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Why Bitcoin- And Ethereum-Related Stock Hut 8 Mining Is Falling

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Why Bitcoin- And Ethereum-Related Stock Hut 8 Mining Is Falling

Hut 8 Mining Corp (NASDAQ: HUT) shares are trading lower after the company reported it mined 265 Bitcoin in November, down from prior months.

The company also provided a business update via press release: "Our NVIDIA CMP deployment is contributing revenue of approximately $140,000 per day, based upon current mining economics," said Jason Zaluski, Head of Technology for Hut 8. "Given the low power intensity of these chips, our cost per Bitcoin of approximately $3,000 means we are achieving unit margins in excess of 95%."

Hut 8 is one of North America's largest innovation-focused digital asset miners, supporting open and decentralized systems since 2018.

Hut 8 Mining has a 52-week high of $20.61 and a 52-week low of $1.44.

 

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