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Sunday, July 3, 2022

Hut 8 Mining Corp. (HUT) Stock on a Consistent Rise, Here’s the Reason

Hut 8 Mining Corp. (HUT), a cryptocurrency mining company, has surged 6.47% in the premarket trading sessions and consequently is trading at $6.91 at the time of the writing. During Friday’s regular trading session, the stock soared by 12.28% and closed the day at $6.49. The consistent increase in the stock price could be attributed to the announcement of monthly production updates.

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Why HUT Soaring?

In the late hours of Thursday, HUT announced the corporate update for the month of January 2022. The company said that 308 bitcoins were mined during the course of a month, which makes an average production rate of 9.93 bitcoins per single day. The company’s total bitcoin balance that was held in the reserves was 5,826 as of 31st January 2022. The company installed 6,317 MicroBT M30S and M31S+ miners. Alongside, it also retired the older fleet of Bitfury Clarkes.

Appointment of Vice President Communications

On 2nd February, HUT announced to appoint Erin Dermer as the Vice President Communications, Marketing and Public Affairs of the company. Her appointment became effective on the same day, i.e. 2nd February. Ms. Dermer has an experience of more than 20 years in leading the national public affairs and digital marketing mandates for promoting some of Canada’s top companies. Hut said that Ms. Dermer would work alongside the ambitious talent roster of the company.

Closing of Agreement

In late January, HUT announced the closing of its definitive agreement with TeraGo Inc. for the purchase of cloud and colocation data center business. The company said that the acquisition consisted of the expansion of the operations in five centers across Canada. The acquisition was intended to establish Hut 8 as a leading high-performance computing platform which provides a unique positioning for the company in the digital asset domain.

Future Outlook for HUT

During the last three months, HUT has declined by approximately 55%, but the recent stats depict a more positive picture for the company. Looking ahead, the analysts believe that the stock holds several negative signals at this point in time, and hence, is expected to have diluted a couple of weeks ahead.

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