Bitcoin Mining Stock Hive Digital Is Rising Monday: What’s Going On? – HIVE Digital Technologies (NASDAQ:HIVE)

HIVE Digital Technologies Ltd (NASDAQ:HIVE) shares are trading higher. The company on Monday announced Bitcoin (CRYPTO: BTC) production numbers for May.

What Happened: In May, Hive Digital said it mined 119 bitcoin, bringing its total bitcoin holdings up to 2,451. The company maintained average mining capacity of 4.9 EH/s during the month and ended the period with 5 EH/s of mining capacity. Hive Digital mined an average of 3.8 bitcoin per day last month.

Hive Digital noted that its bitcoin position has increased to 2,468 as of June 9, giving it a total holdings value of more than $170 million. The company also noted that it believes its enterprise value looks “very attractive” relative to peers.

“We have successfully navigated our second Bitcoin Halving event, overcoming numerous challenges over the past four years,” said Frank Holmes, executive chairman of Hive Digital.

“Despite significant macroeconomic headwinds, HIVE has remained resilient, consistently generating positive operating income. We continue to evaluate growth opportunities with a focus on lean operations, profitable mining, sourcing green energy which has been a big challenge, and striving for the best cash flow return on invested capital per share (CFROIC) for our shareholders.”

Hive Digital also provided an operational update, noting that 6,495 of the 8,165 S21 Antminers it ordered have now been installed. Of the remaining 1,670 S21s, 428 of them are expected to ship this week.

“We are pleased to announce the upcoming acquisition of 1,000 Bitmain S21 Pro Antminers, the latest and most efficient machines on the market, having a hashrate of 234 Terahash per second and an efficiency of 15 J/TH. These units are expected to ship this month and are integral to our strategy of continually upgrading our fleet whilst growing our HODL position,” said Luke Rossy, COO of Hive Digital.

See Also: Arthur Hayes: Bitcoin ‘Trend Is Clear, Central Banks Are Starting Easing Cycles’

HIVE Price Action: Hive Digital shares were up 4.82% at $2.93 at the time of publication, according to Benzinga Pro.

Photo: Eivind Pedersen from Pixabay.