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Hut 8 Corp. (Nasdaq: HUT) (TSX: HUT) Joins TSX Gainer List as Bitcoin Soars

November 27, 2024 (Investorideas.com Newswire) Investorideas.com, a go-to platform for big investing ideas, including Bitcoin and crypto stocks reports on trading for Hut 8 Corp. (Nasdaq: HUT) (TSX: HUT), a leading, vertically integrated operator of large-scale energy infrastructure and one of North America's largest Bitcoin miners.

With Bitcoin (BTC USD) rising and back above 96,000 today, bitcoin stocks like Hut 8 Corp. (Nasdaq: HUT) (TSX: HUT), are also gaining. Hut 8 is trading at $37.33, up 3.06, gaining 8.93% on the TSX. On the NASDAQ the stock is trading at $26.55, up 2.13, gaining 8.72% on volume of over 5, 7 Million shares.

On November 18th, Hut 8 Corp announced its financial results for the three and nine months ended September 30, 2024.

"This quarter, we executed several strategic initiatives designed to drive topline growth and strengthen our competitive position in both AI and Bitcoin mining," said Asher Genoot, CEO of Hut 8. "Key initiatives-including a ~15 EH/s colocation partnership with BITMAIN, the go-live of our GPU-as-a-Service vertical, and the elimination of significant interest expenses through the equitization of our Anchorage Digital loan-are projected to generate nine figures in new annualized revenue and reduce interest expenses by more than $17 million over three years."

"As of October 31, 2024, our development pipeline exceeds 5 gigawatts, with more than 1.5 gigawatts under exclusivity. Three projects from this pipeline are particularly promising for large-scale AI data center projects. Collectively, they represent over 430 megawatts of capacity, with power delivery expected to be available before the end of 2025. We are actively exploring various commercial structures for these projects across a range of customer profiles."

"Our long-term vision is to build a digital infrastructure platform that not only meets the demands of today but is also engineered for the technologies and breakthroughs of tomorrow. Our partnership with BITMAIN to develop and launch the U3S21EXPH at our 205 MW Vega site exemplifies our dual focus on technological and commercial innovation. From the outset, it was designed with high-density racks, U form factor chips, and direct liquid-to-chip cooling, bridging Tier I and Tier III data center architecture, which we believe will unlock long-term synergies in design, procurement, and construction."

"Lastly, we expect the initial ASIC fleet upgrade we announced last week to improve our average fleet efficiency by 37% to 19.9 J/TH and increase our self-mining hashrate by 66% to ~9.3 EH/s in the first quarter of 2025. Combined with our option to purchase an additional ~15 EH/s of hosted machines at Vega, we now have a path to reach ~24 EH/s in self-mining capacity and an average fleet efficiency of 15.7 J/TH as early as Q2 2025."

Recent news

https://hut8.com/2024/11/13/hut-8-reports-third-quarter-2024-results/

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