Cryptocurrency mining company Hut 8 saw a significant 79% increase in its hashrate in the first quarter of the year, as per its latest quarterly report. Despite generating $21.8 million in revenue, the firm reported a net loss of $134.3 million. CEO Asher Genoot attributed this loss to strategic investments, stating that the returns will be visible in the upcoming quarters. Hut 8 now operates at a total energy capacity of 1,020 megawatts, with plans to scale up to 2,600 MW. The company also launched American Bitcoin, a subsidiary aimed at becoming a leading Bitcoin miner. Hut 8's future plans include expanding its data centers and power portfolio. Despite a 2.2% increase in stock value on Nasdaq, Hut 8's stock is down by over 38% from the beginning of the year. This news comes after Core Scientific, another Bitcoin mining firm, reported a net profit of $580 million in its first quarter. Read more AI-generated news on: https://app.chaingpt.org/news

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