HIVE Digital Technologies (TSXV:HIVE), a global cryptocurrency mining company, has reported an unaudited production of 116 Bitcoin in July. This marks a 2% increase in its total holdings compared to the previous month. The company currently holds 2,533 units of Bitcoin on its balance sheet, with a total value exceeding US$164 million as of Wednesday.
HIVE operates in Europe, North America, and South America, focusing on cryptocurrency mining and high-performance computing. Despite a 29.52% decrease in its stock price year-over-year, the company has seen a significant gain of 175.29% since 2019.
The company achieved this production milestone with an average mining capacity of over 4.7 Exahash (EH/s), which remained consistent from the previous month. With plans to build a new 100 MW mining facility in Paraguay, HIVE aims to increase its revenue, operational flexibility, and long-term Bitcoin holdings by boosting its hashrate to over 12 EH/s by the following year.
The rise in Bitcoin’s value by over 50% year-to-date can be attributed to the strong adoption of spot ETFs in the United States, with total assets surpassing US$60 billion since their inception in January. As of current data, Bitcoin’s market capitalization stands at US$1.27 trillion, with a value of approximately US$64,500 per coin.
According to Aydin Kilic, the President and CEO of HIVE Digital Technologies, the company has recently acquired new generation ASICs to enhance its mining capacity for Bitcoin. These acquisitions include 7,000 Bitmain S21 Antminers and 2,500 S21 Pro Antminers, reaching a total of 2 EH/s in mining capacity. Kilic also mentioned plans to optimize firmware for existing ASIC models to improve operating efficiency.
HIVE Digital Technologies is a leader in cryptocurrency mining and high-performance computing, prioritizing sustainable green energy solutions. The company operates datacenter facilities in Canada, Sweden, and Iceland, utilizing over 38,000 commercial-grade NVIDIA graphic processing units. The majority of Bitcoin mined by HIVE since 2021 has been held in secure storage.
With its last trade at C$4.68 per share, HIVE Digital Technologies Ltd. (TSXV:HIVE) has shown a 29.52% decline in its stock price year-over-year, but a notable gain of 175.29% since 2019. Interested individuals can join the discussion on the HIVE Digital Technologies Ltd. Bullboard to learn more about this cryptocurrency mining stock. Please note that the information shared in this article is for informational purposes only and should not be considered as investment advice. For full disclaimer information, please refer to the provided link.
