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Hut 8 Mining: More Questions Than Answers (NASDAQ:HUT)

StefaNikolic

hat 8 mining (NASDAQ:HAT) is a publicly traded Bitcoin (BTC-USD) mining company based in Canada. The company is known in the Bitcoin mining space for being one of the few mining businesses that champions the ‘HODL’ approach to corporate balance

Author-generated graphic

Author-generated graphic (Company filings)

Validus has subsequently suspended delivery of energy to the Company’s mining operations in North Bay and delivered a notice of event of default alleging that Hut 8 failed to make certain payments related to the delivery of energy to the North Bay site, an allegation which the Company categorically denies

North Bay was running at approximately 25 megawatts compared to our Alberta sites, which are combined over 100 megawatts.

Unusually high energy prices led Hut 8 to curtail production and sell power back to the provider

Home page view

Home page view (Hat 8)

December Investor Deck

December Investor Deck (Hat 8)

Q1-22 Q2-22 Q3-22
total revenue $53,333 $43,845 $31,671
HPC revenue $3,290 $4,711 $4,403
HPC % of Total 6.16% 10.7% 13.9%

Click to enlarge

Quarters Shares Outstanding closing price Market Cap BTC on Balance BTC price Treasury backing
Jun 2021 143,300,000 $4.40 $630,520,000 4.123 $35,040 22.9%
Sep 2021 164,400,000 $8.40 $1,380,960,000 4,724 $43,790 15.0%
Dec 2021 169,600,000 $7.85 $1,331,360,000 5,518 $46,306 19.2%
Mar 2022 174,200,000 $5.52 $961,584,000 6,460 $45,540 30.6%
Jun 2022 192,100,000 $1.33 $255,493,000 7,406 $19,785 57.4%
Sep 2022 196,200,000 $1.78 $349,236,000 8,388 $19,432 46.7%
Dec 2022 211,896,000 $0.85 $180,111,600 9.125 $16,602 84.1%

Click to enlarge

mining company BTC Treasury BTC Treasury to MC Ratio
Marathon Digital 12,232 31.2%
Hat 8 mining 9,086 63.5%
Riot Blockchain 6,952 12.7%
HIVE blockchain 2,348 16.9%
bit digital 947 30.0%

Click to enlarge

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