Shares of cryptocurrency miner Hut 8 Mining Corp. (NASDAQ:HUT) have surged nearly 140% so far this year as a rising tide in the broader crypto space continues to lift all the boats. During this period, Bitcoin (BTC-USD), the largest cryptocurrency globally, has gained about 60%.
Amid this backdrop, HUT has provided production and operational update for the month of May today. During the month, HUT mined 147 Bitcoin averaging 4.7 Bitcoin a day.
Further, after selling 179 Bitcoin for about $6.8 million, the company’s Bitcoin reserve now stands at 9,233. Impressively, this is one of the largest self-mined Bitcoin hoards for a publicly traded entity!
The company’s installed ASIC hash rate capacity at its Alberta unit stood at 2.6 EH/S at the end of May and significantly its HPC team has bagged a five-year client contract at its data center in Kelowna as well.
Overall, the Street has a $2.81 consensus price target on Hut 8 alongside a Moderate Buy consensus rating. This implies a hefty 43.6% potential upside in the stock.
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