HIVE Digital Technologies (NASDAQ:HIVE) stock is moving lower Monday following a drop in the price of Bitcoin (CRYPTO: BTC).
What Happened: Bitcoin is currently trading 8.64% lower at $53,190, according to data from Benzinga Pro.
Separately, on Friday, HIVE announced that it produced 116 Bitcoin in July 2024, increasing its HODL position to 2,533 Bitcoin. The company averaged 24.6 Bitcoin per Exahash and ended July with a 4.9 EH/s ASIC mining capacity. Additionally, HIVE averaged 3.7 Bitcoin per day.
HIVE also made several purchases throughout July. “We have made three purchases of new generation ASICs to prepare for the Bitcoin halving which occurred in April 2024,” said Aydin Kilic, president and CEO of HIVE.
“These purchases include 7,000 Bitmain S21 Antminers at 200 terahash per second (“TH/s”) each with 17.5 joules per Terahash (“J/TH”) efficiency and 2,500 S21 Pro Antminers at 234 TH/s each and 15 J/TH efficiency. These purchases represent approximately 2 EH/s of Bitcoin mining capacity with the industry’s newest and most efficient hardware.”
How To Buy HIVE Stock
By now you're likely curious about how to participate in the market for HIVE Digital Technologies (NASDAQ:HIVE) – be it to purchase shares, or even attempt to bet against the company.
Buying shares is typically done through a brokerage account. You can find a list of possible trading platforms here. Many will allow you to buy ‘fractional shares,' which allows you to own portions of stock without buying an entire share. For example, some stock, like Berkshire Hathaway, can cost thousands of dollars to own just one share. However, if you only want to invest a fraction of that, brokerages will allow you to do so.
If you're looking to bet against a company, the process is more complex. You'll need access to an options trading platform, or a broker who will allow you to ‘go short' a share of stock by lending you the shares to sell. The process of shorting a stock can be found at this resource. Otherwise, if your broker allows you to trade options, you can either buy a put option, or sell a call option at a strike price above where shares are currently trading – either way it allows you to profit off of the share price decline.
HIVE Price Action: At the time of writing, HIVE stock is moving 11.1% lower at $2.72 per data from Benzinga Pro.
Image: Mohamed Hassan from Pixabay