Why Bitcoin-Related Stock Hut 8 Mining Is Rising

Hut 8 Mining Corp HUT shares are trading higher following mention of the stock on CNBC's Unusual Options Activity. The stock gained yesterday after the company provided a production update for August 2021:

• 326 Bitcoin mined, resulting in average production of 10.5 Bitcoin per day
• 100% of self-mined Bitcoin were deposited into custody as of August 31, consistent with Hut 8's "hodl" strategy
• Total Bitcoin balance held in reserve: 4,450 as of August 31, 2021
• Received and installed 1,025 net new MicroBT machines, adding 92 PH/s to production rate.

Hut 8 Mining is a digital asset miner. The company says they hold more self-mined bitcoin than any crypto miner or publicly-traded company globally.

Hut 8 has a 52-week high of $13.00 and a 52-week low of $0.58.