Bitcoin miner Hut 8 increased its hashrate by 79% in the first quarter of 2025.
The company reported a $134.3 million net loss in its May 8 earnings release. Revenue for the quarter stood at $21.8 million.
CEO Asher Genoot said the loss was due to large-scale investments.
“The first quarter was a deliberate and necessary phase of investment,” he stated.
As of March 31, Hut 8’s total energy capacity reached 1,020 megawatts, enough to power over 800,000 homes in the United States. The company also holds rights to expand by another 2,600 megawatts. These capacity upgrades were part of its strategy to strengthen Bitcoin mining operations in North America.
American Bitcoin launch boosts expansion plans
In late March, Hut 8 launched a new U.S.-based subsidiary called American Bitcoin. The project includes members of former President Donald Trump’s family as partners. The company said this new unit aims to be the largest “pure-play Bitcoin miner” and build a strategic Bitcoin reserve.
The announcement was followed by reports in April that American Bitcoin would raise funds through an initial public offering. Genoot stated that the new structure allows more efficient use of capital.
“The streamlined capital allocation framework made possible by the American Bitcoin launch reinforces our ability to scale lower-cost-of-capital businesses such as high-performance computing,” he said.
The focus remains on expanding Bitcoin mining while lowering operational costs through new subsidiaries and infrastructure.
Bitcoin mining firm outlines 2025 infrastructure goals
Hut 8’s roadmap for 2025 includes several infrastructure milestones. These include powering up the Vega data center, beginning work at the River Bend site, and developing a utility-scale power portfolio. Genoot said these efforts aim to create “resilient near-term cash flows.”
The energy portfolio supports high-performance Bitcoin mining and computing operations. The firm continues to add infrastructure across the U.S. to increase operational scale.
While Hut 8 is pushing expansion, it is also navigating a high-cost environment. The company’s quarterly filing reflects capital spending linked to mining fleet upgrades and power plant development.
Hut 8 stock falls 38% since start of 2025
Hut 8’s stock closed at $12.66 on Nasdaq on May 8, up 2.2% for the day. However, it has dropped 38% from $20.49 at the beginning of the year. Investors are watching the company’s high expenses and delayed returns from ongoing projects.
By contrast, Bitcoin mining firm Core Scientific posted a $580 million profit in the same quarter. But it missed analyst revenue forecasts due to lower mining rewards.
The mixed financial results among miners come during Bitcoin’s price recovery. Bitcoin traded above $101,000 on May 8, rising from January levels near $97,000.
