HIVE Digital expects to double its computing power next year and aims to generate $100 million in annual revenue

According to CoinDesk, Cantor expects HIVE Digital's computing power to double next year and gives it an overweight rating and a $9 price target. HIVE shares rose about 3.6% on Tuesday, trading at around $4.26.

Cantor expects HIVE’s hash rate to increase from 5.5 EH/s to 13 EH/s, an increase that the market has not yet priced in. Hash rate is a measure of the competition and difficulty of blockchain mining.

HIVE plans to develop in the fields of artificial intelligence and high-performance computing, aiming to achieve $100 million in annual recurring revenue by the end of next year. Analysts point out that the market underestimates HIVE's computing power growth and GPU plans.