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HIVE Digital Highlights Rise in Bitcoin Reserves Amid Market Volatility

Jul 8, 2024

HIVE Digital, a Canadian Bitcoin mining firm, has disclosed its June financial report, signaling a surge in Bitcoin reserves to 2,503 BTC on its balance sheet. Despite the recent miner capitulation affecting Bitcoin's value, HIVE Digital remains resilient. A press release on July 8 revealed that the company's crypto holdings had increased to 2,503 BTC by July 7, reflecting a growth of over 2% compared to the previous month. Throughout June, HIVE Digital mined 119 BTC, staying consistent with its performance from May. CEO Aydin Kilic underscored the company's operational expansion, mentioning the forthcoming shipment of upgraded S21 Pro miners and the recent procurement of 1,000 S21 Pro Miners for installation by the end of July. The pending 2,150 S21 Pro miners are expected to augment HIVE's operational hashrate to 5.5 EH/s upon full deployment. Following the positive report release, HIVE Digital's shares surged by over 9.5% on Nasdaq, closing at $3.34 according to Google Finance data. The boost in reserves by HIVE Digital stands out amidst the prevailing capitulation trend among Bitcoin miners, as detailed in research reports pointing to signs of miners capitulating as Bitcoin's price slipped below $56,000. Hashprice neared record lows, resembling levels witnessed in past bear markets. Despite industry headwinds, HIVE Digital thrives with its expanded reserves and strategic operational endeavors.

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