Bitcoin Miner HIVE Digital Buys BTC Dips, Stock Jumps 9%
In the midst of a turbulent period for Bitcoin miners, Canadian BTC miner HIVE Digital has stood out by actively buying the dips in the market. Despite reports of miner capitulation in the industry, HIVE Digital has remained confident in the future of Bitcoin and has taken advantage of the recent price drops to increase its holdings.
According to the company’s June financial report, HIVE Digital added 2,503 BTC to its balance sheet and reserves, bringing its total Bitcoin holdings to 2,496 BTC. This move comes at a time when the Bitcoin price has dipped to $54,500, leading to strong liquidations in the market due to miner capitulation.
Throughout the month of June, HIVE Digital mined a total of 119 Bitcoin while maintaining an average mining capacity of over 4.7 Exahash. The company’s HODL position has now grown to 2,503 BTC, with a HODL value exceeding $140 million. HIVE Digital’s Executive Chairman, Frank Holmes, expressed satisfaction with the company’s performance, highlighting its efficiency and low shareholder dilution.
CEO Aydin Kilic also shared the company’s expansion plans, mentioning that pending orders for Bitmain S21 Pro miners are ready to ship. HIVE Digital expects to have a total operational hashrate of 5.5 EH/s once these miners are fully installed, with a global fleet efficiency of 24.5 J/TH. The company aims to have all new miners installed by the end of July, further strengthening its position in the market.
Following the positive developments and strong financial report, HIVE Digital’s shares surged by over 9.5% on Nasdaq, reaching $3.34. This increase in stock price comes at a time when many other Bitcoin miners are facing challenges in the industry, with some considering mergers to boost profitability.
Overall, HIVE Digital’s proactive approach to buying BTC dips and expanding its mining operations has positioned the company as a strong player in the Bitcoin mining industry. Despite market turbulence and challenges faced by its competitors, HIVE Digital remains robust and optimistic about the future of Bitcoin.