HIVE Digital shares climb 6% as miner targets 2% of Bitcoin network

HIVE Digital revealed its November 2024 production results, including 103 BTC mined and a 67% year-over-year growth in its Bitcoin holdings.

Bitcoin (BTC) mining firm HIVE Digital released its November 2024 production results, reporting a 67% increase in its BTC holdings compared to the previous year. In a Dec. 9 press release, the firm revealed it had mined 103 BTC in November, bringing its total HODL portfolio to 2,713 BTC as of Nov. 30.

In terms of mining capacity, HIVE maintained an average of 5.3 EH/s, with the firm’s peak hashrate for the month reaching 5.7 EH/s. As of the end of November, HIVE’s Bitcoin holdings were valued at approximately $261 million, based on a BTC closing price of $96,400.

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During the past month, HIVE also expanded its mining operations, purchasing 11,500 Avalon ASIC miners from Canaan Inc. and 8.6 EH/s of Bitmain’s S21+ Hydro machines. The deal is part of the firm’s plan to reach a total mining capacity of 15 EH/s by the summer of 2025, with the purchase expected to generate over $300 million in annual revenue once fully deployed.

Frank Holmes, executive chairman of HIVE, said the firm’s recent expansion is a step toward its goal “to capture 2% of the global Bitcoin network.” HIVE Digital CEO Aydin Kilic said the firm is on track to improve its fleet efficiency and reduce production costs, adding that once the new equipment is fully operational, HIVE expects to achieve a blended fleet efficiency of 17 J/TH.

Following the news, HIVE Digital shares (HIVE) soared 6.1%, jumping to $4.35, according to data from Nasdaq.

Read more: HIVE Digital acquires 6500 ASIC miners, starts Paraguay facility construction