as high-performance computing.”
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Expansion plans in the future
Talking about future plans, the CEO of Hut 8 noted that the company is driving ahead of its plans for 2025. These include the energization of Vega Data Center, the initial area at the River Bend Data Center, and the development of the portfolio portfolio of the firm’s portfolio. Genoot added:
“We believe that these initiatives will further accelerate our ability to produce elastic -close cash flow while building towards the patience of leadership in the next generation of digital infrastructure markets.”
Hut 8 stocks trade at $ 12.66 after seeing a 2.2% increase on the day of trading in Nasdaq. However, the stock dropped by more than 38% from $ 20.49 at the start of the year.
The announcement complies with the Bitcoin listed listed in Nasdaq (Btc) Firm firm core scientific Posting a net profit of $ 580 million In the first results of its quarter, the missing estimates of the analyst revenue after the decline in mining revenue.
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