06:59 AM EDT, 05/15/2024 (MT Newswires) -- Hut 8 ( HUT ) on Wednesday reported a surge in first-quarter net income and revenue.

First-quarter net income attributable to Hut 8 ( HUT ) came in at US$250.9 million, up from US$17.3 million.

Revenue rose to US$51.7 million from US$15.6 million. Adjusted EBITDA grew to US$297.0 million from US$11.1 million.

Energy capacity under management was 884 megawatts (MW), up from 772 MW. The company mined 716 Bitcoin, up from 524 Bitcoin.

Hut 8 ( HUT ) completed an all-stock merger of equals with U.S. Data Mining Group, doing business as U.S. Bitcoin, in November 2023. The results reflected the performance of the combined company.

Hut 8 ( HUT ), a vertically integrated operator of large-scale energy infrastructure and one of North America's largest Bitcoin miners, launched a comprehensive restructuring program in the first quarter, which included the shutdown of its underperforming Drumheller site, retirement of inefficient miners and relocation of its fleet from hosted to owned facilities.