Streetbeat News

HUT

Hut 8 Mining Corp.

https://hut8mining.com

Industry

Financial - Capital Markets

Hut 8 Mining Corp. operates as a cryptocurrency mining company in North America. The company engages in industrial scale bitcoin mining operations. It also owns and operates 38 BlockBoxes in Drumheller, Alberta; and 51 BlockBoxes in Medicine Hat, Alberta. Hut 8 Mining Corp. was incorporated in 2011 and is headquartered in Toronto, Canada.

Open

18.47

Mkt cap

1.7B

Volume

6.1M

High

19.43

P/E Ratio

-24.32

52-wk high

21.10

Low

18.30

Div yield

N/A

52-wk low

6.18

A Coinshares report predicts a significant rise in Bitcoin production costs post-halving, with electricity and overall costs nearly doubling, potentially leading to a 10% drop in the network hash rate. Listed mining companies like BitDigital, Hive (NASDAQ:HIVE), and Hut 8 (NASDAQ:HUT) are turning to AI to mitigate these challenges. The report forecasts a challenging environment for miners, with a shift towards more sustainable energy solutions and a potential reduction in hash rate post-halving.

Portfolio Pulse from Murtuza Merchant

April 22, 2024 | 7:31 pm

Hut 8 Corp (NASDAQ:HUT) has merged with US Bitcoin Corporation (USBTC), closing in November 2023. This merger is seen positively by Benchmark analyst Mark Palmer, who initiated coverage with a Buy rating and a $12 price target. The merger is expected to provide diversified revenue streams and increase profitability for Hut 8, especially as the company focuses on expanding its energy capacity and halting the purchase of new mining rigs in anticipation of more efficient technology. Shares of Hut 8 rose by 9.56% to $8.83 following the announcement.

Portfolio Pulse from Priya Nigam

April 22, 2024 | 4:02 pm

Hut 8 shares surged following Benchmark's initiation of coverage with a Buy rating and a $12 price target.

Portfolio Pulse from Benzinga Newsdesk

April 22, 2024 | 3:03 pm

Benchmark analyst Mark Palmer initiates coverage on Hut 8 (NASDAQ:HUT) with a Buy rating and announces a price target of $12.

Portfolio Pulse from Benzinga Newsdesk

April 22, 2024 | 11:25 am

Crypto-related stocks such as CLSK, COIN, CORZ, HUT, MARA, MSTR, and RIOT are trading higher, following a gain in Bitcoin's value over the past 24 hours.

Portfolio Pulse from Benzinga Newsdesk

April 18, 2024 | 3:14 pm

CEOs of Riot Platforms Inc (RIOT), Marathon Digital Holdings Inc (MARA), and Hut 8 Corp (HUT) shared their perspectives on the upcoming Bitcoin halving. The halving will reduce the rate at which new bitcoins are created, impacting miners' revenues and costs. Riot's CEO anticipates a decrease in network hash rate and positions Riot as a low-cost producer poised for growth. Marathon's CEO expects most miners to remain profitable post-halving, with Marathon's efficient fleet maintaining profitability. Hut 8's CEO views the halving as an opportunity for growth and competitive strengthening, leveraging their strong balance sheet and low-cost operations.

Portfolio Pulse from Anthony Noto

April 09, 2024 | 9:18 pm

Hut8 Mining's CEO, Asher Genoot, emphasized the company's strategic approach to mining, only engaging in the activity when profitable, supported by proprietary software. With over 9,100 BTC on its balance sheet, Hut8 aims to ensure stability while focusing on growth.

Portfolio Pulse from Benzinga Newsdesk

April 09, 2024 | 6:51 pm

Hut8 Mining CEO, Asher Genoot, views the upcoming BTC halving as an opportunity for growth and to strengthen the company's competitive position.

Portfolio Pulse from Benzinga Newsdesk

April 09, 2024 | 6:51 pm

Canaccord Genuity analyst Joseph Vafi maintains a Buy rating on Hut 8 (NASDAQ:HUT) but lowers the price target from $17.5 to $14.

Portfolio Pulse from Benzinga Newsdesk

April 05, 2024 | 11:26 am

Hut 8 Corp. (HUT) announced strategic site closures and progress on new site energization, alongside an operations update for March 2024. The company closed its Drumheller site, relocating efficient miners to Medicine Hat and retiring inefficient ones. Significant progress was made on the Salt Creek site, expected to be energized in April. Hut 8 also transitioned site-level operating responsibilities at Kearney and Granbury to a new owner, with a termination fee expected by end of April. The company holds 9,102 Bitcoin, positioning it for growth ahead of the cryptocurrency halving.

Portfolio Pulse from Benzinga Newsdesk

April 05, 2024 | 10:32 am

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