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Tag: HUT

  • Hut 8 Mining Corp. (HUT) stock is gaining in the Pre-market; here is why?

    Hut 8 Mining Corp. (HUT) is amongst the most prominent digital currency miners globally. They specialize in the mining of Bitcoin and Ethereum.

    Hut 8 Mining Corp. (HUT) surged in the pre-market as soon as the company announced monthly production and operations Updates for January 2022. Its stock values are at $8.26, gaining more than 13% from yesterday. HUT closed at $7.31 at the end of the previous trading session. The stock volume was around 2.59 million shares in the last trading session.

    January 2022 Mining Production Highlights:

    • As a result, a daily production rate of 9.93 bitcoins was achieved by mining 308 bitcoins.
    • In line with Hut 8’s Hodl strategy, all of January’s self-mined Bitcoins were placed in safekeeping.
    • As of January 31, 2022, the total amount of Bitcoin in reserve was 5,826.
    • At 2.36 EH/s, installed operating capacity has grown by 17% since December 31, 2021.

    The following are the January 2022 operational updates:

    • Bitfury Clarkes were retired in January 2022 and installed 6,317 MicroBT M30S and M31S+ miners.
    • Additionally, the construction and development of Hut 8’s third data center in North Bay, Ontario, has progressed significantly. The structure is finished, floors will be poured soon, and racking will begin in the second half of February 2022.

    Head of Technology for Hut 8 Remarks about the monthly achievements

    Jason Zaluski, Hut 8’s head of technology, stated that his team is working hard to deploy extra miners between our two Alberta-based locations, enhancing overall efficiency and hash rate leveraging current capacity. Our team in Alberta has been receiving and ultimately deploying our MicroBT units as quickly as feasible, which demonstrates their dedication and ability to use the most efficient miners possible.

    HUT: Key Financials

    The company’s current market cap is CAD 1.41 billion. Hut 8 Mining Corp. (HUT) revenue in the third quarter was CAD 50.34 million. It’s a gain of 774% from the 3rd quarter of 2020. The basic and diluted EPS was CAD 0.15, gaining 1600% from the third quarter of 2020. The net income was around CAD 23.37 million, reporting an increase of 2600% compared to the same period in 2020.

    Conclusion

    HUT is currently a hot stock with outstanding performance. The company is yet to announce its results for the fourth quarter and fiscal 2021. Its stock may increase as soon as it closes its books for fiscal 2021.

  • Hut 8 Mining Corp. (HUT) Rebounds After Hours Following a Steep Fall

    Hut 8 Mining Corp. (HUT) Rebounds After Hours Following a Steep Fall

    On January 27, Hut 8 Mining Corp. (HUT) stock made a comeback in the after-hours following its descent to a low of $5.10 in regular trading. No official news seems to be responsible for the recovery of the stock.

    HUT stock closed the regular session at $5.12, suffering a huge loss of 11.11%. The stock saw a reversal in the after-hours as it gained 7.42% at $5.50.

    What is happening with HUT?

    While the stock had already been in a downtrend, it hit the low of $5.10 on Thursday. The stock fell down to such a low after nearly six months. HUT closed the session just above the low at $5.12. Given that there is no official announcement or recent SEC filing, the brush down might have caused the stock to rebound. Hitting such a low might have presented a good buying opportunity for some investors as the stock picked up after-hours.

    2021 and 2022 Comparison

    So far, 2022 has proved very dull for the stock as it has lost 34.78% year to date. While HUT gained a good 29.62% last year, it has been losing for the past three months. The reason for this downfall is the ongoing uncertainties in the crypto market over rising inflation and talks of its high energy consumption. 2021 saw a huge upsurge in the crypto market as most of the big names hit all-time-highs on crypto being the new big. But the hype could not last long as many started revolting against it due to its high energy demand. Moreover, the Covid-19 pandemic and high inflation rates also played a role in the downfall and are still doing so.

    HUT’s Recent Developments

    On January 20, the company announced a definitive agreement with TeraGo Inc. As per the agreement, HUT will acquire the cloud and colocation data center from TeraGo.

    Furthermore, the purchase will comprise five data centers throughout Canada from Toronto to Vancouver. As part of the acquisition, the company will acquire customers, employees, and a diverse product offering from TeraGo.

    Further, HUT will pay a consideration of C$30 million to TeraGo and the transaction is expected to close in Q1 of 2022.

    On January 11, the company announced joining the Business Renewables Center Canada (BRC Canada). BRC Canada works with experts to speed up renewable energy uptake in Canada.

    On November 11, HUT reported a diluted net income of $0.15/share on revenue of $50.3 million in Q3 of 2021. Comparatively, the company had a diluted net loss of $0.01/share on revenue of $5.75 million in the year-ago quarter.