Hive Digital Seals $22M Funding Round to Boost Bitcoin Mining Operations
Summary:
Vancouver-based Bitcoin mining firm, Hive Digital, has concluded a $22 million private funding round via the sale of special warrants. The raised sum is anticipated to be used to expand the company's Bitcoin mining operations, cover working capital, and cater to general corporate needs. The company mined an average of 9.2 Bitcoin per day in November and recently expanded its mining operations in Sweden. Earlier this year, the firm dropped 'blockchain' from its name to align with its increasing focus on artificial intelligence, cloud computing, and graphic processing units.
Hive Digital, a Vancouver-based Bitcoin mining corporation, has successfully completed a private funding round worth $22 million. The announcement, made on December 28th, stated the funding had been achieved by selling 5.75 million special warrants at $3.87 (CA$5.00) each, raising a total of $22 million (CA$28.75 million). Each warrant unit comprises of one company common stock and half of a common share purchase warrant. Warrant holders will be able to buy one Hive share worth $4.54 (CA$6.00) per every two warrants they possess, until December 28, 2026. Hive Digital's stocks are currently valued at $5.41 (CA$7.15).
"The raised funds are expected to accelerate the growth of the company's Bitcoin mining operations, and will also be utilized for the capital requirements and general corporate activities," the company declared. Hive also expressed their intentions of holding onto their Bitcoin assets till the soon approaching Halving thereby signifying faith in Bitcoin's longevity.
In November, Hive averaged a daily Bitcoin mining output of 9.2 BTC with 4.18 exahash per second (EH/s) of mining capability, a fraction compared to 474.812 EH/s, the total mining capacity of the entire Bitcoin network.
Previously on December 8th, Hive revealed that their investment in 3,750 Bitcoin ASIC miners, purchased last year, has already yielded a profitable return due to the surge in Bitcoin prices. Last month, the company broadened its Bitcoin mining operations in Sweden. Earlier in the year, Hive Digital removed the term "blockchain" from its corporate title to better align with its budding focus on the financial potentialities of artificial intelligence (AI), cloud computing, and graphics processing units (GPUs).
In related news, Marathon Digital concluded the trading day as the most traded stock, totalling $327 million in traded volume.
Published At
12/28/2023 9:10:00 PM
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