Shares of cryptocurrency mining company HIVE Digital have surged 11% following its October production report reflecting a substantial year-over-year jump in bitcoin holdings.
In its latest report, HIVE Digital announced that it mined 117 Bitcoin in October, marking a 1% increase month-over-month. The firm’s HODL portfolio has grown to 2,624 BTC, an increase of 51% over the past year. Frank Holmes, executive chairman of HIVE Digital, attributed this growth to the firm’s “prudent capital management,” which allowed the company to maintain a strong portfolio while covering operating costs.
HIVE Digital also shared a positive outlook on the recent US election results, hoping that a crypto-friendly administration in Washington could bring favorable conditions for the digital asset industry.
HIVE issues shares and launches Paraguay expansion project
HIVE Digital issued 2,442,000 restricted share units to employees and consultants during its October update.
In addition to its financial and operational update, HIVE has confirmed that the construction of its new 100 megawatt bitcoin mining facility in Paraguay is now underway. The firm hopes that this expansion will help it gain around 2% of the global bitcoin mining capacity. Initially announced in July, the project is set to generate over $100 million in revenue for Paraguay’s state-owned utility company.
Following these updates, HIVE Digital’s stock price rose to $4.52, based on Nasdaq data, reflecting investors’ optimism about the company’s continued expansion and growth in bitcoin holdings.
