What's Going On With Bitcoin-Miner Hut 8 Mining Stock?

Hut 8 Corp. HUT shares are trading higher Tuesday on continued upward momentum. The stock has gained more than 55% over the past five days.

What To Know:

Hut 8 Mining announced on Monday that it has signed an agreement to build out and install mining operations in connection with the Celsius Network bankruptcy proceedings at a site in Cedarvale, TX. Once complete, the site will hold approximately 66,000 miners powered by more than 215 MW of energy.

Asher Genoot, president of Hut 8, said, "We believe that the strength of Hut 8's managed services business with 680 MW currently under management, coupled with our track record of swiftly standing up mining infrastructure and efficiently running and optimizing operations, were key factors in being chosen as the partners for this project."

Shares of Hut 8 are moving on heavy trading volume Tuesday. According to data from Benzinga Pro, more than 5.9 million shares have already been traded in the session, compared to the stock's 100-day average volume of 2.813 million shares.

According to data from Benzinga Pro, Hut 8 shares are trading above the stock's 50-day moving average of $10.17, and 11.66% of available shares are being sold short.

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HUT Price Action: According to Benzinga Pro, Hut 8 Mining shares are up by 13% at $13.07 at the time of publication.

Image: Wilfried Pohnke from Pixabay