Bitcoin miner Hut 8 (NASDAQ:HUT) (TSE:HUT) recently released its operational update for June 2024, where it highlighted the steps it took to boost its energy capacity. CEO Asher Genoot talked about the firm’s progress in expanding to over 1,100 megawatts of energy and how a recent investment from Coatue has strengthened its position for future projects.
Additionally, the company rolled out and finished upgrades at its Salt Creek site, where it increased the number of deployed miners, its hashrate (the number of calculations a miner can perform per second), and the amount of Bitcoin (BTC-USD) produced month-over-month.
Indeed, in June 2024, Hut 8 had a total hashrate of 17.8 EH/s, up from 17.3 EH/s in May, with 172,100 miners deployed. The firm produced 107 bitcoins in June, compared to 91 in May, and had 9,105 BTC on its balance sheet by the end of the month.
Furthermore, Hut 8 is moving forward with its new AI projects. In fact, it started setting up its first GPU cluster and preparing data centers for commercial use. With over half of its Nvidia (NASDAQ:NVDA) H100 GPUs ready, Hut 8 expects to start making around $20 million annually by the end of the year from this segment.
Is Hut a Good Stock to Buy?
Turning to Wall Street, analysts have a Moderate Buy consensus rating on HUT stock based on four Buys and one Sell assigned in the past three months, as indicated by the graphic below. After an 11% decline in its share price over the past year, the average HUT price target of $15.10 per share implies 6.56% downside risk.
