Bitcoin Mining Stock HIVE Digital Is Rising Monday: What's Going On?

HIVE Digital Technologies Ltd HIVE shares are trading higher Monday after the company provided an operations update.

What Happened: Hive Digital announced that it mined 119 Bitcoin BTC/USD in June, bringing its total bitcoin holdings up to 2,503 as of July 7.

The bitcoin mining company said it maintained an average mining capacity of over 4.7 EH/s last month and ended the period with 4.9 EH/s in ASIC mining capacity. Hive noted that its mining capacity is allowing it to average production of about 4 bitcoin per day currently.

“We have received confirmation that the remaining batch of our 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. Additionally, the new purchase of 1,000 S21 Pro Miners announced in our May production report are now ready to ship,” said Aydin Kilic, president and CEO of Hive.

“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.”

Hive highlighted that the value of its bitcoin holdings is more than $140 million as of July 7, which it said makes its enterprise value look “very attractive compared to its peers.”

See Also: Bitcoin’s Bullish Future: Analyst Predicts 80% Rally After Correction, But Here’s The Catch

HIVE Price Action: Hive Digital shares were up 1.8% at $3.40 at the time of publication, according to Benzinga Pro.

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