166903133 - 1_51vqc49o - PID 1851201 Hi, Thanks for joining us today, I'm Ted Dixon with your morning report preview for August 10th: HUT 8 Mining production soars A lot of focus in the crypto world has been on the political jockeying in Washington as senators try to fix a restrictive provision in the the infrastructure bill that has the potential to stifle user adoption and innovation in the industry. While that drama has been playing out, Coindesk is reporting that institutional interest in bitcoin appears to be on the rise. According to Coindesk which looked at research from a company called Glassnode out of Berlin, bitcoin’s on-chain transaction volume with values of at least US$1 million has risen 10% since the beginning of August. That suggests big institutional players are becoming more active. That might help explain bitcoin’s recent breakout. Meanwhile, bitcoin miner Hut 8 Mining has also been breaking out when it comes to our INK Edge rankings. Over the weekend it emerged as one of our 30 top INK Edge ranking up movers. That report is published every week in the stock ideas channel in INK Chat. There is a link to INK Chat on the INK home page right here. There is also a similar link on Canadian Insider. The stock had moved from mixed category which is the middle 40% to mostly sunny category which is the top 30% which you can see on the HUT company page. The stock hit our screens again Monday when it appeared in the INK Short Report which is found in INK blogs. It was one of the stocks with the biggest drops in short selling. Heading back to the company page short tab, despite the drop in shorts positioning, 1,940,540 shares remain shorted, enough to generate an INK short-squeeze set up signal. We look at INK short signals as a potential bullish or bearish confirmation of our overall stock outlook. In the case of HUT, the short signal reinforces our mostly sunny outlook. The reduction in short position may have been in response to major shift in bitcoin mining industry structure in the wake of China's crackdown on bitcoin mining. As miners shut down in China, bitcoin's algorithm automatically adjusted to make it easier for existing miners such as HUT to mine bitcoin. On August 4th, company reported that average production increased by about 50%, from 6 to 6.5 bitcoin per day in late June, to approximately 9.5 to 10 Bitcoin per day in late July 2021. For July, the firm mined 300 bitcoin which it added to its reserve which boosted the total to 4,123 bitcoin as of July 31, 2021. Earnings have also been on the rise. Which you can see as we visit our valuations tab, according to Refinitiv trailing 12-months EPS stood at 57 cents and that is up from 13 cents a year ago. The company will report Q2 results before the market opens on August 12th. While we have seen 10% holder Bitfury selling, we would put more emphasis on what officers and directors have been doing, and they have been modestly adding to their positions, helping to contribute to the stock’s relatively bright outlook. Of course, this is not a recommendation to buy or sell securities, and I am not a licensed financial advisor. So, please do your own due diligence. For the full report, please visit inkresearch.com or canadianinsider.com where you can get it via the Canadian Insider Ultra Club. It is also available under this video on INK Ultra Money. Well, thanks for stopping by and click on the notify button under this video on INK Ultra Money to be notified when we have our next preview available.