Why Hut 8 Mining Stock Took a Hit Today
Shares of cryptocurrency mining company Hut 8 Mining (NASDAQ: HUT) fell on Thursday after the company gave its monthly update on operations. The company reported numbers for November, but it appears some confusion on October's results caused today's sell-off. As of 3 p.m. ET, Hut 8 stock was down 12.5%.
According to the official press release, Hut 8 Mining mined 265 Bitcoins (CRYPTO: BTC) during November. The price of Bitcoin is around $57,000 as of this writing, but the company is mining them at a cost of around $3,000. That's a great profit margin in theory. However, keep in mind that it doesn't sell Bitcoins for profit. Rather, it holds them and had 5,242 Bitcoins as of Nov. 30.
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Source Fool.com
