Bitcoin
HIVE Digital shares surge over 9% as Bitcoin miner boosts crypto holdings to 2.5K BTC
Canadian Bitcoin mining company HIVE Digital has released a June financial report revealing that it has increased its reserves to 2,503 BTC stored on its balance sheet.
HIVE Digital Technologies, Vancouver-based Bitcoin mining company, appears to have been unaffected by the recent miner capitulation that caused Bitcoin (BTC) to fall below the $56,000 mark.
On July 8th Press releaseThe company revealed that as of July 7, its cryptocurrency holdings on the balance sheet increased to 2,503 BTC, an increase of over 2% compared to the previous month. In total, HIVE Digital mined 119 BTC in June, maintaining the same performance as in May.
Despite the recent market turmoil that saw Bitcoin dip below the $56,000 mark, HIVE Digital appears to be unaffected. CEO Aydin Kilic addressed the company’s operational expansion, noting that the remaining batch of Bitmain S21 orders “are ready to ship and have in fact been upgraded to the S21 Pro, representing approximately 1,150 S21 Pro miners from HIVE’s original order in December.” Kilic added that the latest acquisition of 1,000 S21 Pro miners revealed in May is now “ready to ship,” with the full fleet of new rigs expected to be installed by the end of July.
“Therefore, we expect the total of 2,150 pending S21 Pro miners to be shipped next week, bringing HIVE’s total operational hashrate to 5.5 EH/s once fully installed, with a global fleet efficiency of 24.5 J/TH. HIVE expects these machines to be installed before the end of July.”
Aydin Kilic
Following the release of the positive report, shares of HIVE Digital (HIVE) rose more than 9.5% on the Nasdaq, jumping to $3.34, according to data from Google Finance.
HIVE Digital’s reserve increase comes despite massive capitulation among its rivals. As QCP analysts noted in a research report, Bitcoin miners are showing “signs of capitulation” as the cryptocurrency’s price fell below $56,000 late on July 5. Amid the deteriorating outlook, the hash price mark approximate “its all-time low,” a level last seen during the bear market.