Hut 8 Mining Increases Bitcoin Mining Production; Shares Slip 9%
— Also worth noting, Cash burn, May attract investors, Underlying cryptocurrency, Total, Hut 8 mining, 406 self, Correlated, Costs, Get exposure — 1 min read
Hut 8 Mining generated 328 bitcoins (BTC-USD) in June, equating to a mining rate of about 10.9 bitcoins per day. Despite this, the stock is currently down 9% today. In total, the company has 7,406 self-mined bitcoins in its reserves. This equates to $148,120,000 worth of cryptocurrency. Investors should note that the company currently burns cash since it stores almost all the bitcoins it mines, and its high-performance computing business doesn’t make up for the costs. The company is currently trading below its book value, with a price-to-book ratio of 0.5x. It has a Moderate Buy consensus rating based on two Buys assigned in the past three months. Source