Hut 8 Mining (HUT:NSD) reported a 17% decline in Bitcoin production for February, mining 156 Bitcoin compared to 188 Bitcoin in January. The company attributed the drop to electrical issues at its Drumheller, Alberta site and is investigating the matter. Hut 8 holds 9,242 Bitcoin and claims to hold the largest amount of self-mined Bitcoin in reserve of any publicly-traded company.
Hut 8 plans to sell its February Bitcoin production to fund its operating costs. The company also announced that it is on track to close its merger with US Bitcoin Corp. in Q2 2023.
The merger will create a new company, Hut 8 Corp., that is domiciled in the US, with Hut 8 and US Bitcoin Corp. shareholders each owning 50% of the combined company. The deal is expected to provide Hut 8 with access to cheap energy and give US Bitcoin Corp. a partner with a strong balance sheet.
HUT 8 Stock Analysis:
Based on the Hut 8 stock forecast from 4 analysts, the average analyst target price for Hut 8 Mining Corp is USD 2.55 over the next 12 months. Hut 8 Mining Corp’s average analyst rating is Hold.
Stock Target Advisor’s own stock analysis of Hut 8 stock is Very Bearish, which is based on 0 positive signals and 4 negative signals. At the last closing, Hut 8 stock price was USD 1.57. Hut 8 Mining Corp’s stock price has changed by -5.99% over the past week, -34.03% over the past month, and -70.49% over the last year.
Company Profile:
Hut 8 Mining Corp. operates as a cryptocurrency mining company in North America. The company engages in industrial-scale bitcoin mining operations. It also owns and operates 38 BlockBoxes in Drumheller, Alberta; and 51 BlockBoxes in Medicine Hat, Alberta. Hut 8 Mining Corp. was incorporated in 2011 and is headquartered in Toronto, Canada.
