Stock rising for Hut 8 Mining Corp this week

By Charles Lefebvre
May 15, 2019 - 5:48pm Updated: May 15, 2019 - 7:07pm

 

MEDICINE HAT, AB — Stock for Hut 8 mining has been having a strong showing in recent days.

The company closed the first day of the trading week on the Toronto Stock Exchange at $2.11 per share, up 33 per cent from close on Friday, at $1.58. The company closed Tuesday at $2.24 per share, and finished Wednesday at $2.30 per share

Hut 8 Mining began trading on the Toronto Stock Exchange in March 2018, with the highest trading price at $4.70 per share.

However, the value of bitcoin and other cryptocurrencies plunged this past winter, with one bitcoin being worth $4,276.18 Canadian in December 2018 at one point. As of Wednesday at 5:30 p.m., one bitcoin is now worth $11,010.60 Canadian dollars.

Andrew Kiguel, CEO of Hut 8 Mining Corp, spoke with CHAT News from a conference in New York City Wednesday morning, and says the recovery of the price of bitcoin is also leading to good news for the company’s stocks.

“We did survive the crypto winter,” he said, referring to the nickname given to the downturn in cryptocurrencies. “I think people realize we’re a viable company. We took some of our lumps, like everybody else in this space, but we survived and we’re healthy now.”

Kiguel adds the company made changes to help weather the storm.

“We trimmed our costs significantly last year to become very lean and efficient,” he said. “With this jump in the price of bitcoin, like, all of those things we did are going to increase our margins. I'm pretty excited about what's going to happen here.”

 

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