...drop was the result of a misunderstanding...If anyone could beleive that this could happen in today's day and age, that this entire drop in price is due to a misunderstanding... I thinkthe communication director is getting fired this morning... Is it any wonder that nobody understood what the hell was going on yesterday!
Looking for it to pop back up quite a bit today!
https://www.nasdaq.com/articles/why-hut-8-mining-stock-took-a-hit-today
It's customary for cryptocurrency mining companies to update shareholders monthly, but here's where today's story gets interesting. Based on posts on social media, it appears investors believed Hut 8 mined fewer Bitcoins in November than it mined in October, which is why the market's reaction was negative. But a lower tally in November shouldn't be the case considering the company has increased its computing power over this time period.
Hut 8 didn't give an update for October, which makes it harder to resolve the confusion. But according to its third-quarter earnings report, the company held 4,729 Bitcoins as of Sept. 30. Since it mined 265 in November, this means it mined 248 in October. So mining production increased almost 7% month over month, which is about what you'd expect. Therefore, it looks like today's drop was the result of a misunderstanding.