HIVE Digital Sees Bitcoin Reserves Surge by 23%
Canadian crypto mining firm HIVE Digital announced a notable boost in itâs Bitcoin reserves.The companyâs February production results show a 23% year-over-year increase in Bitcoin holdings. HIVE mined 89 BTC, bringing its total to 2,620 BTC, worth around $220 million.
Despite the remarkable growth, HIVEâs month-over-month crypto holdings decreased. The company sold some BTC to invest in capital assets, including Bitfarmsâ 200 MW hydro-powered Bitcoin mining facility in Paraguay.
following the news, HIVE Digitalâs shares rose 4.76% to $2 after hours, according to Nasdaq data. Rosenblatt adjusted its outlook for HIVE, predicting a price range from $4.80 to $7.13, marking a potential 200% increase. CEO Aydin Kilic aims to make HIVE one of the worldâs largest and most efficient Bitcoin miners. The 300 MW expansion in Paraguay is on track to quadruple its hashrate by September 2025. The strategic acquisition of Bitfarmsâ 200 MW YguazĂș site in Q1 2025. This move is part of a âtransformative yearâ plan. The company plans to expand its hashrate from 6 EH/s to 25 EH/s by 2025. This expansion will position HIVE as a major player in the mining industry.
- HIVEâs Bitcoin holdings rose by 23% year-over-year.
- Shares jumped 4.76% after the proclamation.
- The 200 MW hydro-powered mining assets will enhance efficiency.
HIVEâs strategic moves reflect its commitment to becoming a leading Bitcoin miner.The company expects to finalize the Bitfarms acquisition, solidifying its position in the market.
