Cryptocurrency mining company HIVE Digital has seen its shares climb by 11%, following an October production report that highlighted a substantial year-over-year increase in Bitcoin holdings.
In its latest report, HIVE Digital announced it mined 117 Bitcoin in October, reflecting a 1% month-over-month rise. The firm’s HODL portfolio has grown to 2,624 BTC, a 51% increase from last year’s. Frank Holmes, executive chairman of HIVE Digital, credited this growth to the firm’s “prudent capital management,” which allowed the company to maintain a strong portfolio while covering operational costs.
HIVE Digital also shared a positive outlook on the recent U.S. election results, expecting that a crypto-friendly administration in Washington could bring favorable conditions for the digital asset industry.
HIVE Issues Shares and Begins Paraguay Expansion Project
HIVE Digital issued 2,442,000 restricted share units to staff and consultants during its October updates. These shares, set to vest over two years under TSX Venture Exchange guidelines, are aimed at “aligning long-term incentives with shareholder interests.” The shares are also locked for a minimum period of one year.
In addition to its financial and operational updates, HIVE confirmed that construction on its new 100 MW Bitcoin mining facility in Paraguay is now underway. The firm expects this expansion to help it capture approximately 2% of global Bitcoin mining capacity. Initially announced in July, this project is set to generate over $100 million in revenue for Paraguay’s government-owned utility company.
Following these updates, HIVE Digital’s share price surged to $4.52, based on Nasdaq data, reflecting investor optimism around the company’s continued expansion and growth in Bitcoin holdings.
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