HIVE Digital Shares Surge 9% as Bitcoin Mining Company Boosts Crypto Holdings to 2.5k BTC

Canadian Bitcoin mining company HIVE Digital has recently published its June financial report, disclosing a rise in reserves to 2,503 BTC held on its balance sheet. HIVE Digital Technologies, headquartered in Vancouver, and engaged in Bitcoin mining, has demonstrated resilience in the face of the recent miner capitulation that led to Bitcoin (BTC) dropping below the $56,000 threshold.

In a press release dated July 8, the company announced that as of July 7, its cryptocurrency holdings on the balance sheet had surged to 2,503 BTC, marking a more than 2% increase compared to the previous month. Throughout June, HIVE Digital successfully mined 119 BTC, maintaining its performance level from May.

Despite the market turbulence that witnessed Bitcoin’s dip below $56,000, HIVE Digital remains steadfast. CEO Aydin Kilic highlighted the firm’s operational expansion, emphasizing that the remaining Bitmain S21 orders are set to be shipped, with an upgrade to S21 Pro. This upgrade accounts for around 1,150 S21 Pro miners from HIVE’s initial order in December. Additionally, the recent acquisition of 1,000 S21 Pro Miners, unveiled in May, is now prepared for shipment, with the entire new rig fleet anticipated to be operational by the end of July.

Following the release of the optimistic report, HIVE Digital’s shares (HIVE) experienced a notable surge of over 9.5% on Nasdaq, reaching $3.34, according to data sourced from Google Finance.

HIVE Digital’s bolstering reserves stand out amidst significant capitulation within the industry. As highlighted by QCP analysts in a research report, Bitcoin miners are displaying signs of capitulation as the cryptocurrency’s value slid below $56,000 on late July 5. In the midst of this challenging environment, the hashprice approached its all-time low, a level not witnessed since the bear market.

The company’s resilience and growth in reserves portray a positive outlook for HIVE Digital amidst a challenging landscape for Bitcoin miners. As the industry navigates turbulent waters, HIVE Digital’s strategic moves and operational expansions position it well for continued success in the evolving crypto mining sector.