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

HIVE Digital announced November 2024 production results, including 103 BTC mined and 67% annual growth in Bitcoin assets.

Bitcoin (BTC) mining company HIVE Digital announced its November 2024 production results and reported a 67% increase in BTC assets compared to the previous year. In a press release dated December 9, the firm announced that it issued 103 BTC in November, bringing the total HODL portfolio to 2,713 BTC as of November 30.

In terms of mining capacity, HIVE maintained an average of 5.3 EH/s, while the firm’s highest hashrate for the month reached 5.7 EH/s. As of the end of November, HIVE’s Bitcoin holdings were worth approximately $261 million based on the BTC closing price of $96,400.

Last month, HIVE also expanded its mining operations by purchasing 11,500 Avalon ASIC miners from Canaan Inc. and 8.6 EH/s from 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 summer 2025, with the acquisition expected to generate annual revenues of over $300 million once fully operational.

Frank Holmes, HIVE’s executive chairman, said the firm’s recent expansion is a step towards its goal of “capturing 2% of the global Bitcoin network.” HIVE Digital CEO Aydın Kılıç stated that the company is on track to increase fleet efficiency and reduce production costs, adding that HIVE expects to reach a combined fleet efficiency of 17 J/TH once the new equipment is fully operational.

Following the news, HIVE Digital shares (HIVE) rose by 6.1% to $4.35, according to Nasdaq data.