HUT 8 MINING - Course Doubling Amid Crypto Hype Is Not Enough!
The Canadian Bitcoin miner, Hut 8 Mining Corp., has recently seen its stock break out of a prolonged sideways movement, generating buy signals on the larger time frame. According to stock3 Börsennews, this surge pushed the share price above the trigger mark at $13.50 USD and quickly reached and surpassed the target high for 2023 at $22.60 USD on Nasdaq. Despite these gains, analysts suggest that further consolidation is necessary before any potential continuation of this bullish trend.
If Hut 8's shares can sustainably climb over $26.50 USD, there could be a significant chance for an upward breakout beyond the annual high of $28.47 USD, with future targets potentially reaching between $41-$42 USD or even up to their all-time high from 2021 at $82.85 USD if conditions remain favorable.
Crypto Mining in Russia: Stricter Regulations Introduced
Crypto News Flash reports that Russia has implemented stricter regulations on cryptocurrency mining within energy-intensive regions as part of efforts to curb excessive electricity consumption during winter months. These new measures will apply until March 2031 across thirteen Russian territories, including Siberian areas like Irkutsk known for low power costs beneficial to crypto miners.
Apart from setting limits on energy usage by unregistered miners—capping them at monthly consumptions not exceeding six thousand kilowatt-hours without obtaining business licenses—the government also introduced tax laws treating digital assets akin to property while legalizing bitcoin mining specifically aimed at international trade transactions under regulated market frameworks approved by President Vladimir Putin himself earlier last year, according to CNF coverage updates.
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