The recent gains in cryptocurrency across the board have had a wide-ranging impact, and for Canadian cryptocurrency stock HIVE Digital Technologies (TSE:HIVE), it has meant some big new moves. In fact, HIVE today is up nearly 16% after word emerged about how much it mined in October and some exciting new plans to mine more Bitcoin.
HIVE’s October was impressive by most standards, as it brought in 117 Bitcoin for the month. That brought HIVE’s total Bitcoin holdings to 2,624, which was up 51% from October 2023. Its capacity has not increased particularly, holding squarely at 5.3 exahash per second, and its peak hashrate—a measure of how fast it can mine—reaching 5.6 exahash.
Efficiencies are also holding up well, with HIVE pulling an average of 3.77 Bitcoin per day. Based on a Bitcoin price of around $70,215—which has actually only gone up since—as of October 31, HIVE’s total Bitcoin holdings represented over $184 million and growing.
Paraguayan Expansion
As good as things are, HIVE is eyeing expansion efforts, and it is looking to Paraguay to put those into practice. It is working on a 100-megawatt facility down there. Once the facility is up and running, note reports, the end result should be roughly 2% of the entire planet’s Bitcoin mining capability in HIVE’s hands.
But there is more in the way of expansion; reports note that HIVE just ordered a new slug of ASIC miners: Canaan Avalon A1566 miners, in fact, and 6,500 of them. The first 500 will go live this week, while the remaining 6,000 to come in over the next several months, with an eye toward having all of them online by March 2025.
Is HIVE Digital Technologies a Good Stock to Buy?
Turning to Wall Street, analysts have a Moderate Buy consensus rating on TSE:HIVE stock based on five Buys assigned in the past three months, as indicated by the graphic below. After an 84.26% rally in its share price over the past year, the average TSE:HIVE price target of C$9.61 per share implies 32.41% upside potential.
