Should you explore Hut 8 (TSX:HUT) stock as crypto market rises?

3 min read | February 07, 2022 07:28 AM PST | By Raza Naqvi

Should you explore Hut 8 (TSX:HUT) stock?

On February 3, digital currency miner Hut 8 announced that 308 Bitcoin were mined in January, and the company achieved an average production of 9.93 Bitcoin per day.

As of January 31, Hut 8 had 5,826 Bitcoin held in reserve, and its operating capacity was 2.36 EH/s, representing an increase of 17 per cent month-over-month.

As part of its Hodl strategy, Hut 8 deposited all the self-mined Bitcoin into custody. The company said that it had developed its third data centre in Ontario.

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Hut 8 seems to have a growth plan as it is looking to increase its presence in Canada and global markets. On February 2, the company appointed Erin Dermer as Vice President of Communications, Marketing, and Public Affairs to ensure that the company's visibility increases.

Bottom line

Hut 8 is looking to expand its operations and recently announced that it has closed the acquisition deal to purchase TeroGo Inc., an operator of data centres.

In Q3 2021, Hut 8 achieved a record revenue of C$ 50.3 million. Meanwhile, the net income was C$ 23.4 million in Q3 2021 compared to a net loss of C$ 900,000 in Q3 2020.

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