Cryptocurrency mining firm Hut 8 Corp. reported a significant loss for the first quarter, with revenue plummeting over 50% due to the lingering effects of last year’s Bitcoin halving event. The company attributed its Q1 downturn to reduced coin revenues per mined Bitcoin coupled with increased operational downtime caused by recent equipment upgrades. Hut 8 CEO Asher Genoot highlighted that these factors significantly eroded profit margins and led to a substantial net loss of $134.3 million, a stark contrast to the previous year’s $250.7 million profit. Despite these headwinds, Hut 8 remains committed to its future expansion with the launch of American Bitcoin Corp., a new mining venture backed by Donald Trump’s sons. The move is expected to bolster Hut 8’s resilience and diversify its business model beyond Bitcoin mining. Hut 8 continues to invest in AI-powered computing infrastructure at their Louisiana site, a strategic move aimed at mitigating the financial impact of reduced block rewards following the halving event.