📰 Table Of Contents
Hut 8 Corporation: A Promising Future
After the merger with US Bitcoin Corporation (USBTC) in November, Hut 8 (HUT) has positioned itself as a strong entity with diverse revenue streams, as highlighted in a recent research report by Benchmark.
Buy Rating and Price Target
Benchmark has assigned Hut 8 a buy rating with a price target of $12. Currently, Hut 8’s shares are trading 14% higher at $9.22.
Diversified Business Model
Hut 8’s business model includes self-mining, managed services, hosting, high-performance computing, and artificial intelligence, providing multiple revenue streams.
Market Value of Bitcoin Reserves
Hut 8 holds 9,102 bitcoins valued at approximately $592 million, which is 82% of its market capitalization, positioning it as the second-ranked listed miner in terms of bitcoin holdings.
Formation of Hut 8 Corporation
In November 2023, Hut 8 Mining and US Bitcoin merged to form Hut 8 Corporation, headquartered in the United States. The new entity began trading under the $HUT ticker on the Nasdaq and Toronto Stock Exchanges starting December 4.
Power Capacity and Infrastructure
As of March 31, Hut 8 Corporation manages around 884 MW of power capacity across 11 sites, with a total hash rate of 25.5 EH/s. The company operates in New York, Texas, and Alberta provinces in Canada, along with hosting, managed services, and high-performance computing businesses.
Initiatives for Cost Reduction
Since the merger, Hut 8’s management has focused on reducing mining costs, lowering energy expenses, and improving cash flow to enhance operational efficiency.
Ian is a cryptocurrency enthusiast blending humor with professionalism. With an engineering background and a storyteller's heart, he simplifies the blockchain world with sharp analysis and a touch of wit. At Cryptowire, he brings his unique perspective to make digital financial innovation accessible to all.
