Shares of crypto miner Hut 8 Mining (NASDAQ:HUT) are trending higher today after it announced a production update for the month of September. During the month, the company mined 111 Bitcoin (BTC-USD), bringing its total BTC holdings to 9,366.
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Last month, Hut’s shareholders approved its business combination with U.S. Data Mining Group (USBTC). This deal is expected to diversify the company’s revenue streams into high-performance computing, hosting, and managed infrastructure operations.
Last week, Riot Platforms (NASDAQ:RIOT) also provided a production update for September. The company produced 362 BTC during the month, taking its total hoard to 7,327 BTC. Bitcoin has soared by nearly 66% so far this year. The surge means crypto miners are sitting on a substantial stash of the world’s largest cryptocurrency.
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This impact of rising crypto prices is evident in the stock prices of companies like RIOT and HUT, which have surged by nearly 194% and 145% respectively this year. While investors are already sitting on substantial gains, the Street anticipates further massive upside potential of nearly 94% for RIOT and 57% for HUT.
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