Latest news with #Genoot
Business Mayor
12-05-2025
- Business
- Business Mayor
Hut 8 Posts $134M Q1 Loss Amid Strategic Shift Toward Energy Infrastructure and Bitcoin Mining
Hut 8 Corp. (Nasdaq | TSX: HUT) reported a Q1 2025 net loss of $134.3 million, marking a turbulent start to the year as the company executes a bold strategy to become a fully integrated energy infrastructure platform. Quarterly revenue came in at $21.8 million, down from $51.7 million year-over-year, while Adjusted EBITDA was reported at ($117.7) million. Today we announced our results for Q1 2025, a period of deliberate investment designed to unlock the potential of our development flywheel. Highlights – Deployed our upgraded ASIC fleet to end the quarter with 9.3 EH/s at approximately 20 J/TH – Launched @AmericanBTC to… — Hut 8 (@Hut8Corp) May 8, 2025 Still, Hut 8 emphasized strategic growth moves that it believes will pay off in the near future. CEO Asher Genoot called the quarter 'a deliberate and necessary phase of investment,' adding, 'We believe the returns on this work will become increasingly visible in the quarters ahead.' A key development was the launch of American Bitcoin, a majority-owned subsidiary focused solely on industrial-scale Bitcoin mining. The move followed a sweeping ASIC fleet upgrade, which boosted the company's hashrate by 79% to 9.3 EH/s and improved fleet efficiency by 37% to approximately 20 J/TH. 'Following a period of disciplined investment and execution… the streamlined capital allocation framework made possible by the American Bitcoin launch reinforces our ability to scale lower-cost-of-capital businesses,' Genoot explained. As of March 31, 2025, Hut 8 held 10,264 Bitcoin in reserve—valued at approximately $847.2 million—while managing 1,020 megawatts (MW) of energy capacity across 15 sites. The company also reported a ~10,800 MW development pipeline, with ~2,600 MW under exclusivity. Hut 8's energy and digital infrastructure segments generated modest revenues of $4.4 million and $1.3 million respectively. However, its compute segment—including Bitcoin mining—led the quarter with $16.1 million in revenue. Progress was also made on infrastructure expansion, with the 205 MW Vega site on track for Q2 energization and initial groundwork begun at the River Bend campus in Louisiana. The company also energized a test rack at Salt Creek and introduced new software tools like Reactor and Operator to optimize ASIC-level operations and energy consumption. Despite the financial loss, Hut 8 remains confident. 'We continue to execute against our 2025 roadmap,' Genoot said, pointing to future catalysts like utility-scale power development and expanding U.S. operations.
Yahoo
08-05-2025
- Business
- Yahoo
Bitcoin Miner Partnering With Trump's Sons Posts Revenue Decline
(Bloomberg) -- Bitcoin mining company Hut 8 Corp., which recently partnered with President Donald Trump's sons on a new venture, said its first-quarter earnings swung to a loss and revenue tumbled by more than 50%. Is Trump's Plan to Reopen the Notorious Alcatraz Prison Realistic? Vail to Borrow Muni Debt to Ease Ski Resort Town Housing Crunch Iceland Plans for a More Volcanic Future As Trump Reshapes Housing Policy, Renters Face Rollback of Rights The Miami-based company posted $21.8 million in revenue for the first quarter, a nearly 58% drop year-over-year. It also recorded a quarterly loss of $134.3 million compared to net income of $250.7 million in the first quarter of last year. The declines have been largely driven by a Bitcoin software update called halving that slashed mining revenue as well as operational downtime that was undertaken to upgrade its mining machines, Hut 8's Chief Executive Officer Asher Genoot said Thursday on its earnings call. While the halving took place last April, and happens every four years, it often has a long-lasting impact on miners. Hut 8, in late March, announced that it's launching a mining venture called American Bitcoin Corp. after acquiring a majority interest in American Data Centers Inc., a company formed by investors including Eric Trump and Donald Trump Jr. This new venture will go public, Genoot reiterated during Thursday's earnings call. Hut 8's shares rose as much as 17% on Thursday as the company reinforced its plan to invest in American Bitcoin and continue strategic accumulation of the cryptocurrency. Bitcoin pushed past $100,000 for the first time since February as of 12:08 p.m. in New York. While carving out its mining operations into this separate entity, Hut 8 will continue to build out its high-performance computing data centers for artificial intelligence firms with land and power assets under development in Louisiana, Genoot said. Doing so has enabled the company to tap into a more diverse source of funding, he added. The venture with Hut 8 further expands the US president's ties to the cryptocurrency sector along with the decentralized finance platform World Liberty Financial, a stablecoin backed by the US dollars and memecoins featuring the president and the first lady Melania Trump. US Border Towns Are Being Ravaged by Canada's Furious Boycott Pre-Tariff Car Buying Frenzy Leaves Americans With a Big Debt Problem Made-in-USA Wheelbarrows Promoted by Trump Are Now Made in China Maybe AI Slop Is Killing the Internet, After All Inside the Dizzying Chaos of Running a Freight Business Under Trump ©2025 Bloomberg L.P. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
