Benzinga | Nov 11, 2021 10:30AM EST

Why Bitcoin- And Ethereum-Related Stock Hut 8 Mining Is Rising

Hut 8 Mining Corp (NASDAQ:HUT) shares are trading higher by 8.4% at $15.27 after the company reported third-quarter earnings.

"The third quarter of 2021 proved to be another exciting and dynamic step forward for Hut 8," commented Shane Downey, Chief Financial Officer of the Company. "We are thrilled to have reported our third consecutive record-breaking quarterly results and to have already surpassed our goal of 5,000 Bitcoin held in reserve."

"Further, we have achieved an important milestone with final delivery of all 10,000 NVIDIA chips. Throughout early weeks of operation, these cutting-edge GPUs have proven to be highly efficient, mining at a total cost of under $3,000 per Bitcoin, delivering margins of approximately 95%," Downey stated.

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Hut 8 Mining has a 52-week high of $16.57 and a 52-week low of $3.15.