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Hut 8 Corp. - HUT STOCK NEWS

Welcome to our dedicated page for Hut 8 news (Ticker: HUT), a resource for investors and traders seeking the latest updates and insights on Hut 8 stock.

Hut 8 Corp. (Nasdaq | TSX: HUT) is a leading Bitcoin miner and energy infrastructure operator with an expansive presence in North America. The company specializes in digital asset mining, managed services, and high-performance computing (HPC) through colocation and cloud services.

Hut 8 manages a diverse portfolio of assets, including eleven self-mining, hosting, and managed services sites across Alberta, New York, Nebraska, and Texas. It also operates five high-performance computing data centers in British Columbia and Ontario, and four power generation assets in Ontario. The company’s core business revolves around mining Bitcoin by leveraging advanced computational equipment to validate blockchain transactions.

In recent developments, Hut 8 has announced the closure of its Drumheller site, relocating its efficient miners to the Medicine Hat site to optimize operations. This strategic move is part of a broader restructuring initiative aimed at boosting financial performance and enhancing asset value. The restructuring is expected to improve Hut 8’s cash flow, reduce mining costs, and increase Bitcoin production efficiency.

Financially, Hut 8 has shown robust performance with significant revenue growth. For the six months ended December 31, 2023, the company reported a 32% increase in revenue to $60.6 million. Digital Assets Mining contributed $41.5 million, Managed Services $12.6 million, HPC $1.1 million, and other services $5.4 million. The company holds substantial Bitcoin reserves, valued at $648.9 million as of March 31, 2024.

Hut 8 has also embarked on a comprehensive restructuring program post-merger with US Bitcoin Corp., focusing on operational excellence and profitable growth. This includes the deployment of proprietary energy curtailment software and the relocation of its mining fleet to owned facilities. The company is actively expanding its HPC services and entering new verticals like AI GPU-as-a-service, aiming to generate additional revenue streams.

Headquartered in Miami, Florida, Hut 8 continues to strengthen its market position by adopting sustainable energy practices and maintaining a strong balance sheet. The company's ongoing projects and strategic initiatives are poised to drive long-term shareholder value and establish Hut 8 as a cornerstone in the digital asset and energy infrastructure sectors.

News

Hut 8 Operations Update for December 2023

Rhea-AI Summary
Hut 8 Corp. (Nasdaq | TSX: HUT) purchased a 63 MW substation in Culberson County, Texas to support near term growth optionality, with a focus on driving efficiencies at Canadian mining sites. The company continues to have one of the largest self-mined Bitcoin reserves of any publicly traded company, with 9,195 miners and total hashrate under management of 21.5 EH/s.
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Court grants approval for Hut 8 to proceed with full mining operations plan in connection to Celsius Network LLC bankruptcy proceedings

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Hut 8 Corp. (Nasdaq | TSX: HUT) has been approved to manage five sites, 122,000 machines, and more than 300 MW of energy as part of a reorganization plan filed in the Celsius Network LLC bankruptcy proceedings. Hut 8 will oversee the mining operations at these sites under a four-year mining management agreement, with the plan aiming to expediently build and efficiently manage mining operations while also building equity for creditors of Celsius through their equity interests in MiningCo.
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Hut 8 selected by Celsius debtors to build out Cedarvale, Texas site

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Hut 8 Corp. (Nasdaq | TSX: HUT) has signed an interim agreement to build out and install approximately 66,000 miners at a 215MW site in Cedarvale, Texas. The site is part of the Celsius Network LLC bankruptcy proceedings. Once complete, the site will house 66,000 miners and be powered by over 215 MW of energy. Hut 8's managed services business with 680 MW currently under management, coupled with their track record of swiftly standing up mining infrastructure and efficiently running and optimizing operations, were key factors in being chosen as the partners for this project. The goal is to build equity with creditors of Celsius while also growing the strength and vitality of Hut 8's managed services business, which is anticipated to have more than 895 MW of infrastructure under their umbrella once the site is up and running.
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Update on Hut 8’s Stalking Horse Bid for four natural gas power plants including the North Bay Bitcoin mine

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Hut 8 Corp. (HUT) declared successful bid for assets of Validus Power Corp. in partnership with Macquarie Equipment Finance Ltd. Completion expected in January 2024.
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Hut 8 Operations Update for November 2023

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Hut 8 Corp. (HUT) has one of the largest self-mined Bitcoin reserves of any publicly traded company, with 9,129 BTC. The company has expanded its digital asset mining geographical footprint and is focusing on improving the efficiency of its self-mining operations in Canada while pursuing near-term growth initiatives.
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Hut 8 and USBTC Announce Completion of Business Combination

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Hut 8 Corp. (HUT) completes a business combination with U.S. Data Mining Group, Inc. creating a strong, diversified, and infrastructure-rich organization. The combined company, New Hut, is a U.S.-domiciled entity and will begin trading on Nasdaq and the TSX on December 4 under the ticker symbol 'HUT'. The transaction is the largest M&A deal in the industry, resulting in a consolidation of Hut 8 shares on a 5 to 1 basis and a share exchange ratio for shareholders of USBTC. New Hut has access to approximately 825 MW of gross energy across six sites with self-mining, hosting, and managed service operations.
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US Bitcoin Corp Stockholders Approve Transformational Business Combination with Hut 8

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U.S. Data Mining Group, Inc. d/b/a US Bitcoin Corp (USBTC) stockholders have approved a business combination with Hut 8 Mining Corp. (Hut 8) (Nasdaq: HUT) (TSX: HUT), a leading digital asset mining company.
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Hut 8 drives innovative recycling initiative for the second year running, earning 44% more carbon credits than in 2022

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Hut 8 Mining Corp. (HUT) partners with Sparta Group’s ERS International to recycle retired miners and parts, earning 7,500 high-quality carbon credits. The partnership aims to achieve carbon neutrality by 2025, with Hut 8 submitting 369 metric tonnes of electronic waste to the program in 2023, generating 7,500 carbon credits. The initiative involves recycling obsolete ASIC miners, hash-boards, power supply units, cables, and other components, with all materials being responsibly processed or sold for re-use. Hut 8 is set to increase its carbon credits by 44% in 2023 compared to 2022, with all credits to be verified and received by Q2 2024.
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Hut 8 Reports Operating and Financial Results for Q3 2023

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Hut 8 Mining Corp (Nasdaq | TSX: HUT) announced its Q3 2023 financial results, with a revenue of $17.0 million, including $4.5 million from high performance computing. The company mined 330 Bitcoin, held 9,366 self-mined Bitcoin, and faced challenges at its mining facilities. The PR also discussed the proposed merger with USBTC and the progress made in securing shareholder approval and court orders.
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Hut 8 Announces Effectiveness of Registration Statement on Form S-4 in Connection with Merger with US Bitcoin Corp

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Hut 8 Mining Corp. (HUT) provides an update on the proposed business combination with U.S. Data Mining Group, Inc. dba US Bitcoin Corp, with the registration statement declared effective by the SEC. The combined company, New Hut, will focus on economical mining and diversified revenue streams from high performance computing and managed services. The common stock of New Hut is expected to be listed on the Nasdaq and the Toronto Stock Exchange under the proposed ticker symbol HUT by November 30, 2023.
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FAQ

What is the current stock price of Hut 8 (HUT)?

The current stock price of Hut 8 (HUT) is $23.48 as of November 21, 2024.

What is the market cap of Hut 8 (HUT)?

The market cap of Hut 8 (HUT) is approximately 2.3B.

What does Hut 8 Corp. do?

Hut 8 Corp. is engaged in Bitcoin mining, managed services, and high-performance computing. It uses specialized equipment to solve complex computational problems, validating transactions on the Bitcoin blockchain.

Where is Hut 8 Corp. headquartered?

Hut 8 Corp. is headquartered in Miami, Florida.

What recent strategic changes has Hut 8 Corp. implemented?

Hut 8 has closed its Drumheller site and relocated efficient miners to its Medicine Hat site as part of a broader restructuring initiative to optimize operations and enhance financial performance.

How has Hut 8 Corp.'s financial performance been recently?

For the six months ended December 31, 2023, Hut 8 reported a 32% increase in revenue to $60.6 million. The company also holds Bitcoin reserves valued at $648.9 million as of March 31, 2024.

What are the business segments of Hut 8 Corp.?

Hut 8 operates in four main segments: Digital Assets Mining, Managed Services, High Performance Computing (HPC) - Colocation and Cloud, and Other services.

What is Hut 8 Corp.'s approach to energy usage?

Hut 8 employs proprietary energy curtailment software to optimize site operations and ensure efficient energy use, reducing costs and enhancing sustainability.

Who is the CEO of Hut 8 Corp.?

Asher Genoot is the current CEO of Hut 8 Corp.

What is Hut 8 Corp.'s strategy for future growth?

Hut 8 focuses on scaling its Bitcoin mining operations, expanding its HPC services, and entering new markets like AI GPU-as-a-service to diversify and grow revenue.

How many sites does Hut 8 Corp. operate?

Hut 8 operates a total of 19 sites including Bitcoin mining, hosting, managed services, high-performance computing data centers, and power generation assets across North America.

What sets Hut 8 Corp. apart in the Bitcoin mining industry?

Hut 8's strategic use of advanced technology, strong financial performance, sustainable energy practices, and a diversified portfolio of operations position it as a leader in the Bitcoin mining and energy infrastructure sectors.

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Hut 8 Corp.

Nasdaq:HUT

HUT Rankings

#1894 Ranked by Market Cap
N/A Ranked by Dividends

HUT Stock Data

2.27B
38.73M
58.67%
60.61%
13.63%
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