% 0.20
BTC Dominance:
% 0.09
Market Cap:
$2.37 T
% 0.16
Fear & Greed:
60 / 100
$ 65.007
BTC Dominance:
% 54.2
Market Cap:
$2.37 T

Bitcoin Miner Hut 8 Has Now A Broader Business Model

Bitcoin Bitfarms

Bitcoin mining company Hut 8 now has a broader business model following its merger with US Bitcoin Corp, according to analysts at Canaccord. They lowered their price target from $17.50 to $14 and maintained a buy rating.

Canaccord noted Hut 8’s increased diversification post-merger, emphasizing that its ownership of more than 9,000 bitcoins offers significant flexibility. The company’s revenue streams now include self-mining, managed services, hosting and high-performance computing.

The company’s self-mining capacity is approximately 7 exahashes per second (EH/s), contributing approximately 68% of current revenue, with the remainder coming from other services. Canaccord praised the company’s cost-cutting measures and strategic use of US Bitcoin Corp. technology in its facilities.

Amid the upcoming Bitcoin halving event, Canaccord reported that Hut 8’s management is prioritizing efficiency over expansion in the short term. In addition, the partnership with Iconic Digital is expected to generate over $20 million in annual cash flow.

With the departure of former CEO Jamie Leverton in February following a short selling report, Asher Genoot, one of the founders of US Bitcoin Corp. assumed the role of president and director.

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