Hut 8 Releases Bitcoin Mining Update: What To Know

Hut 8 Corp. (NASDAQ:HUT) shares are trading higher Friday after the company released its September operational update. Here's a look at the details from the report.

The Details:

Hut 8 produced 85 Bitcoin (CRYPTO: BTC) in September, down from 87 Bitcoin in August, and increased its hashrate from 18.5 EH/s to 19.5 EH/s. The company also brought 1,000 NVIDIA H100 GPUs online and began generating revenue for its GPU-as-a-service subsidiary Highrise AI, Inc.

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“We made significant strides in scaling our compute layer across Bitcoin mining and AI this month,” said Asher Genoot, CEO of Hut 8. 

“In partnership with Bitmain, we launched a next-generation, DLC-cooled ASIC miner. We are targeting a 15 EH/s hosting deployment at our Vega site in the Texas Panhandle by H1 2025, which is expected to generate ~$135 million in annualized hosting revenue on a fully ramped basis. The agreement’s purchase option creates a clear path to 20 EH/s of self-mining capacity by allowing us to fully acquire the hosted machines for our fleet,” added Genoot. 

What Else: Craig-Hallum analyst George Sutton maintained a Buy rating on Hut 8 stock and raised the price target from $14 to $15 on Wednesday. According to data from Benzinga Pro, Hut 8 shares are trading above the stock’s 50-day moving average of $11.71 and have gained more than 30% over the past month. 

HUT Price Action: According to Benzinga Pro, Hut 8 shares are up 1.75% at $11.94 at the time of publication Friday.

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