11:43 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 the bitcoin miner rose to 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.

Hut 8 ( HUT ) shares were last seen up C$1.05 to C$11,70 on the Toronto Stock Exchange,

Price: 11.75, Change: +1.10, Percent Change: +10.33