- Hut 8 Mining’s Q1 revenue fell by 64% compared to the same period last year.
- Craig-Hallum analyst sees downside in “HUT” to C$2.0 a share.
- Hut 8 Mining’s stock price is down almost 30% since its YTD peak.
Hut 8 Mining Corp. has been trading lower on Thursday, after reporting a huge drop in revenue for its first quarter.
Hut 8 Mining Q1 Report: Notable figures
- Earned C$0.47 for every share, versus C$0.15 per share expected loss
- The revenue dropped more than 64%, to C$19million.
- Mined 475 bitcoin – down roughly 50% versus a year ago
- The installed hashrate was increased in the third quarter to 2.6EH/s
Hut 8 Mining’s Ontario facility had to shut down 8,000 machines due to a dispute between Validus Power Corp. In the press releaseJamie Leverton, the CEO of.
We experienced a confluence in early 2023: electrical issues on our Drumheller location caused equipment failures. Energy prices fluctuated and network problems increased.
Hut 8 Mining shares are down almost 30% compared to their year-to date high.
Hut 8 Mine stock is it worth purchasing?
Only 1,000 machines at its Ontario facility have been brought back online. its Alberta mine It is only running at 15% of the installed hashrate.
Hut 8 Mining has merged with USBTC. U.S. Bitcoin Corp. According to the Chief executive:
We have made significant progress in completing the regulatory documents required for the completion of this transaction. Our Medicine Hat facility also achieved a new operational record of 1,72 EH/s.
Despite underperformance, it may not be the best of ideas to take a position in this Canadian company today considering a Craig-Hallum analyst reiterated his “hold” rating on Hut 8 Mining stock this week. His C$2.0 estimate suggests that there is still 10% more downside.