- Crypto mining is an expensive and time consuming business but has a rewarding future due to supernormal returns
- Hut 8 is ranked 11th out of 10,000 mining corporations on the 2021 OTCQX Best 50 list
- To be listed on the Nasdaq Global Select Market under the symbol HUT
The crypto mining firm was the first to be listed in Canada among its competitors as it announced plans to raise $400 million over a 25 month period. In March it had announced the purchase of $30 million worth of Nvidia’s crypto focused graphics cards to mine cryptocurrencies like Ethereum.
The company boasts of the highest capacity installation rates and has the highest number of Bitcoin mined and self-held. The industry is aflush with innovation and development for all stakeholder in digital currency from retail investors to institutional giants like Wells Fargo and JP Morgan.
Bitcoin Mining Council debut
As the founding member of the council, Hut 8 is poised with the task of reducing the carbon footprint of cryptocurrency mining. A senator from the US stated that cryptocurrencies are an environmental disaster as they fail to reduce harmful gas emissions.
The council is a voluntary group formed by Michael Saylor, CEO of MicroStrategy and includes Tesla CEO, Elon Musk. All the situations have played their part in the growth of Hut 8 in leading the fight against regulatory authorities to quash false theories about mining.
Several renewable sources of mining cryptocurrency have turned up to save the environment from the harmful clutches. The recent crackdown of Chinese authorities on cryptocurrency mining has sent Bitcoin prices tumbling but countries in North America and West Asia are still open for the industry.
Hut 8 is based out of Toronto
The company is governed by the Business Corporations Act of British Columbia and will continue to be listed on Toronto Stock Exchange (TSX). It is the largest innovative cryptocurrency mining firm in North America and its recent listing will set higher standards for its competitors.
It filed the F-10 form on March 10 with the SEC that is coming up with new regulations in the cryptocurrency space with each passing day. Hut 8’s stock on TSX gained more than 20% within a single day of trading as the news of its US listing spread among its investors.
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