BTC's failure to "moon" as some had fervently predicted is causing a bit of heartburn over at Canada-based Hut 8 Mining Corp.
Fidelity disclosed it had purchased slightly over 4.1 million "units" of Hut 8 during the overnight market offering on June 23, 2020.
The company recently closed its previously declared underwritten public offering through a syndicate of underwriters.
Ed Drake takes a look at what will happen to the publicly traded digital transaction processing companies post BTC halving.
Digital currency processing firms are under financial pressure three months into 2020 amid the impact of the COVID-19 pandemic.
The surge in earning results are primarily because of two major operational expansions that increased petahash capacity by 19.6%.
Canada-based Hut 8 Mining Corp announced the addition of nine Blockbox AC data centers to its mining farm in Drumheller, Alberta, making the facility fully operational.
Hut 8 Mining Corp. is the first company to be listed via the Toronto Stock Exchange Sandbox, where it will be given a 12-month probation period to demonstrate compliance.
Hut 8 has been forced to rethink its priorities as a result of the losses, with swinging cutbacks needed to manage cash flow throughout the reporting period.
The bounce in the market didn’t help, and electricity prices kept going up, so Hut 8 had to make deep cuts to its staffing levels, or as they like to call it, streamlining.