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Hut 8's revenues decreased by 58% in the first quarter, with losses amounting to $134 million
๐ ๐#mansooralrhyb ๐๐ On May 9, the American bitcoin mining company Hut 8, according to Bloomberg, released its financial report for the first quarter after collaborating with Trump's son to establish American Bitcoin Corp., where revenues decreased by about 58% year-over-year to $21.8 million and recorded a loss of $134.3 million. The company attributed the losses to the impact of the bitcoin halving process and the suspension of mining equipment upgrades. Nevertheless, Hut 8 still plans to continue investing in the joint venture and expand its high-performance computing center for artificial intelligence. The company's stock price rose by 17% after the announcement.
