Bitcoin

Read

Canadian Bitcoin mining company HIVE Digital has released a June financial report, revealing it has increased its reserves to 2,503 BTC stored on the balance sheet.
<a href="https://crypto.news/tag/hive/" target="_blank" rel="noopener noreferrer nofollow">HIVE</a> Digital Technologies, the Vancouver-based Bitcoin <a href="https://crypto.news/tag/mining/" target="_blank" rel="noopener noreferrer nofollow">mining</a> company, seems unaffected by the recent miner capitulation that caused Bitcoin (<a href="https://crypto.news/price/bitcoin/" target="_blank" rel="noopener noreferrer nofollow">BTC</a>) to plunge below the $56,000 mark.
In a Jul. 8 <a href="http://markets.businessinsider.com/news/stocks/hive-digital-announces-119-bitcoin-produced-in-june-2024-hodl-grew-2-to-2496-bitcoins-1033534367?data=28934crypto976234news23423" target="_blank" rel="noopener noreferrer nofollow">press release</a>, the company revealed that as of Jul. 7, its crypto holdings on the balance sheet had increased to 2,503 BTC, a more than 2% increase compared to the prior month. In total, HIVE Digital mined 119 BTC in June, keeping the same performance as in May.
Despite recent market turbulence that saw Bitcoin plunge below the $56,000 mark, HIVE Digital appears unaffected. CEO Aydin Kilic addressed the firm’s operational expansion, noting that the remaining batch of Bitmain S21 orders “are ready to ship, and in fact have been upgraded to S21 Pro, representing approximately 1,150 S21 Pro miners from HIVE’s original order in December.” Kilic added that the latest acquisition of 1,000 S21 Pro Miners revealed in May is now “ready to ship,” with the total fleet of new rigs expected to be installed by the end of July.
You might also like: <a href="https://crypto.news/bitcoin-rally-hinges-on-rate-cut-bitfinex-exec-says/" rel="noopener noreferrer nofollow"> Bitcoin rally hinges on rate cut, Bitfinex exec says </a>
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
 “Therefore, we expect the total 2,150 pending S21 Pro miners to ship in the next week, bringing HIVE’s total operational hashrate to 5.5 EH/s once fully installed, with a global fleet efficiency of 24.5 J/TH. HIVE expects these machines to be installed before the end of July.”
 Aydin Kilic
</blockquote>
Following the release of the positive report, HIVE Digital’s shares (HIVE) soared by over 9.5% on Nasdaq, jumping to $3.34, according to data from Google Finance.
HIVE Digital’s reserve boosting comes despite massive capitulation among its rivals. As QCP analysts noted in a research report, Bitcoin miners are showing “<a href="https://crypto.news/bitcoin-dips-below-59k-as-miners-show-signs-of-capitulation/" target="_blank" rel="noopener noreferrer nofollow">signs of capitulation</a>” as the cryptocurrency’s price slid below $56,000 late Jul. 5. Amid the deteriorating landscape, the hashprice mark <a href="https://crypto.news/bitcoins-quick-dip-below-57k-forces-beginners-to-capitulate-cryptoquant-says/" target="_blank" rel="noopener noreferrer nofollow">neared</a> “its all-time low,” a level last seen during the bear market.
Read more: <a href="https://crypto.news/bitcoin-mining-stocks-slumping-in-pre-market-trading/" rel="noopener noreferrer nofollow"> Bitcoin mining stocks slumping in pre-market trading </a>

HIVE Digital stock rallies over 9% as Bitcoin miner bolsters crypto reserves to 2.5k BTC

crypto.news

Other articles published on Jul 8, 2024

VanEck Spot Ethereum ETF Was Updated With S-1 Form, Approval Nears

BC.GAME Announces the Partnership with Leicester City and New $BC Token!

Bitcoin Drops As German Govt Offloads Over 5K BTC, Still Holds $1.85B

Celestia News: TIA Price To Reach $10 in July?

Crypto Hack Alert: PancakeBunny Exploiter Moves $2.9M via Tornado Cash

Blast-Off or Bust? Best Meme Coin Presale Blasts Off, MoonBag Takes Center Stage as Old Favorites...

Join our free newsletter for daily crypto updates!