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.”

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