Mining company Hut 8 saw a nearly 58% drop in revenue in the first quarter, with a loss of $134 million

According to Bloomberg, US Bitcoin mining company Hut 8 released its Q1 financial report after partnering with Trump's son to establish American Bitcoin Corp. Revenue fell nearly 58% year-on-year to $21.8 million, and recorded a loss of $134.3 million. The company attributed its losses to the halving of Bitcoin and the impact of mining machine upgrades and shutdowns. Nevertheless, Hut 8 still plans to continue investing in the joint venture project and expand its AI high-performance computing center. After the announcement, the company's stock price rose by 17%.