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Hut 8 Mining (TSE:HUT) Provides September 2022 Production Update — What to Know

Story Highlights

Hut 8 Mining released its September production results earlier today. The company is increasing its efficiency and looks to continue improving it, going forward.

Earlier today, Hut 8 Mining (TSE: HUT) (NASDAQ: HUT) updated investors regarding its operations for September 2022. The number of bitcoin (BTC-USD) on Hut 8 Mining’s balance sheet increased by about 3.42% month-over-month, rising from 8,111 in August to 8,388 in September. At the current bitcoin price of ~$20,000, its holdings are worth ~$167.76 million. The company produced about 9.2 bitcoin per day, and it plans on keeping its entire position (as part of its HODL strategy).

Hut 8 produced 90.2 BTC/EH for the month (125.8 BTC/EH in August). In addition, HUT’s hashrate efficiency increased by 11% due to consolidation efforts. The company expects to replace legacy miners. Excluding these miners, its September application-specific integrated circuit (ASIC) hashrate capacity came in at 3.07 EH/s – higher than the 2.98 EH/s from August.

Hut 8 Mining also experienced some issues in September. As expected, supply-chain issues were a part of the problem, which caused energy prices to be volatile; unusually warm temperatures also caused this. Meanwhile, HUT experienced production problems at its North Bay mine but has since fixed the issue. 

Is Hut 8 Mining a Good Stock to Buy?

Turning to Wall Street, HUT has a Moderate Buy consensus rating based on just two Buy ratings. The average HUT stock price target of $5.00 implies 148.6% upside potential.

Conclusion: To HODL or Not to HODL?

Hut 8 Mining continues to expand its bitcoin holdings and isn’t looking to sell. Also, its adjusted hashrate increased month-over-month, which is a positive sign. The stock is rallying today along with the broader stock and crypto markets. Analysts are bullish, and it’s a stock worth considering for those that are bullish on bitcoin.


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