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Hut 8 Corp Appoints Asher Genoot as CEO Amidst Strategic ShiftHut 8 Corp ( NASDAQ:HUT ), a prominent Bitcoin mining company, has announced the appointment of Asher Genoot as its new CEO. Genoot, who previously held key roles within the company and US Bitcoin Corp (USBTC), steps into the CEO position following a recent merger and amid a dynamic landscape in the cryptocurrency mining sector. The Leadership Transition: Former CEO Jaime Leverton's departure, effective immediately, marks a pivotal moment for Hut 8. ( NASDAQ:HUT ) Leverton's tenure saw the company navigate critical phases, but now, as the company stands at a transformative "inflection point," the board of directors deemed a change in leadership necessary to propel Hut 8 ( NASDAQ:HUT ) towards market leadership. A Strategic Shift: The appointment of Genoot aligns with Hut 8's ( NASDAQ:HUT ) strategic pivot. With a focus on accelerating growth and solidifying market position, Genoot's track record and expertise make him a natural fit for steering the company through this crucial phase. His tenure as COO and President of USBTC, coupled with his recent role as President of Hut 8 ( NASDAQ:HUT ), underscores his deep understanding of the company's operations and industry dynamics. Building on Strong Foundations: Acknowledging Leverton's contributions in laying a solid foundation for Hut 8 ( NASDAQ:HUT ), Genoot emphasizes the importance of a smooth transition. Leverton's leadership fostered innovation and talent within the company, setting the stage for its current trajectory. Genoot's commitment to strengthening operations and driving profitable growth reflects Hut 8's ( NASDAQ:HUT ) renewed focus on creating lasting shareholder value. Operational Expansion: The recent agreement with Marathon Digital highlights Hut 8's ( NASDAQ:HUT ) strategic maneuvering in the competitive mining landscape. The termination fee of $13.5 million, paid by Marathon Digital, signifies Hut 8's ( NASDAQ:HUT ) agility in optimizing its operational portfolio. This move allows Hut 8 ( NASDAQ:HUT ) to streamline its operations and reallocate resources effectively, enhancing its competitiveness in the market. Conclusion: As Hut 8 ( NASDAQ:HUT ) embarks on this new chapter under Asher Genoot's leadership, the company stands poised to capitalize on emerging opportunities in the Bitcoin mining sector. With a clear strategic direction, a talented team, and a commitment to innovation, Hut 8 ( NASDAQ:HUT ) is primed to solidify its position as a leader in the evolving cryptocurrency landscape. Genoot's appointment signals a bold step towards realizing the company's vision and delivering value to its stakeholders in the rapidly evolving digital economy.
NASDAQ:HUT
by DEXWireNews
$MARA Has Agreed to Pay Hut 8 A Termination Fee of $13.5 MilHut 8 Mining ( NASDAQ:HUT ) finds itself at the crossroads of change. The recent agreement with Marathon Digital marks a pivotal moment for Hut 8 ( NASDAQ:HUT ) as it prepares to relinquish operational control of two bitcoin mining facilities in Granbury, Texas, and Kearney, Nebraska. Marathon's willingness to pay a termination fee of $13.5 million underscores the significance of this transition, shedding light on the evolving landscape of the crypto mining sector. The story begins with Marathon Digital's acquisition of the mining sites from Generate Capital for a substantial $178.6 million. Despite the change in ownership, Hut 8 ( NASDAQ:HUT ) continued to manage operations under a pre-existing agreement with the former owner. This situation led to Marathon Digital paying a termination fee, a noteworthy development in the broader context of the crypto mining ecosystem. Operational Transition: The agreement dictates that by April 30, Marathon Digital will assume full operational control of the acquired sites, bringing an end to Hut 8's ( NASDAQ:HUT ) provision of managed services. The termination of Hut 8's $1.2 million monthly contract, with over four years remaining, represents a significant financial decision for both parties involved. Marathon's Perspective: Marathon Digital, with an eye on cost optimization, aims to reduce operating fees by taking direct control of the mining sites. By doing so, the company anticipates improving its production cost to mine bitcoin at these facilities. Marathon's Chairman and CEO, Fred Thiel, emphasizes the strategic advantages of owning and operating the assets directly, highlighting the potential for increased influence and operational efficiency. Hut 8's Response: Hut 8, on the other hand, acknowledges the contributions of its teams at the Kearney and Granbury sites and expresses confidence in an orderly transition of operations. President Asher Genoot recognizes the talent and dedication demonstrated over the past year, signaling a positive outlook for the company's future plans. As Hut 8 ( NASDAQ:HUT ) forgoes the lucrative $1.2 million-per-month contract, the company positions itself for potential strategic moves and developments in the evolving crypto mining landscape. Conclusion: The unfolding narrative surrounding Hut 8 Mining ( NASDAQ:HUT ) reflects the intricate dance of adaptation and strategic maneuvering within the cryptocurrency industry. As Marathon Digital takes the reins of operational control, both companies are poised for new opportunities and challenges. Investors and industry enthusiasts will be closely watching how Hut 8 ( NASDAQ:HUT ) navigates this transition, anticipating updates about the company's future plans and potential shifts in the crypto mining market.
NASDAQ:HUT
by DEXWireNews
$HUT send it to $28-$30Updating timing from my last analysis on $HUT. Still think we get a monster move higher from here that happens over the next month. It did go lower than I expected, but I've been using the move down to accumulate even more calls. As you can see from the chart, we've formed a large falling wedge, should it break to the upside we should see a big move higher. My calls are stacked between 1/19, 1/26, 2/02 and 2/09 w/ most of the contracts expiring 1/26 and most are between $13-15 strikes. My guess is that the full move should play out before the beginning of February. Let's see.
NASDAQ:HUTLong
by benjihyam
11
long entry HUT observing the left chart we have the daily timeframe and we have 9/10 consecutive days of bullish momentum or 3/4 weeks of bullish momentum as shown on the right. If momentum continues price target of 22.75, 21.55,18.30 are some key resistances prices id keep an eye for any signs of reversal. the Price action leading more upward momentum is backed with significant volume as shown on the left side chart with the volume indicator used. The macd line is about to cross over the signal line with volume in bold showing good volume possible pushing past the histogram(switching the daily to the right side the macd line and signal line are well above the histogram backing the momentum from buyers.
NASDAQ:HUTLong
by b58-nic0
Hut 8's Trend AnalysisHut 8 has broken the falling trend channel in the medium long term and reacted strongly up. For the time being, it is difficult to say anything about the future trend direction. There is no resistance in the price chart and further rise is indicated. Investors have steadily paid more to buy the NASDAQ:HUT , which indicates increasing optimism and that the price will continue to rise. Price Momentum NASDAQ:HUT is trading near the top of its 52-week range and above its 200-day simple moving average, indicating a Bullish Bias or Trend Continuation.
NASDAQ:HUTLong
by DEXWireNews
Hut 8 Announces a New Bitcoin Mining Site in Cedarvale, Texas Hut 8, a prominent Canadian Bitcoin mining firm, has announced an interim agreement to establish a new mining site in Cedarvale, Texas. This development emerged in the wake of the Celsius Network bankruptcy proceedings, marking a strategic pivot for both entities involved. Hut 8 Expands Operations Amidst Crypto Turbulence The new site in Cedarvale is set to become a major hub for Bitcoin mining, with Hut 8 planning to deploy approximately 66,000 miners, powered by over 215 megawatts of energy. This expansion underscores the firm’s commitment to growth despite recent market volatility. Asher Genoot, President of Hut 8, highlighted the dual objectives of this venture, to build equity with Celsius’s creditors and to bolster their managed services business. The anticipated addition of this site will bring Hut 8’s total infrastructure to over 895 MW, marking a significant milestone in its operational capacity. Construction of the Cedarvale site is slated to begin shortly, with Hut 8 overseeing a comprehensive range of services including design, engineering, financial modelling, and construction management. This full-spectrum approach demonstrates Hut 8’s expertise and readiness to handle large-scale mining operations. Celsius Network’s Ongoing Restructuring Celsius Network’s involvement in this project is critical to its restructuring plan following its 2022 collapse and subsequent bankruptcy declaration in July. The former CEO, Alex Mashinsky, faced legal challenges, including arrests on multiple fraud charges, contributing to the company’s destabilization. This partnership with Hut 8 comes after Celsius received bankruptcy court approval to transform into a creditor-owned Bitcoin mining firm. This restructuring is part of a broader strategy to repay customers and stabilize the company. As part of the post-bankruptcy plan, Celsius’s mining operations were to be managed by US Bitcoin Corp (USBTC), which merged with Hut 8 in November 2023. This merger followed a previous agreement in August 2023, where USBTC agreed to host 8,500 miners for Celsius at its Alpha Site.
NASDAQ:HUTLong
by DEXWireNews
Hut 8 Completes U.S. Bitcoin Merger After 400% RallyKey Takeaway i. Two crypto companies ended November 2023 by successfully merging. ii. This deal has given rise to the newly minted Hut 8 Corp (HUT). iii. The crypto mining firm is in an excellent position to ride the current crypto wave to new heights. Bitcoin Rally As the current crypto rally continues sending Bitcoin (BTC-USD) upward, two leading companies in the space have completed a successful merger. On Nov. 30, Canadian crypto mining firm Hut 8 Mining Corp (NASDAQ:HUT) announced that it had officially joined forces with US Bitcoin Corp. This move could easily create a prominent new crypto player. Today marks the first day of trading on the Nasdaq and Toronto Stock Exchange for the newly minted HUT stock. While the previous shares of Hut 8 have been delisted from both exchanges, investors who held it will receive “0.2 of a share of New Hut common stock for every Hut 8 share held.” What should investors expect from this new crypto stock as the rally keeps digital asset prices elevated? Let’s take a closer look at this new company and assess what its future may hold. What’s Happening With HUT Stock Prior to the current rally, most crypto mining stocks had been struggling as they faced an uncertain future. Now many companies in the space are back in full focus and investors look for ways to profit off the current rally. The timing has been excellent for HUT stock. Shares surged on November 30 on news that the merger had been completed. While the momentum has slowly subsided today, the new stock is still up almost 350% for the month. The timing of this business combination is important for another reason. The next Bitcoin halving event is slated for April 2024. Cointelegraph reports that after the merger, Hut 8 has “access to approximately 825 MW of gross energy across six sites with self-mining, hosting, and managed service operations.” Historically, Bitcoin halving occurs, it often boosts the crypto’s prices. Crypto miners will be bracing for it and its new power puts Hut 8 in an excellent position. What Comes Next How long will the current crypto rally continue? No one can say for sure. But with the next Bitcoin halving approaching quickly, HUT stock will likely benefit from the momentum generated by the event. There’s no denying that Hut 8 has always been heavily reliant on underlying crypto sentiment. But right now, sentiment toward Bitcoin and other leading cryptos is bullish. For the time being, the new HUT stock is well positioned to continue riding the wave. Crypto mining stocks are at the mercy of a volatile market but at least for now, investors can relax. Price Momentum HUT is trading in the middle of its 52-week range and above its 200-day simple moving average. What does this mean? Investors are still evaluating the share price, but the stock still appears to have some upward momentum. This is a positive sign for the stock's future value.
NASDAQ:HUTLong
by DEXWireNews
HUT 8 - Time to Let it Reload HUT 8 - NASDAQ:HUT EARNINGS RELEASE: This Thursday 17th August 2023 👀 ⚠️The last 3 quarterly earning reports have had consistent 10% or more reduction to revenues . o Hut 8 is one of North America's largest innovation-focused digital asset mining pioneers and high performance computing infrastructure provider. o Hut 8 has one of the highest capacity rates for mining in the industry and one of the highest inventories of self-mined Bitcoin of any digital asset miner or publicly-traded company globally. o With 9,136 BTC, Hut 8 continues to have one of the largest self-mined Bitcoin reserves of any publicly traded company o On June 26, Hut 8 announced that it entered a US$50 million credit facility with Coinbase Credit, Inc. THE CHART The chart speaks for itself. My ideal entry would be off the POC or 200SMA with three confirmations: 1. MACD CROSS 2. OBV VOLUME BREAKOUT 3. RSI OVER SOLD Safe Trading folks PUKA
NASDAQ:HUT
by PukaCharts