Hut 8 Grows Hashrate 79% Despite $134M Loss in Q1

Bitcoin miner Hut 8 expanded its hashrate by 79% in Q1 2025 despite a $134.3M loss. The company is investing in infrastructure and launched American Bitcoin to accelerate future growth.

Hashrate climbs while net income dips

Cryptocurrency mining firm Hut 8 reported a 79% increase in hashrate for Q1 2025. According to its May 8 financial report, the firm posted a $134.3 million net loss on $21.8 million in revenue.

CEO Asher Genoot attributed the loss to large-scale investments. “Q1 was a deliberate and necessary investment phase,” he said, adding that returns are expected in future quarters.

Scaling operations through American Bitcoin

As of March 31, Hut 8’s total operational capacity reached 1,020 megawatts — enough to power over 800,000 U.S. homes. The firm holds rights to expand this capacity by an additional 2,600 megawatts.

A major development in Q1 was the launch of American Bitcoin, a subsidiary backed by members of former President Donald Trump’s family. The initiative aims to become the world’s largest and most efficient pure-play Bitcoin miner.

Growth plans for 2025 and beyond

American Bitcoin is expected to raise more capital through methods including an IPO. Genoot said the structure will enhance capital efficiency and support expansion in areas like high-performance computing.

Hut 8 plans to energize the Vega data center, begin development at River Bend, and grow its utility-scale power portfolio in 2025.

Shares rose 2.2% to $12.66 on Nasdaq, though the price remains over 38% lower than at the start of the year.