With the rocketing popularity of Bitcoin and other digital currencies, opportunities in the broader market have surged, while miners of these assets are reaping massive profits driven by rising prices.
Most recently reported that Hive Digital has announced the acquisition of Bitfarms’ Yguazú, Paraguay site, a 200 MW hydro-powered BTC mining facility.
The press release says Hive aims to boost its BTC mining hashrate from 6 EH/s to an anticipated 25 EH/s by Sept 2025. As per experts, the move of the known miners seems to be fueled by the changing stance over crypto globally especially in the United States.
“ Paraguay’s political stability, reinforced by President Santiago Peña’s recent presence at President Trump’s inauguration, highlights the country’s alignment with US economic growth priorities,” Frank Holmes said.
Adding to deal finalization, Ben Gagnon the chief executive officer of Bitfarms said “ We are pleased to announce the sale of our Yguazu site to HIVE as we continue to streamline our operations and rebalance towards North America.”
While concluding he noted, “Bitfarms will be reinvesting the capital from this sale towards its 1 GW growth pipeline in the U.S. for BTC and HPC/AI infrastructure which marks a significant milestone in our transition from an international Bitcoin miner to a North American energy and compute infrastructure company.”
HIVE Digital Technologies (NASDAQ: HIVE) stock price update
At the time of writing, IVE stock was trading at $2.78 with an intraday decline of 10.23 percent and a weekly decline of roughly 16 percent. Currently, its prices have been struggling below 20,50,100, and 200 days exponential moving average (EMA).
Source: TradingView
Not only its prices but also the market capitalization has faced severe declines, and according to data from Companiesmarketcap(dot)com Hive’s cap fell around 10.78 percent in the ongoing year and was $0.35 billion.
After analyzing the technical indicators it has been noted that if the bearishness continues in the prices all through Hive stock might soon face the initial support of $2.25 followed by the next nearest support of $1.53.
Yet in the case of the reverse stance the nearest visible resistance of $4.14 followed by $4.59, the annual price target of Hive $8.60 which is 190 percent up than press time trading prices.
Is Hive Digital eyeing a bigger spot in the crypto crypto-mining category?
As per the available data in terms of stock trading prices, Hut 8 mining (NASDAQ: HUT) rules the list exchanging hands at $19.78 followed by Marathon Digital holdings (NASDAQ: MARA) trading at $18.28, Bitdeer Technologies Group (NASDAQ: BTDR) trading at $15.54 and Riot Blockchain (NASDAQ: RIOT) stock $11.45.
However, in terms of market capitalization Marathon Digital tops the sectors with $6.20 billion, Riot Blockchain at $3.93, Core Scientific had $3.14 billion and Bitdeer Technologies Group had $2.99 billion in market capitalization till writing.
It is crucial to note that the majority of leading cryptocurrency miners are based in the United States followed by Canada, Australia, the United Kingdom, the United Arab Emirates, Singapore, and China.
Crypto market price updates
When writing, the cryptocurrency market capitalization was $3.5 trillion with an addition 2.44 percent on the other hand the trading volume reached $145.60 billion with a decline of 11 percent.
At the moment, DeFi’s total volume is $9.38 billion, or 6.45% of the 24-hour volume of the entire cryptocurrency market. Currently, the total volume of all stablecoins is $131.35 billion, or 90.32% of the 24-hour volume of the cryptocurrency market.
Experts argue that the release of macroeconomic data from the United States is expected to fuel BTC prices in the near future, yet there is a need for keen analysis before proceeding with any investment.