Why Hut 8 Mining Shares Are Trading Higher Today

Hut 8 Mining Corp HUT is trading higher Thursday after the company provided a production update for August 2021. The stock could also be up in sympathy with the price of Bitcoin, which is up 1.2% at $49,349. 

Hut 8 Mining announced it mined 326 Bitcoin BTC/USD over the course of the month. All of the Bitcoin were deposited into custody, consistent with Hut 8 Mining's "hodl" strategy. The company now holds 4,450 Bitcoin.

The company also said it installed 1,025 new MicroBT machines, which increased its production rate by 92 petahash per second. 

"We are excited to have begun the installation of NVIDIA Corp NVDA cryptocurrency mining processors. We remain encouraged that our previously announced strategy of mining the Ethereum ETH/USD network with these CMPs, while settling in Bitcoin, will provide compelling economics, with a total cost per Bitcoin expected to be under $3,000 Canadian dollars," said Shane Downey, CFO of Hut 8 Mining.

Hut 8 Mining is an innovation-focused digital asset miner located in Alberta, Canada.

HUT Price Action: Hut 8 Mining is making a new 52-week high in trading today.

The stock was up 8.26% at $8.78 at time of publication.