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.
