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HIVE Digital Technologies (HIVE) saw its shares climb to $2.47 on Friday, marking a 6.5% single-day gain as the blockchain infrastructure provider announced significant operational milestones. The Vancouver-based company's market valuation now exceeds $530 million, with its stock gaining 21% over the past month — mirroring the broader recovery in cryptocurrency mining stocks.
The company revealed it has doubled its Bitcoin mining capacity since January, reaching 12 exahashes per second (EH/s). This expansion has pushed HIVE's annual revenue run rate to 【$250 million】, with projections suggesting $400 million potential upon achieving 18 EH/s. CEO Aydin Kilic noted the firm currently mines over 6 BTC daily while maintaining 55% operating margins.
——"Our Paraguay expansion and equipment upgrades position us for continued growth," Kilic stated in the earnings release——
With 2,201 BTC in reserves, HIVE ranks among the top-20 publicly traded Bitcoin holders according to BitcoinTreasuries.NET. The company's treasury strategy has proven particularly valuable during BTC's recent price surge above $60,000.
The April 2024 Bitcoin halving event slashed mining rewards by 50%, squeezing profitability across the sector. Many operators have responded by diversifying into artificial intelligence and high-performance computing — a pivot that helped competitor Core Scientific avoid bankruptcy before its $9 billion acquisition by CoreWeave.
HIVE itself has repurposed GPU capacity for AI workloads since last September, with Nvidia's H100 chips reportedly driving significant additional revenue streams.
Data from MacroMicro shows average Bitcoin production costs have risen sharply post-halving, currently hovering near $45,000 per coin. This economic reality has forced smaller miners offline while accelerating consolidation among major players like HIVE that can achieve scale efficiencies.
As of press time, HIVE shares continue trading at elevated volumes, with analysts watching whether the company can maintain its operational momentum through the typically slower summer months.