Hut 8 Corp is a technology company primarily focused on cryptocurrency mining and blockchain infrastructure solutions
The company operates large-scale data centers and utilizes advanced hardware to mine various cryptocurrencies, thereby contributing to the overall security and functionality of blockchain networks. Additionally, Hut 8 emphasizes the importance of operational efficiency and sustainability, often exploring innovative ways to optimize energy use in its mining operations. Beyond mining, the company may also engage in other activities related to digital assets, catering to the growing demand in the cryptocurrency market.
Rosenblatt analyst Chris Brendler initiated coverage of Bitcoin stocks on Friday, citing a premium likely for the stocks due to their entry into the high-performance computing (HPC) business.
The Bitcoin miner said it benefited from a steep drop in energy costs, with its average cost per megawatt-hour falling 30% from the previous year to $31.63 in Q4.
Stocks fell broadly on Monday to start the month of March with all three major indices red in midday trading. Investors digested a decline in February's ISM Manufacturing PMI data which fell to 50.3%, down from 50.9% in January.
Stocks recovered on Friday, with all three major indexes in the green, as the tech sector bounced back from Thursday's losses with NVIDIA Corp. (NASDAQNVDA) up 1.37% and Tesla, Inc. NASDAQ:TSLANASDAQTSLA)
Bitcoin, which had been trading in a tight range in recent weeks, fell as low as $86,873 late Monday, significantly below its all-time high of $109,000 last month.
MIAMI, Feb. 10, 2025 (GLOBE NEWSWIRE) -- Hut 8 Corp. (Nasdaq | TSX: HUT) (“Hut 8” or the “Company”), a leading, vertically integrated operator of large-scale energy infrastructure and one of North America’s largest Bitcoin miners, today announced it will release financial results for the full year of 2024 before the market opens on March 3, 2025. The Company will host a conference call and webcast to review the results on the same day at 8:30 a.m. ET.
According to JP Morgan, 12 out of 14 publicly traded miners outperformed Bitcoin in the first two weeks of January with Riot Platforms posting the most gains.
Needham analyst John Todaro maintains a Buy rating on Hut 8 Corp (NASDAQHUT) with a price target of $38.00. The analyst highlights HUT's diversified mining approach, significant HPC plans, and strong pipeline as key drivers for 2025 growth.
