Hut 8 mining share records strong slump in sales in the first quarter: Do you buy the decline?

• Hut 8 MINING reports a drop in sales of 64 % compared to the previous year.
• Craig-Hallum analyst sees a decline from "hat" to 2.0 CAD per share.
• The Hut 8 Mining share has now dropped by almost 30 % compared to its maximum of its annual value.

HUT 8 MINING CORP noted on Thursday after the company reported a massive decline in sales in the first quarter.

Remarkable numbers in the Q1 report of HUT 8 MINING

• made a profit of 0.47 CAD per share compared to an expected loss of 0.15 CAD per share
• sales fell by more than expected by 64 % to 19 million CAD
• 475 bitcoins broken down - about 50 % less than a year ago
• The installed hashrate was increased to 2.6 EH/S in the quarter

In his work in Ontario, HUT 8 MINING had to be due to a dispute with Validus Power Corp. Switch off around 8,000 machines press release CEO Jamie Leverton also said:

In early 2023 we experienced a number of events: Electrical problems at our DRUMHELLER location led to device failures, fluctuating energy prices and increased network difficulties.

Compared to its previous highest stand, the Hut 8 Mining share has fallen by almost 30 % at the time of going to press.

is it worth buying the hat 8 mining share?

So far, only 1,000 of these machines in his work in Ontario are online and It is only 15 % of its installed hashates.

HUT 8 MINING is currently in the process of fusion with USBTC or us Bitcoin corp . According to the CEO:

We have made progress in important regulatory documents that are required to complete the transaction. In our facility in Medicine, we also achieved an all-time operating eighth with 1.72 EH/S.

Despite the poor performance, it may not be the best idea to take a position in this Canadian company today when you consider that a Craig-Hallum analyst confirmed its "hold" rating this week for Hut 8 Mining. His price target of 2.0 CAD indicates that it will fall again by 10 % from here.