Artificial Intelligence

Bitcoin

Read

Public Bitcoin miner Hut 8 disclosed its strategies for keeping up with other market participants during its first analyst day in nearly nine months.&nbsp; 
Following a merger of equals last November with U.S. Bitcoin Corp. (USBTC), Bitcoin miner Hut 8 is focusing on capital efficiency, cost control, and profitable growth.&nbsp; According to a report from H.C. Wainwright’s crypto analyst Mike Colonnese, the plan failed to justify a bullish stance on the stock. 
Hut 8 CEO and USBTC co-founder Ashen Genoot took the stage in Miami last week during its first Analyst Day since the merger. 
Genoot’s vision pointed to optimizing power needs to maximize shareholder value, whether through Bitcoin (<a href="https://crypto.news/price/bitcoin/">BTC</a>) mining or providing a data center for dense computing operations like Artificial Intelligence (AI). 
<h2 class="wp-block-heading" id="losing-market-share-to-other-bitcoin-miners">Losing market share to other Bitcoin miners</h2> 
The Bitcoin halving has devastated miner revenues since block rewards have been slashed by 50%. Indeed, <a href="https://crypto.news/three-reasons-why-the-crypto-market-fell-on-tuesday/">miner capitulation</a> occurred as entities sold off BTC holdings to finance expenditures and operational costs.&nbsp; 
 You might also like: <a href="https://crypto.news/hut-8-ceo-forecasts-decline-in-bitcoin-mining-bankruptcies-amid-scale-shift/"> Hut 8 CEO forecasts decline in Bitcoin mining bankruptcies amid scale shift </a> 
Hut 8, one of the oldest miners in the space, has felt this revenue drop more than some of its competitors. According to Colonnese, Hut 8 has lost market share to other public miners and showed low utilization rates due to an inefficient mining fleet.&nbsp; 
Under-clocking miners also led to slumped BTC production, meaning the company is lagging behind other firms on several fronts.&nbsp;As such, analysts maintained a sell rating, citing “nothing incremental or thesis-changing from last week’s Analyst Day.” 
<h2 class="wp-block-heading" id="hut-8-s-1-1-gw-pipeline-and-150m-cash-injection">Hut 8’s 1.1 gw pipeline and $150m cash injection</h2> 
Although Hut 8 is in a transitionary period, the public Bitcoin miner boasts deals granting access to long-term, low-cost power through a 1.1-gigawatt pipeline being deployed. 
Successfully kitting and delivering a new Salt Lake, Texas facility within three months has also apparently bolstered sentiment for a quick turnaround on the company’s fortunes. The Miami-based Bitcoin miner also <a href="https://crypto.news/bitcoin-miner-hut-8-secures-150m-funding-to-build-ai-infrastructure-platform/">raised</a> $150 million from Coatue to build next-gen AI infrastructure, providing Hut 8 with the runway to address issues and boost market presence. 
 Read more: <a href="https://crypto.news/report-coinbase-loses-second-place-in-global-top-ranking/"> Report: Coinbase loses second place in global top ranking </a>

Analyst: Hut 8 fails to impress at Analyst Day presentation

Зміст

crypto.news

Інші статті, опубліковані 25 черв. 2024 р.

‘Crypto Winter’ Arrives Early For The Altcoin Market As Venture Capital, Founder Selloffs Mount

South Korea Tightens Crypto Oversight with New User Protection Law

Bitcoin ETFs shed $1.3B over 2 weeks amid market slump

From Zero to Hero: The Tokens Making Millionaires!: Bitgert, Notcoin, Biaoqing, Dogwifhat

Ethereum Foundation Email Service Hacked: Tim Beiko Issues Warning

Fear and greed: Crypto market in trouble? Bitcoin’s plunge raises concerns

Приєднуйтеся до нашої безкоштовної розсилки для отримання щоденних оновлень щодо крипто!