Home Financial Markets Penny Stocks Hut 8 Mining (HUTMF) Stock Risen 11%, What’s The Driving Force?

Hut 8 Mining (HUTMF) Stock Risen 11%, What’s The Driving Force?

In the last session, the stock of Canada-based Bitcoin miner Hut 8 Mining Corp. (OTCQX: HUTMF) reached $7.3529, after seeing a rise of 6.41%. The stock was up 11.36% over the last 5 sessions while being up 54.41% over the past month.

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What does the company do?

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One of Canada’s oldest and biggest bitcoin miners, Hut 8 is considered one of the cheapest and most profitable bitcoin inventories. Investors can now buy bitcoin directly from the company, without the technical complexity or financial constraints that typically occur when an individual purchases bitcoin. The company enables investors to avoid having to create online wallets and wire money to offshore accounts and safely store their bitcoin. Common shares of the company are also listed under the symbol “HUT” on Toronto Stock Exchange (TSX).

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What caused the surge?

The company yesterday shared the current position according to which the firm has a current bitcoin balance of 3,012 that has an estimated value of CAD186 ($146.94) million as of the end of day on Tuesday, February 16. The news came to be raising the stock price on the day not only at TSX in Canada but also in the OTC market in the U.S. The company also shared the details as follows:

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  • Hut 8 has 3,012 bitcoin in its account on February 16, 2021, including 1,000 bitcoins that are in Genesis savings account that yields 4% in fiat.
  • Among publicly traded bitcoin miners in the world, Hut 8 holds more bitcoin mined by itself.
  • One of the western hemisphere’s largest mines, Hut 8 is currently producing 1,073 petahashes per second (PH/s) and 109 megawatts of power.
  • According to current network difficulty and the company’s output, the bitcoin production is estimated at about 6.8 bitcoin each day.

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