HIVE Digital Increases Bitcoin (BTC) Reserves to 2,503 BTC, Unaffected by Miner Capitulation

HIVE Digital Technologies, the Vancouver-based Bitcoin mining company, seems unaffected by the recent miner capitulation that caused Bitcoin (BTC) to plunge below the $56,000 mark.

Canadian Bitcoin (BTC) mining company HIVE Digital has announced increasing its crypto reserves on the balance sheet to 2,503 BTC as of July 7.

In a press release on Thursday, HIVE Digital announced that its crypto holdings on the balance sheet increased by more than 2% from the prior month. In June, the firm mined 119 BTC, keeping the same performance as in May.

Despite recent market turbulence that saw Bitcoin plunge below the $56,000 mark, HIVE Digital appears to be largely unaffected. The company's CEO, Aydin Kilic, addressed the firm’s operational expansion, revealing that the remaining batch of Bitmain S21 orders "are ready to ship, and in fact have been upgraded to S21 Pro, representing approximately 1,150 S21 Pro miners from HIVE’s original order in December." Kilic added that the latest acquisition of 1,000 S21 Pro Miners, which was announced in May, is now "ready to ship," bringing the total fleet of new rigs to be installed by the end of July.

"Therefore, we expect the total 2,150 pending S21 Pro miners to ship in the next week, bringing HIVE’s total operational hashrate to 5.5 EH/s once fully installed, with a global fleet efficiency of 24.5 J/TH. HIVE expects these machines to be installed before the end of July."

Following the release of the positive report, HIVE Digital's shares (HIVE) soared by over 9.5% on Nasdaq, jumping to $3.34, according to data from Google Finance.

HIVE Digital's reserve boosting comes despite massive capitulation among its rivals. As QCP analysts noted in a research report, Bitcoin miners are showing "signs of capitulation" as the cryptocurrency's price slid below $56,000 late on July 5. Amid the deteriorating landscape, the hashprice mark neared "its all-time low," a level last seen during the bear market.

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