Shares of HIVE Digital surged after the company announced a significant year-over-year (YoY) increase in its Bitcoin holdings. The Canadian cryptocurrency mining firm revealed in its February production report that its Bitcoin reserves have grown by 23% compared to the previous year, reinforcing its position as a key player in the mining sector.<\/p>\n\n\n\n
In a March 9 press release, Vancouver-based HIVE Digital reported mining 89 BTC in February, bringing its total Bitcoin holdings to 2,620 BTC. The reserves are currently valued at approximately $220 million.<\/p>\n\n\n\n
However, the company noted a month-over-month decline in its total BTC holdings, though it did not specify the amount of Bitcoin sold. HIVE attributed the decline to a strategic move, stating:<\/p>\n\n\n\n
\u201cOn a month-over-month basis, BTC holdings saw a decline as HIVE strategically sold a portion of its BTC to invest in capital assets, including Bitfarms\u2019 200 megawatt hydro-powered Bitcoin mining assets in Paraguay.\u201d<\/p>\n\n\n\n
Following the announcement, HIVE Digital\u2019s stock climbed 4.76% in after-hours trading, reaching $2 per share, according to Nasdaq data. The market reaction was further supported by Rosenblatt\u2019s revised outlook for HIVE, which now projects a share price range between $4.80 and $7.13. The new price targets suggest a potential increase of nearly 200% from current levels.<\/p>\n\n\n\n
HIVE Digital CEO Aydin Kilic emphasized that the company is on track for a \u201ctransformative year\u201d that will solidify its position as one of the largest and most efficient Bitcoin miners globally. Kilic highlighted the firm\u2019s ambitious expansion plans, which include a 300-megawatt (MW) expansion in Paraguay. The initiative aims to increase HIVE\u2019s hashrate from 6 exahashes per second (EH\/s) to 25 EH\/s by September 2025.<\/p>\n\n\n\n
Additionally, HIVE expects to finalize its strategic acquisition of Bitfarms\u2019 200 MW Yguaz\u00fa mining site in Paraguay by the end of Q1 2025, further strengthening its operational footprint.<\/p>\n\n\n\n
With growing Bitcoin reserves, strategic investments, and a bullish market outlook, HIVE Digital continues to position itself as a major force in the Bitcoin mining industry. As the company scales its operations and expands its energy-efficient mining capabilities, investors are closely watching how these developments translate into long-term growth and profitability.<\/p>\n\n\n\n
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Shares of HIVE Digital surged after the company announced a significant year-over-year (YoY) increase in its Bitcoin holdings. The Canadian cryptocurrency mining firm revealed in its February production report that its Bitcoin reserves have grown by 23% compared to the previous year, reinforcing its position as a key player in the mining sector. Bitcoin Production…<\/p>\n","protected":false},"author":3,"featured_media":6579,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[63,70],"tags":[69,468,350],"class_list":["post-6576","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news","category-finance","tag-bitcoin","tag-hive","tag-production"],"yoast_head":"\n