Hut 8 Mining Stock Price, News & Analysis

Hut 8 Mining Corp. (NASDAQ: HUT) has entered into a strategic partnership with Foundry Digital, a subsidiary of Digital Currency Group. This collaboration will leverage Hut 8's data center infrastructure for Foundry's digital asset operations, starting in Mississauga, Ontario, with plans to extend to Kelowna, British Columbia. This partnership marks a significant milestone in Hut 8's high-performance computing segment, aligning with Foundry's expertise in the digital asset industry. Hut 8 aims to support Foundry's growth with advanced infrastructure, further solidifying its position as a leader in the sector.

Hut 8 Mining Corp. (Nasdaq: HUT) reported a Bitcoin production increase of 328 in June 2022, raising its total reserves to 7,406 Bitcoins. The company maintains a HODL strategy, depositing all mined Bitcoin into custody. With a daily production rate of 10.9 Bitcoins, Hut 8's North Bay site is now operating 5,800 miners on 20 MW of power. The firm's high performance computing business is projected to grow by 18% by year-end 2022. Hut 8 remains focused on navigating the current market while enhancing its production capacity.

Hut 8 Mining Corp. (Nasdaq: HUT) announces the appointment of Aniss Amdiss as Chief Legal Officer, effective July 11, 2022. This strategic addition enhances Hut 8's executive team, bringing expertise in corporate governance, capital markets, and mergers and acquisitions. Aniss previously served as General Counsel at Greenbrook TMS Inc. and aims to elevate Hut 8's governance practices. Hut 8 is a leading digital asset mining company in North America, known for its high capacity rates and significant Bitcoin inventory.

Hut 8 Mining Corp. (TSX: HUT) announced that all resolutions at its Annual Meeting of Shareholders on June 16, 2022, passed successfully. Key votes included the re-election of directors such as Bill Tai and Jaime Leverton, with significant support. Total votes cast ranged from approximately 27 million to 27 million across nominees, with votes for varying from over 26 million to just over 15 million. Hut 8 continues to solidify its position as a leader in digital asset mining in North America, focusing on bridging traditional computing with blockchain technology.

Hut 8 Mining Corp. reported a total of 7,078 self-mined Bitcoin as of May 31, 2022, with 309 Bitcoin mined in May at an average rate of 10 Bitcoin per day. The company began mining operations at its North Bay site on June 2, 2022, which is expected to enhance production. Hut 8's Ethereum mining accounted for approximately 14% of total production. Costs associated with Bitcoin mining averaged $3,654 per Bitcoin. The company continues to focus on its HODL strategy, depositing all mined Bitcoin into custody.

Hut 8 Mining Corp. reported robust financial results for Q1 2022, achieving revenue of $53.3 million, a 67% increase from the prior year, driven by the mining of 942 Bitcoin. The company's adjusted EBITDA rose to $27.1 million, reflecting strong operations and a growing high-performance computing segment, which contributed $3.3 million in revenue. Despite a slight decrease in average Bitcoin price, Hut 8's Bitcoin holdings increased to 6,460 BTC. Net income surged to $55.7 million or $0.33 per share.

Hut 8 Mining Corp. announced an increase in its Bitcoin reserves, holding a total of 6,769 Bitcoin as of April 30, 2022, after mining 309 Bitcoin in April at an average rate of 10.3 Bitcoin per day. The company's Ethereum mining contributed approximately 15% to total production, with costs below C$3200 per Bitcoin. Despite some operational limitations due to weather, Hut 8's installed capacity is now 2.58 EH/s. The company emphasizes its HODL strategy and efficient mining practices, positioning itself as a leader in North America's digital asset mining sector.

Hut 8 Mining Corp. has entered an agreement to purchase 960 Whatsminer M31S+ machines from TAAL, effective May 1, 2022. This acquisition will enhance Hut 8's total hashrate to 2.62 EH/s, with an immediate contribution of 81 PH/s. The company's operations will be fully allocated to self-mining following this transaction. Hut 8 is known for its focus on digital asset mining and supporting clients with computing services, positioning itself as a leader in the blockchain and Web 3.0 sectors.