Cryptocurrency mining companies have been in focus among investors for quite some time due to the growing popularity of digital assets and one of the companies that could be tracked by investors this week is that of Hut 8 Mining Corp (NASDAQ:HUT).
Yesterday, the Hut 8 stock was on the move and managed to clock gains of as much as 10.5%. The rally in the stock yesterday might have been triggered by a corporate update provided by the company on Wednesday. The company announced that it completed the purchase of as many as 11090 miners consisting of MicroBT M30S, M30S+ and M31S from the Hong Kong based company SuperAcme Technology.
The latest purchase made by the company represents an investment of $44 for each Terahash. The company also announced that the mining machines are going to be delivered at some point in October this year and Hut 8 is going to complete the deployment of these machines by December 2021.
It is a significant development for the company since it takes its mining capabilities to a new level altogether and the optimism among investors regarding this is understandable. Investors could consider keeping an eye on the Hut 8 stock today.
Market Reaction:
On Thursday, HUT stock jumped 7.73% to $4.74 with more than 5.10 million shares, compared to its average volume of 1.19 million shares. The stock has moved within a range of $4.3000 – 5.0000 after opening the trade at $4.30 Over the past 52-week, the stock has been trading within a range of $0.5850 – 13.0000.
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