Hut 8 Mining Corp (HUT), a leading cryptocurrency mining company, saw its stock soar 12.81% during Wednesday's intraday trading session, fueled by the surge in Bitcoin prices.
Bitcoin, the world's largest cryptocurrency, gained around 2% on Wednesday, extending its rally after the US Federal Reserve kept interest rates unchanged. The rise in Bitcoin prices boosted optimism surrounding the cryptocurrency mining sector, including Hut 8 Mining.
As a major player in Bitcoin mining, Hut 8 Mining's revenue and profitability are closely tied to the performance of Bitcoin. The company generates Bitcoin through its mining activities and subsequently sells it in the cryptocurrency market. Therefore, an increase in Bitcoin prices directly benefits Hut 8 Mining's bottom line.
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