Hut 8 Mining Corp (HUT) is a cryptocurrency mining company with industrial-scale bitcoin mining operations in Canada. It provides investors with direct exposure to bitcoin without the technical complexity or constraints of purchasing the underlying cryptocurrency.
It is in the business of utilizing specialized equipment to solve complex computational problems to validate transactions on the bitcoin blockchain. The company receives bitcoin in return for the commercial activity of bitcoin mining.
I am bearish on HUT stock considering its gains of about 180% in 2021 are not fully justified by operating and financial performance, and bitcoin volatility is adding another highly unpredictable risk. Crypto stocks have several risks as we move into 2022, with the regulatory framework being on top.
Hut 8 Mining Business News
Early this month, the digital asset miner announced a series of ESG objectives for a more sustainable future. “Technology, sustainability, inclusivity, and innovation are part of our DNA at Hut 8, and we are proud to lead positive change in our sector, which we hope will build a legacy that our team and shareholders can be proud of,” said Jaime Leverton, Chief Executive Officer of Hut 8.
Among top objectives, the company is focusing on ways to achieve carbon neutrality for scope 1 & 2 GHG emissions by 2025, reduce emissions through technological and operational innovation, and maintain an executive management team gender diversity of over 40% women, plus a board gender diversity representation of over 30% women.
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