Key Points
- HIVE Digital has increased its Bitcoin reserves to 2,503 BTC, according to their June financial report.
- Despite market turbulence and Bitcoin’s price drop, the company’s operations remain unaffected.
Canadian Bitcoin mining firm, HIVE Digital, has disclosed its June financial report, indicating a rise in its Bitcoin reserves to 2,503 BTC.
Unaffected by Market Volatility
Despite the recent downturn in the Bitcoin market, which saw the cryptocurrency’s value dip below the $56,000 mark, the Vancouver-based mining company remains resilient.
On July 8, HIVE Digital announced that their crypto holdings had risen to 2,503 BTC, marking a 2% increase from the previous month. The company managed to mine 119 BTC in June, maintaining the same pace as in May.
Operational Expansion
In the midst of recent market fluctuations, HIVE Digital’s CEO, Aydin Kilic, discussed the company’s operational growth. He stated that the remaining orders of Bitmain S21 are ready for shipment, and have been upgraded to S21 Pro.
He further revealed that the latest acquisition of 1,000 S21 Pro Miners, announced in May, is now ready for shipment. The new rigs are expected to be installed by the end of July, bringing HIVE’s total operational hashrate to 5.5 EH/s once fully installed.
After the positive report, HIVE Digital’s shares (HIVE) surged over 9.5% on Nasdaq, reaching $3.34, according to data from Google Finance.
HIVE Digital’s reserve increase comes amidst significant capitulation among its competitors. As noted by QCP analysts in a research report, Bitcoin miners are showing “signs of capitulation” as the cryptocurrency’s price slid below $56,000 late Jul. 5. Despite the challenging landscape, the hashprice mark neared “its all-time low,” a level last seen during the bear market.
