{"id":20822,"date":"2023-05-11T18:48:19","date_gmt":"2023-05-11T18:48:19","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/hut-8-mining-stock-down-on-a-big-hit-to-q1-revenue-buy-the-dip\/"},"modified":"2023-05-11T18:48:19","modified_gmt":"2023-05-11T18:48:19","slug":"hut-8-mining-stock-down-on-a-big-hit-to-q1-revenue-buy-the-dip","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/hut-8-mining-stock-down-on-a-big-hit-to-q1-revenue-buy-the-dip\/","title":{"rendered":"Hut 8 Mining stock down on a big hit to Q1 revenue: buy the dip?"},"content":{"rendered":"<p><b>(Originally posted on : CoinJournal: Latest Bitcoin, Ethereum &amp; Crypto News )<\/b><br \/>\n<\/p>\n<div>\n<div class=\"post-article-image  -mt-24  mb-8  lg:-mt-32  rounded  overflow-hidden\">\n<picture><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/05\/197876115_m_normal_none-smartcrop-750x375.webp\" type=\"image\/webp\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/05\/197876115_m_normal_none-smartcrop-363x181.webp\" type=\"image\/webp\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/05\/197876115_m_normal_none-smartcrop-750x375.jpg\" type=\"image\/jpeg\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/05\/197876115_m_normal_none-smartcrop-363x181.jpg\" type=\"image\/jpeg\"\/>\n<\/picture>                    <\/div>\n<ul>\n<li>Hut 8 Mining reports a 64% year-on-year hit to revenue in its Q1.<\/li>\n<li>Craig-Hallum analyst sees downside in \u201cHUT\u201d to C$2.0 a share.<\/li>\n<li>Hut 8 Mining stock is now down nearly 30% versus its YTD high.<\/li>\n<\/ul>\n<p>Hut 8 Mining Corp is trading down on Thursday after reporting a massive year-on-year decline in its first-quarter revenue.<\/p>\n<h2>Notable figures in Hut 8 Mining Q1 report<\/h2>\n<ul>\n<li>Earned C$0.47 a share versus C$0.15 a share loss expected<\/li>\n<li>Revenue tanked a more than expected 64% to C$19 million<\/li>\n<li>Mined 475 bitcoin \u2013 down roughly 50% versus a year ago<\/li>\n<li>Increased its installed hashrate in the quarter to 2.6 EH\/s<\/li>\n<\/ul>\n<p>At its Ontario facility, Hut 8 Mining had to switch off roughly 8,000 machines because of a dispute with Validus Power Corp. In the <a href=\"https:\/\/www.prnewswire.com\/news-releases\/hut-8-reports-operating-and-financial-results-for-q1-2023-301821982.html\" target=\"_blank\" rel=\"noopener\">press release<\/a>, CEO Jamie Leverton also said:<\/p>\n<blockquote>\n<p>In early 2023, we experienced a confluence of events: electrical issues at our Drumheller site caused equipment failures, fluctuating energy prices and increased network difficulty.<\/p>\n<\/blockquote>\n<p>Versus its year-to-date high, Hut 8 Mining stock is down nearly 30% at writing.<\/p>\n<h2>Is Hut 8 Mining stock worth buying?<\/h2>\n<p>So far, only 1,000 of those machines in its Ontario facility are back online and <a href=\"https:\/\/www.coindesk.com\/business\/2023\/05\/09\/hut-8s-alberta-bitcoin-mine-running-at-15-installed-hashrate-due-to-electrical-issues\/\" target=\"_blank\" rel=\"noopener\">its Alberta mine<\/a> is running at just 15% of its installed hashrate.<\/p>\n<p>Hut 8 Mining is currently in the process of merging with USBTC or <a href=\"https:\/\/hut8.io\/investors\/hut-8-and-usbtc-merger\/\" target=\"_blank\" rel=\"noopener\">U.S. Bitcoin Corp<\/a>. According to the Chief Executive:<\/p>\n<blockquote>\n<p>We have made progress on key regulatory files required to complete the transaction. We also reached an all-time operational high of 1.72 EH\/s at our Medicine Hat facility.<\/p>\n<\/blockquote>\n<p>Despite underperformance, it may not be the best of ideas to take a position in this Canadian company today considering a Craig-Hallum analyst reiterated his \u201chold\u201d rating on Hut 8 Mining stock this week. His C$2.0 price target suggests another 10% downside from here.<\/p>\n<div class=\"post-meta\">\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Share this article<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Categories<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Tags<\/h6>\n<\/p><\/div>\n<\/p><\/div>\n<p><a href=\"https:\/\/coinjournal.net\/news\/should-you-buy-hut-8-mining-stock-after-q1-loss\/\">Source link <\/a><br \/>\n<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Originally posted on : CoinJournal: Latest Bitcoin, Ethereum &amp; Crypto News ) Hut 8 Mining reports a 64% year-on-year hit to revenue in its Q1. Craig-Hallum analyst sees downside in \u201cHUT\u201d to C$2.0 a share. Hut 8 Mining stock is now down nearly 30% versus its YTD high. Hut 8 Mining Corp is trading down [&hellip;]<\/p>\n","protected":false},"author":30,"featured_media":20823,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[35],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/20822"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/30"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=20822"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/20822\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/20823"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=20822"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=20822"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=20822"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}