This Bitcoin Mining Giant Just Lost $134 Million — You Won’t Believe What They Did Next!

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The Q1 numbers have come in, and frankly, they’re doing the sort of nosedive that only particularly determined penguins (or accountants) attempt:

  • Revenue: $21.8 million. That’s down 58% year-over-year, or as it’s known in corporate circles, “ah, but did you see the weather last year?”
  • Adjusted EBITDA: negative $117.7 million, which is the sort of negative you get when your wallet is so empty it owes *you* money.

CEO Asher Genoot heroically described this particular economic avalanche as a “deliberate and necessary” investment period. Translation for laymen: “Totally meant to do that! Honest!”

“As reflected in our results, the first quarter was a deliberate and necessary phase of investment,” Genoot repeated, possibly while clutching a rabbit’s foot and reciting the company mission statement to a passing seagull. 🐇🪙

American Bitcoin: Because Apparently One Company Losing Money Wasn’t Enough

In news guaranteed to either delight or terrify your accountant, Hut 8 decided Q1 was the perfect time to spawn “American Bitcoin,” a fresh subsidiary willed into existence by merging ASIC miner assets with American Data Centers, Inc. (A move best described as ‘alchemy, but with more cables.’) For those taking score, this venture includes such well-known bitcoin stans as Eric Trump and Donald Trump Jr., whose prior experience includes, well, being Trumps.

American Bitcoin is touting itself as a “pure-play” bitcoin mining firm. This means they’re focused on stacking BTC with the determination of a dragon guarding a treasure hoard, but with more smoke and, probably, more PowerPoint presentations. 🐉💾

Hut 8’s grand plan? Separate their high-performance computing from mining like it’s a soap opera double wedding, but pocket the potential bitcoin windfall if the price goes up. Because if you’re going to chase after mythical riches, you may as well hedge your bets and bring snacks for the journey.

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2025-05-09 14:09