HIVE Digital, a Canadian Bitcoin mining firm headquartered in Vancouver, has published its June financial report, disclosing an increase in its reserves to 2,503 BTC held on its balance sheet.
Despite recent market volatility that saw Bitcoin drop below the $56,000 mark, HIVE Digital appears resilient. In a press release dated July 8, the company announced that as of July 7, its cryptocurrency holdings on the balance sheet had risen to 2,503 BTC, marking a more than 2% increase from the previous month. During June, HIVE Digital mined 119 BTC, maintaining the same production level as in May.
CEO Aydin Kilic highlighted the company’s operational growth, mentioning the imminent shipment of the remaining batch of Bitmain S21 orders, now upgraded to S21 Pro. This upgrade reflects approximately 1,150 S21 Pro miners from HIVE’s initial December order. Additionally, Kilic noted that the 1,000 S21 Pro Miners acquired in May are now prepared for shipment, with installation of the entire new fleet of rigs anticipated by the end of July.
Following the positive financial disclosure, HIVE Digital’s shares (HIVE) surged by over 9.5% on Nasdaq, reaching $3.34, as reported by Google Finance.
HIVE Digital’s bolstered reserves stand out amidst significant capitulation among its industry peers. According to QCP analysts, Bitcoin miners are exhibiting signs of capitulation as the cryptocurrency’s price fell below $56,000 on July 5. The hashprice mark is approaching its all-time low, reminiscent of levels last seen during the bear market.
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