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.
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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