HIVE Digitals Stock Soars More Than 9 as Bitcoin Miner Strengthens Crypto Reserves to 25k BTC
In the latest financial update, **HIVE Digital**, a prominent player in the Canadian Bitcoin mining sector, has disclosed a significant augmentation of its Bitcoin reserves, now totaling **2,503 BTC** on its financial ledger.
Unfazed by the recent downturn that saw Bitcoin’s value dip below the $56,000 threshold, **HIVE Digital Technologies**—headquartered in Vancouver—stands resilient. The company’s July 8th announcement highlighted an uptick in its cryptocurrency reserves by over 2% since the previous month, with a consistent mining output of 119 BTC in June, mirroring its May performance.
The market’s volatility has not deterred **HIVE Digital**. CEO Aydin Kilic elaborated on the company’s strategic growth, mentioning the imminent dispatch of the remaining Bitmain S21 orders, which have been upgraded to the superior S21 Pro model. This upgrade translates to roughly 1,150 S21 Pro miners, supplementing HIVE’s initial order placed in December. Kilic also confirmed that the newly acquired 1,000 S21 Pro Miners, announced in May, are set to be dispatched, with installation slated for completion by July’s end.
In the wake of this encouraging financial disclosure, HIVE Digital’s stock (HIVE) experienced a surge, escalating by more than 9.5% on the Nasdaq, reaching a price point of $3.34, as reported by Google Finance.
This bolstering of reserves by HIVE Digital occurs amidst a widespread retreat in the sector. Analysts from QCP have observed a trend of capitulation among Bitcoin miners, particularly as the cryptocurrency’s valuation plummeted below $56,000 on the evening of July 5th. This retreat has brought the hashprice index perilously close to its historical nadir, a scenario reminiscent of the previous bear market.
For further reading:
The impact of market dynamics on Bitcoin mining equities during pre-market hours.
