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- 1 HUT stock was among the top gainers in crypto mining stocks on Friday.
- 2 The shares changed hands at $2.3 on the weekend at the market close.
Crypto miner stocks witnessed a rise at the weekend’s close. HUT 8 Mining Corp (NASDAQ: HUT), a crypto mining company, was among the top gainers with HUT stock increasing by over 11% on Friday. Marathon Digital Holdings (NASDAQ: MARA) shares went up by over 6%. The growth came after Blackrock (NYSE: BLK) announced they will launch a spot Bitcoin (BTC) exchange-traded fund (ETF).
HUT 8 is Busy Landing Partnerships
Recently, HUT 8 announced an all-stock merger of equals with US Data Mining Group doing business as US Bitcoin Corp (USBTC). The new publicly traded company will look forward to economical Bitcoin (BTC) mining. Moreover, the move will lead the organizations to produce one of the largest BTC miners in the crypto market.
Hut 8 CEO Jaime Leverton said, “We are making measurable progress on key files that will positively position New Hut to be very competitive in the market with 7.5 EH/s of self-mining capacity.” He added “We continue to be laser-focused on completing this merger in an expedient manner to form a stronger business backed by both Bitcoin and fiat revenues generated from robust North American-wide operations.”
Additionally, HUT 8 announced a partnership with Interior Health, a regional healthcare authority in British Columbia. The organization will use the crypto miner’s high performance computing (HPC) infrastructure. The colocation business will allow the healthcare provider to utilize HPC services for the next five years.
HUT 8 operates five data centers in Ontario and British Columbia. Interior Health serves more than 843K people across British Columbia. In January 2023, the crypto miner entered an agreement with TeraGo to acquire cloud and colocation data centers.
HUT Stock Price Analysis
Falling wedge patterns show HUT stock price had a breakthrough a couple of times. The initial one came in January 2023, breaking above $1.2, another in March, breaking the $1.6 threshold. A rectangle and triangle pattern highlights a similar scenario considering HUT shares surpassed the $2.2 mark.
Woodies CCI is highlighting an overbought price with balance of power (BOP) indicator supporting the momentum. HUT stock trades at $2.3 as this article is written. Currently, it holds support at $1.9 and resistance level at $2.5.
Latest crypto mining developments may help HUT stock price to rise in coming months. Russia may legalize crypto mining activities by next year. According to Moscow Times, an English and Russian language online newspaper, the country became the second-largest BTC miner with 1 gigawatts mining capacity. The United States remains on top with 3-5 gigawatts.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Anurag is working as a fundamental writer for The Coin Republic since 2021. He likes to exercise his curious muscles and research deep into a topic. Though he covers various aspects of the crypto industry, he is quite passionate about the Web3, NFTs, Gaming, and Metaverse, and envisions them as the future of the (digital) economy. A reader & writer at heart, he calls himself an “average guitar player” and a fun footballer.
