Hut 8 Mining Announces Production Update for January

Hut 8 Mining Corp (TSE: HUT) (NASDAQ: HUT), one of the largest innovation-driven digital asset extraction pioneers in North America, announced Thursday its mining production highlights and operations update for January 22.

Hut 8 Holds 5,826 Self-Mined Bitcoin in Reserve

As of January 31, 308 Bitcoin were mined, giving an average production rate of 9.93 Bitcoin per day. The total balance of Bitcoin held in reserve was 5,826.

Installed operational capacity is currently at 2.36 EH/s, an increase of 17% compared to December 31, 2021.

Operations updates for January 2022:

In January 2022, the company installed 6,317 MicroBT M30S and M31S+ miners while retiring Bitfury Clarkes’ legacy fleet.

Hut 8 also made progress on the construction and development of the company’s third data center located in North Bay, Ontario. The building structure is complete. Floors are being poured imminently, and racking is expected to begin later this month.

Management Commentary

“Our team is working hard deploying additional miners between our two Alberta-based sites, increasing overall efficiency and hashrate using existing capacity,” said Jason Zaluski, Head of Technology for Hut 8.

“Our goal is to always utilize the most efficient miners we have, and we have been receiving and fully deploying our MicroBT units as they arrive, which speaks to the commitment and capability of our team on the ground here in Alberta.”

Wall Street’s Take

Three months ago, H.C. Wainwright analyst Kevin Dede kept a Buy rating on HUT with a C$24 price target. This implies 221.7% upside potential

Overall, Hut 8 Mining stock scores a Moderate Buy consensus rating based on two Buys.

The average Hut 8 Mining price target of C$24.68 implies upside potential of about 230% from current levels.

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