<div id="readability-page-1">We recently published a list of 7 Most Profitable Cryptocurrency Stocks To Invest In. In this article, we are going to take a look at where Hut 8 Mining Corp (NASDAQ:HUT) stands against other most profitable cryptocurrency stocks to invest in.<h2>Where is the Crypto Industry Heading?</h2>Bitcoin recently bounced back to the $62,000 level in the week ended October 11. Simultaneously, Ether jumped 1.73% to $2,443 and Solana climbed 4.23% to $144. The weekly performance reflected a quiet crypto market with Bitcoin slightly dipping while Ether and Solana inching up by less than 1%.Amidst changing interest rates, Circle’s CEO Jeremy Allaire discussed the impact on the stablecoin market in an interview with CNBC. In his opinion, the Federal Reserve changes interest rates as a tool to either increase or lower or to take a neutral position with respect to the velocity of money in the economy. According to the general view, lower interest rates are better for the markets as the cost of capital becomes less. He considers lower interest rates as a really good thing for a stablecoin issuer like Circle as more capital will be put to work and so the velocity of money will increase and so will the demand for stablecoin money.Apart from the interest rates, positive news for the crypto industry has come after almost 2 years of the crypto exchange FTX collapse. According to the firm, former customers are to recover a sum worth nearly 119% of what their accounts had at the bankruptcy time. Regarding this, FTX’s current chief executive John. J. Ray III stated that:<blockquote>“Looking ahead, we are poised to return 100% of bankruptcy claim amounts plus interest for non-governmental creditors through what will be the largest and most complex bankruptcy estate asset distribution in history”</blockquote><h2>Crypto and Elections 2024</h2>With the upcoming 2024 election, the crypto world continues to look forward to what the candidates say about digital currency. After formerly railing against cryptocurrencies, Trump has embraced crypto as he announced the launch of a crypto banking platform World Liberty Financial. He has also expressed support for domestic Bitcoin miners saying that if crypto is going to define the future, he wants it to be mined, minted, and made in the US.Many crypto enthusiasts are also welcoming Kamala Harris’s viewpoint on the topic. Harris said she would encourage innovative technologies like AI and digital assets during a fundraiser at Cipriani Wall Street. Commenting on this pro-crypto statement, CEO of cryptocurrency exchange Uniswap Hayden Adams, posted on X: “I believe this is her first time referencing crypto publicly and it’s in a positive way.”Simultaneously, venture capitalist Ben Horowitz has decided to make a significant donation to Harris’s campaign. This move was a reversal from the previous when he and his business partner Marc Andreessen initially backed President Trump. In an internal letter reported by CNBC, Horowitz says that he has spoken to Harris regarding tech policies and believes that although Harris hasn’t revealed her intentions yet, he is hopeful about her administration being much better than the Biden administration which has been destructive to tech policy, especially crypto and AI.Our Methodology:In order to compile a list of the 7 most profitable cryptocurrency stocks to invest in, we created an initial list of 30 companies with the biggest market caps in the sector. Moving on, we shortlisted those that had a positive net income in the trailing twelve months. Finally, we ranked the shortlisted companies in ascending order of their trailing 12 months net income. The number of hedge fund holders has also been mentioned for each stock on the list.At Insider Monkey we are obsessed with the stocks that hedge funds pile into. The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter’s strategy selects 14 small-cap and large-cap stocks every quarter and has returned 275% since May 2014, beating its benchmark by 150 percentage points (see more details here).<div id="attachment_1226476"><img src="https://imageproxy.pbkrs.com/https://imonkey-blog.imgix.net/blog/wp-content/uploads/2023/11/21004639/HUT-insidermonkey-1700545597298.jpg/query-YXV0bz1mb3J0bWF0JmV4cGlyZXM9MTc2MDgzMjAwMCZmaXQ9Y2xpcCZoZWlnaHQ9MjY5JndpZHRoPTQ4MA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" width="830" height="465" original-src="https://imageproxy.pbkrs.com/https://imonkey-blog.imgix.net/blog/wp-content/uploads/2023/11/21004639/HUT-insidermonkey-1700545597298.jpg/query-YXV0bz1mb3J0bWF0JmV4cGlyZXM9MTc2MDgzMjAwMCZmaXQ9Y2xpcCZoZWlnaHQ9MjY5JndpZHRoPTQ4MA"/>A close-up of a cryptocurrency mining rig in a large warehouse facility.</div><h3>Hut 8 Mining Corp (NASDAQ:HUT)</h3>Number of Hedge Fund Holders: 13TTM Net Income: $185.15 MillionHut 8 Mining Corp (NASDAQ:HUT) is a Bitcoin mining company headquartered in Miami, Florida. The company has self-mining, hosting, managed services, and traditional data center operations across North America. It has a portfolio comprising 20 sites including 10 Bitcoin mining, hosting, and managed services sites in Alberta, New York, and Texas, 4 power generation assets in Ontario, 5 high-performance computing data centers in British Columbia and Ontario, and one newly announced site in the Texas Panhandle.Hut 8 Mining Corp (NASDAQ:HUT) serves as one of North America’s largest Bitcoin miners and a leading vertically integrated operator of large-scale energy infrastructure. Its unique business model revolves around profitable digital asset mining, high-performance computing, and yield programs that complement its self-mined Bitcoin reserves’ value. The firm has years of experience mining digital assets with the most efficient mining servers which makes its operations one of the strongest in the mining industry. It has a proven track record of successfully navigating Bitcoin market cycles.Hut 8 is currently making efforts to scale its compute layer across Bitcoin mining and AI. In September, the company announced a partnership with BITMAIN to host a next-generation ASIC miner with a purchase option to reach 20 exahashes of self-mining. This partnership is expected to generate approximately $135 million in annualized hosting revenue on a fully ramped basis. Additionally, the firm’s GPU-as-a-service vertical is fully generating revenue now and is fully operational.The firm’s strategy of building a portfolio that drives long-term market leadership, diversified business lines, and a strong and liquid balance sheet makes it attractive. As of Q2 2024, Hut 8 Mining Corp (NASDAQ:HUT) is held by 13 hedge funds.Overall, HUT on our list of most profitable cryptocurrency stocks to invest in. While we acknowledge the potential of HUT as an investment, our conviction lies in the belief that some deeply undervalued AI stocks hold greater promise for delivering higher returns, and doing so within a shorter timeframe. If you are looking for a deeply undervalued AI stock that is more promising than HUT but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.READ NEXT: $30 Trillion Opportunity: 15 Best Humanoid Robot Stocks to Buy According to Morgan Stanley and Jim Cramer Says NVIDIA ‘Has Become A Wasteland’.Disclosure: None. This article is originally published at Artificial intelligence is the greatest investment opportunity of our lifetime. The time to invest in groundbreaking AI is now, and this stock is a steal! The whispers are turning into roars. Artificial intelligence isn’t science fiction anymore. It’s the revolution reshaping every industry on the planet. 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Hut 8 Mining Corp（纳斯达克股票代码：HUT）被认为是一家领先的比特币挖矿公司，拥有强大的基础设施和显著的韧性。它位列 7 家最赚钱的加密货币股票之一，净收入达到了 1115 万美元，有 13 家对冲基金持有其股票。该公司在北美运营着 20 个站点，包括比特币挖矿和数据中心。在加密货币市场逐渐复苏的背景下，Hut 8 在利率波动和行业预计 FTX 倒闭后将迎来积极发展的情况下处于良好位置。在 2024 年选举之前，对加密货币的政治支持也在增加，备受候选人的重视

Hut 8 Mining (HUT)：在比特币挖矿领域处于领先地位，具备强大的基础设施和经过验证的抗压能力