Here is why Hut 8 Mining Corp (HUT) stock soared on Thursday?

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CYTO Stock
CYTO Stock

Hut 8 Mining Corp. (HUT) stock surged 3.02% in after-hours on Thursday, September 02, 2021, and closed the daily trading at $9.20. In the regular trading session of Thursday, the stock also gained 10.11%. HUT shares have risen 989.97% over the last 12 months, and they have moved up 32.49% in the past week. Over the past three months, the stock has gained 126.65%, while over the past six months, it has soared 27.57%.

Let’s have a brief discussion about its recent news and developments.


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HUT recent production update

On September 2, 2021, Hut 8 Mining Corp provided the following production update for August 2021.

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Mining Production Highlights for August 2021

  • The company mined 326 Bitcoin, with an average production of 10.5 Bitcoin per day.
  • 100% of self-mined Bitcoin were deposited into custody as of August 31, 2021.
  • As of August 31, 2021, the Bitcoin balance held in reserve was 4,450.
  • It installed 025 net new MicroBT machines, adding 92 PH/s to the production rate.

HUT Stock participation at Benzinga Crypto Festival

The CEO of Hut 8 Mining Corp  Jaime Leverton joined a panel discussion at the Benzinga Crypto Festival, which wraps up two days of virtual cryptocurrency discourse on Wednesday, September 1, 2021.

HUT Stock recent financial results announcement

On August 12, 2021, Hut 8 Mining Corp released its financial results for the quarter ending June 30, 2021. All dollar figures are in Canadian Dollars.

Q2 2021 financial highlights

  • HUT reported record revenue of $33.5 million in Q2-2021, compared to revenue of $9.23 million in Q2 2020.
  • In Q2 2021 net loss was $20.43 million compared to net income of $2.84 million in Q2 2020.
  • Net loss per basic share was $0.17 and net loss per diluted share was $0.16 in Q2 2021.
  • Adjusted EBITDA was $14.36 million in Q2 2021 compared to $65,000 in Q2 2020.

Participation in the recent investor conference

Hut 8 Mining Corp recently participated at Canaccord Genuity’s 41st Annual Growth Conference which was held on August 11, 2021. The company was presented by its CEO Jaime Leverton, during the conference.

HUT Stock & Bitfury BV agreement update

On July 2, 2021, Hut8 Mining Corp and Bitfury BV announced their mutual agreement to terminate the historical Investor Rights Agreement between the two companies. The years of collaboration have enabled a strong partnership for both companies and have led to the advancement of bitcoin mining in Canada.

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Conclusion

The recent production update could be the reason behind its top-notch performance on Thursday and it can continue its positive momentum on Friday as well.

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