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Bitcoin Mining companies were among the hardest hit in 2024 due to the halving that occurred in April. However, the sector managed to survive and its companies emerged stronger from this test. Such a situation cannot be ignored by large investors, who bet on the shares of firms such as Hive Digital, Marathon, Riot and others.
For the first of these companies, the potential seems significant due to several factors related to its growth. In that sense, the company’s management recently publicly shared its plans to reach 2% of the global Bitcoin hashrate.
In a press release, the company offered some details related to its productivity results during the month of November. This month, a significant number of mining companies (at least 8) reported a drop in production. However, Hive is not one of them, given that its production reached a year-on-year growth of 67%.
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In November alone, the firm mined a total of 103 bitcoins, which allowed it to bring its portfolio to 2,713 coins until the 30th. In terms of production capacity, the miner has 5.3 EH/s and its reserves closed the month with a value equivalent to $261 million dollars. Meanwhile, its shares maintained a positive performance of +6.62% after the price stabilized at $4.35.
Hive Digital shares have strong upside potential. Source: Yahoo Finance
Hive shares could rise sharply in 2025
Although Hive Digital shares showed a cumulative increase of up to +18.75% in November, after stabilization they remained at +6.62%. This means that profit taking drove the price back. Thus, considering the firm’s expansion plans and its positive production, it could be said that its shares will rise again.
Over the past few months, these company stock assets have demonstrated that they have enormous appreciation capacity. As Yahoo Finance data shows, over the last 6 months, the stock’s return is over 50%. This shows that the firm has solid management that allowed it to emerge triumphant from the halving.
It is important to keep in mind that this Bitcoin miner, although it does not have the same dimensions as giants like MARA, remains one of the most important in the sector. Thus, its market capitalization places it in position number 15 of the most important mining companies listed on the stock market.
An important aspect of mining stocks, which differentiates them from other stocks in the crypto world, is that their bullish cycle is just beginning. Thus, while assets like MicroStrategy bring enormous multi-year returns, mining companies barely overcome the downturn that the halving represented. Hive Digital shares fit perfectly into this pattern and become one of the interesting bets for investors.
Disclaimer: This work is for informational purposes only and should under no circumstances be taken as an invitation or investment advice. Stocks are highly volatile assets and placing capital in them can lead to total losses.
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