Hut 8 Corp. (HUT) Delivers Robust Revenue and Earnings Growth amid Digital Infrastructure Focus

Hut 8 Corp (NASDAQ:HUT) is one of the best cryptocurrency stocks to buy for the long term. On November 17, Hut 8 Corp. (NASDAQ:HUT) said it had reached a final deal to sell its four Ontario natural-gas power plants—about 310 megawatts in total—which are run by Far North Power Corp. The buyer is TransAlta Corporation (NYSE:TAC).

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Hut 8 picked up these sites out of bankruptcy and, earlier this year, secured long-term capacity agreements that helped steady their revenue. According to CEO Asher Genoot, the sale locks in the value the company has built. Hut 8 plans to put the proceeds toward major digital infrastructure projects as it continues developing its multi-gigawatt build-out across North America.

Earlier on November 4, the company reiterated that it has reached an inflection point in the scale and maturity of its flywheel. The remarks come against the backdrop of solid third-quarter results, whereby revenue nearly doubled to $83.5 million compared to $43.7 million in the prior-year period.

Amid robust revenue growth, the company reported a net income of $50.6 million, compared to $0.9 million generated in the same period last year. The significant increase was attributed to gains on digital assets of $76.6 million.

“We advanced 1,530 megawatts of capacity from exclusivity into development, underscoring both the depth of our pipeline and the scalability of our platform. Subject to commercialization, this portfolio has the potential to expand our Energy Capacity under Management to more than 2.5 gigawatts, which would mark a step change in the scale and earnings power of our platform,” said Asher Genoot, CEO of Hut 8.

Hut 8 Corp. (NASDAQ:HUT) is a digital asset infrastructure company that primarily mines Bitcoin but has expanded into a “power-first” model, which includes providing high-performance computing (HPC) and cloud services for both cryptocurrency miners and other energy-intensive workloads. It operates large-scale data centers and focuses on developing infrastructure for the “next-generation, energy-intensive use cases.

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Disclosure: None. This article is originally published at Insider Monkey.