Cryptocurrency mining company HIVE Digital released October production results showing 51% year-over-year growth in Bitcoin portfolio value.
Global Bitcoin (BTC) mining company HIVE Digital reported that it mined 117 BTC in October, a 1% monthly increase, bringing its HODL portfolio to 2,624 BTC, up 51% from the previous year.
Frank Holmes, HIVE Digital’s executive chairman, said in a press release on Friday, November 8 that the firm credits its portfolio growth to “prudent capital management” that allowed the team to “minimize dilution and cover operational expenses.”
Commenting on the recent US election results, HIVE Digital described them as a “positive shift for the digital asset industry”, expecting positive results from an expected crypto-friendly administration in the White House.
“With President Trump’s administration and the Republican Congress, the company is envisioning policies that will benefit both the Bitcoin ecosystem and capital markets.”
HIVE Digital
HIVE Digital issues new shares as Paraguay facility construction begins
In October, the firm issued 2,442,000 shares of restricted stock to its staff and qualified advisors, which it said were intended to “align long-term incentives with shareholder interests.” The shares will vest for two years and be locked in for at least one year in accordance with TSX Venture Exchange rules, according to the press release.
Following the report, HIVE Digital shares rose 11% to $4.52, according to Nasdaq data.
The firm also confirmed that construction has begun on its new 100 MW facility in Paraguay, in line with its goal to “capture 2% of global Bitcoin mining capacity.” HIVE Digital first announced plans to expand resources in Paraguay in July, stating that the new mining site would generate “over $100 million” in stable US dollar revenues for the country’s state-owned utility company.