Hut 8 Mining Corp. (HUT) has gained 17.85% to $4.92 in the current market price on Monday. HUT stock ended the prior trading session at $4.09. HUT 8 traded in the range of $4.00 to $4.29 in the current session. Hut stock exchanged 2.93 million shares so far in the current session, a volume that exceeded its average daily trading volume of 1.46 million shares for the last 100 days.
HUT shares have gained 3.81% over the last five days and 13.10% over the past month. Since HUT stock rose in the absence of any current information, there may be some reason to believe recent developments could provide additional insight regarding it.
How has Hut 8 been recently?
Hut 8 is a North American company with a unique focus on innovation and decentralized systems, integrating them into its mining operation. With one of the highest installed capacity rates in the business and more self-mined Bitcoin than any publicly traded company or crypto miner worldwide, HUT is located in energy-rich Alberta, Canada.
In addition to profitable digital asset mining, HUT offers high-performance computing services and yield & income programs based on its Bitcoin reserves. HUT is helping define the digital asset revolution with innovation, imagination, and passion to create value and benefits for its shareholders and subsequent generations.
A mutual agreement between Hut 8 Mining and Bitfury BV has terminated the historical Investor Rights Agreement (“IRA”) between the two companies.
- HUT has been in partnership with Bitfury for a number of years and has enabled it to advance bitcoin mining in Canada.
- The termination of the IRA will result in Bitfury losing its right to nominate a board member to Hut 8.
- For the sake of working through the transition, Hut 8 has allowing Jeremy Sewell’s resignation to be delayed until January 1, 2021 to allow the Hut 8 Board time to transition.
- Late last month, Hut 8 purchased 11,090 MicroBT M30S, M30S+, and M31S miners from SuperAcme Technology (Hong Kong) Limited (“SuperAcme”) for $44.373 million USD, or $44/terahash.
- Delivery of the miners will begin in October 2021, with HUT expecting the full deployment in December 2021.
- In addition to this purchase, earlier in the prior week HUT purchased 863 M30S+ and M30S units that will be delivered and deployed by July 2021.
How will these purchases increase HUT’s capacity?
As a result of both purchases, Hut 8’s installed capacity should increase by approximately 2.5 E/H, which is in addition to previously announced investments. In partnership with Validus Power, the new fleet of miners will comprise the first operational fleet for the 100 MW facility that the HUT plans to build.
