HIVE Digital Shares Surge 6% Following November Production Results, as Mining Firm Sets Sights on 2% of Bitcoin Network

HIVE Digital’s stock price soared by 6.1% to $4.35 following the release of its impressive November 2024 production results, underscoring the firm’s growth in Bitcoin holdings and its aggressive expansion plans within the cryptocurrency mining sector.

In a press release on December 9, HIVE Digital reported mining 103 BTC in November, bringing its total Bitcoin holdings (HODL) to 2,713 BTC as of November 30. This marks a significant 67% year-over-year increase in the company’s Bitcoin reserves. At current market prices, these holdings were valued at approximately $261 million, based on a BTC closing price of $96,400.

In terms of mining capacity, HIVE maintained an average hashrate of 5.3 EH/s throughout November, with the firm reaching a peak hashrate of 5.7 EH/s. The company’s strategic investments in infrastructure are crucial to its plans for future growth. In line with this, HIVE expanded its operations by purchasing 11,500 Avalon ASIC miners from Canaan Inc. and 8.6 EH/s worth of Bitmain’s S21+ Hydro machines. This is part of a broader strategy to increase its mining capacity to 15 EH/s by the summer of 2025.

Once these new machines are fully deployed, HIVE Digital expects to generate over $300 million in annual revenue, further solidifying its position in the competitive Bitcoin mining space.

Frank Holmes, executive chairman of HIVE, underscored the significance of the company’s continued expansion, stating that it is a crucial step toward HIVE’s ambitious goal of capturing 2% of the global Bitcoin network. The firm is committed to building out its infrastructure and scaling its operations to capture a larger share of the market.

CEO Aydin Kilic also emphasized the progress the company is making in improving fleet efficiency and reducing production costs. HIVE expects to achieve a blended fleet efficiency of 17 J/TH once the new equipment is fully operational. This improvement in efficiency will play a key role in HIVE’s long-term profitability and sustainability in the highly competitive and rapidly evolving cryptocurrency mining market.

The company’s recent achievements and its aggressive plans for the future have sparked investor optimism, leading to the 6.1% increase in HIVE Digital’s stock price. As the cryptocurrency market continues to mature, HIVE’s strong growth trajectory and strategic investments in its mining fleet position the company for continued success in the coming years. With its sights set on expanding its global footprint, HIVE Digital is poised to remain a key player in the Bitcoin mining sector, contributing to the broader evolution of the crypto industry.