Canadian Bitcoin mining company HIVE Digital has released its June financial report, showing an increase in its reserves to 2,503 BTC stored on the balance sheet.

HIVE Digital Technologies, a Vancouver-based Bitcoin mining company, remains steady despite recent market challenges that saw Bitcoin drop below the $56,000 mark. As of July 7, HIVE Digital’s crypto holdings have risen to 2,503 BTC, marking a more than 2% increase from the previous month. In June, the company mined 119 BTC, consistent with its performance in May.

Despite market turbulence, HIVE Digital continues to expand its operations. CEO Aydin Kilic discussed the company’s growth, highlighting that the remaining batch of Bitmain S21 orders is “ready to ship” and has been upgraded to S21 Pro models. This upgrade includes approximately 1,150 S21 Pro miners from HIVE’s original order placed in December. Kilic also mentioned that the latest acquisition of 1,000 S21 Pro Miners, announced in May, is now ready for shipment, with the total fleet expected to be installed by the end of July.

“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,” said Aydin Kilic.

Following the release of this positive report, HIVE Digital’s shares (HIVE) rose by over 9.5% on Nasdaq, reaching $3.34.

HIVE Digital’s ability to boost its reserves comes amid significant capitulation among its competitors. According to QCP analysts, Bitcoin miners are showing “signs of capitulation” as the cryptocurrency’s price fell below $56,000 on July 5. During this period, the hashprice mark approached its all-time low, a level last seen during the bear market.

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