Why Bitcoin- And Ethereum-Related Stock Hut 8 Mining Is Skyrocketing Today

Hut 8 Mining Corp. HUT shares are trading higher by 15.5% to $3.13 Thursday afternoon after the company reported 30.7% year-over-year revenue growth.

What Happened?

Hut 8 says revenue increased by $10.3 million to $43.8 million compared to $33.5 million for the quarter ended June 30, 2021.

The Company mined 946 Bitcoin in the quarter ended June 30, 2022, a 71% increase compared to the same period in 2021 due to an increase in hashrate from additional highly efficient miners and initial ramping of activities at Hut 8's third mining site in North Bay, Ontario... Read More

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According to data from Benzinga Pro, Hut 8 Mining has a 52-week high of $8.34 and a 52-week low of $1.27.