Bitcoin mining has increasingly become a lucrative business for many companies and perhaps it was not entirely a surprise when Nate’s Food Co (OTCMKTS:NHMD) announced yesterday that it kicked off its Bitcoin mining operations.
Market Reaction:
On Monday, NHMD stock ended lower by 1.3% at $0.0076 with more than 13.12 million shares, compared to its average volume of 21.35 million shares. The stock has moved within a range of $0.0068 – 0.0087 after opening the trade at $0.0081.
Commencement of Bitcoin Mining And Initial Equipment On-line
However, at the same time, it should be noted that the continued decline in the Nate’s Food stock continued yesterday and took its decline over the course of the past week to as much as 13%. However, it might be the right time for investors to take a closer look at the announcement made by the company yesterday.
The company announced that from out of the mining equipment that it has managed to acquire so far, around 500 terrahash has been put online and is already mining.
However, it should be noted that another 1000 terrahash is going to made online soon and that is going to make up as much as 1500 terrahash of combined mining power. While the development maybe a positive one at a time when the crypto market is rising again, investors did not seem to be particularly excited about all that. It now remains to be seen if the stock can actually make a recover over the coming days.
