Hut 8’s Hashrate Soars Despite Significant Q1 Loss

Cryptocurrency mining company Hut 8 reported a 79% increase in its hashrate during the first quarter of 2023, despite recording a $134.3 million net loss on revenue of $21.8 million. CEO Asher Genoot explained that this investment phase is strategic and will yield profitable returns in future quarters. Hut 8’s operations now boast a total energy capacity of 1,020 megawatts, enough to power over 800,000 US households. This figure could be further expanded with the potential for an additional 2,600 MW.