What's Up With Shares Of Bitcoin Miner Hive Digital?

HIVE Digital Technologies Ltd HIVE shares are trading higher. The company on Thursday provided an operations update for December.

What Happened: Hive Digital said it produced 282.8 Bitcoin in December as it maintained an average hashrate of 3.95 EH/s during the month. The company produced an average of 9.1 bitcoin per day, representing approximately 1% of the global network. As of the end of December, Hive had 4.08 EH/s of mining capacity.

Hive noted that its New Brunswick facility is currently operating at 1.8 EH/s while undergoing final maintenance. The facility is expected to return to full operation this month. 

Hive also appointed Luke Rossy to chief operating officer and Mario Sergi to chief information officer. 

"I have worked very closely with Luke in this time, where our goal has been for HIVE to lead as the most efficient Bitcoin miner. Coming from a strong foundation of code implementations in novel applications in proof-of-work algorithms, additionally, Luke has represented HIVE globally at Bitcoin industry conferences, and has developed a mastery of Bitcoin mining systems and analytics," said Aydin Kilic, president and CEO of Hive.

Hive shares may also be getting a boost from an increase in the price of bitcoin. At the time of publication, Bitcoin was up 3.82% over a 24-hour period at $44,073. Bitcoin is up more than 155% over a one-year period.

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HIVE Price Action: Hive shares were up 6.98% at $4.60 at the time of writing, according to Benzinga Pro.

Photo: EivindPedersen from Pixabay.