The performance of bitcoin mining companies is naturally closely correlated to the price of BTC. Given the current overall bearish trends of the crypto industry – bitcoin is down 35% year-to-date - it’s hardly surprising to see depressed share prices for public bitcoin miners. For example, shares of Hut 8 (HUT) have shaved off 66% of their value since the turn of the year. However, even in the face of the current difficult environment, following the company’s latest quarterly update, Canaccord analyst Joseph Vafi thinks Hut 8 is making all the right moves.
