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Highlights

  • In Q3 2023, Hut 8 Mining Corp’s HPC operations secured CAD 4.5 million, versus CAD 4.4 million in pcp.
  • HUT’s consolidated revenue witnessed a downside of 46.5% to CAD 16.9 million in Q3 2023 from CAD 6 million in Q3 2022.

Digital asset miner Hut 8 Mining Corp (TSX: HUT) is based in energy-rich Alberta in Canada. The company has one of the highest installed capacity rates in the industry with more self-mined bitcoin than any publicly traded company or crypto miner in the world. Hut 8 Mining is focused on mining and holding bitcoin following a diversified business model to ascend shareholder value irrespective of bitcoin's market direction.

In Q3 2023, the firm’s digital asset revenue per bitcoin mined grew on a sequential basis. Its high-performance computing operations secured CAD 4.5 million in the reporting period, versus CAD 4.4 million in the previous corresponding period.

HUT’S total self-mined Bitcoin balance in custody or which has been pledged as collateral of 9,366 stood at CAD 341.4 million, at the end of the September quarter. The company received approximately CAD 3.9 million after mining 330 Bitcoin and selling 100 Bitcoin in Q3 2023.

HUT’s consolidated revenue witnessed a downside of 46.5% to CAD 16.9 million in Q3 2023 from CAD 31.6 million in Q3 2022. Also, the company had higher operating loss of around CAD 36.5 million in the reporting period, which resulted in increased losses before taxes at CAD 40.3 million for the period. Overall, the company registered net loss of CAD 53.5 million in Q3 2023.

Top 10 Shareholders:

Around 10.17% of the total shareholding in the firm is held by the top ten shareholders. While State Street Global Advisors (US) holds a maximum stake in the company at approximately ­­­3.15%, Mirae Asset Global Investments (USA) LLC owns over 1.5% shares in HUT.

Stock Price Performance

HUT’s stock price has gained over 6% over the last one week. It has dropped by approximately 5.46% in the past one month. The stock’s 52-week high and low price stand at CAD 5.98 and CAD 1.08, respectively.

Note 1: Past performance is not a reliable indicator of future performance.

Note 2: The reference date for all price data, currency, technical indicators, support, and resistance levels is November 28, 2023. The reference data in this report has been partly sourced from EODHD/Others.