Share this article
Bitcoin Miner HIVE Poised to Double Its Hashrate by Next Year, Cantor Says Initiating Stock at 'Overweight'
The broker said the miner's growth isn't priced-in and initiated coverage of the miner with $9 price target.
By Will Canny
Updated Oct 29, 2024, 2:48 p.m. Published Oct 29, 2024, 2:45 p.m.
- HIVE Digital is expected to double its hashrate in the coming year, the report said.
- Cantor assumed coverage of the stock with an overweight rating and $9 price target.
- The broker said the market was underappreciating the company's prospects.
Bitcoin miner HIVE Digital (HIVE) is expected to more than double its hashrate in the next 12 months, broker Cantor said in a research report Tuesday, initiating coverage of the stock.
Cantor assumed coverage of HIVE with an overweight rating and a $9 price target. The shares rose about 3.6% on Tuesday, trading around $4.26.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
The broker said it expects the miner to "more than double its hashrate over the next year." Hashrate refers to the total combined computational power used to mine and process transactions on a proof-of-work blockchain and is a proxy for competition in the industry and mining difficulty.
HIVE is expected to grow its hashrate from 5.5 exahashes per second (EH/s) to 13 EH/s by the end of next year, Cantor said, and this "upcoming growth inflection" has not been priced in by the shares.
The company's plans in artificial intelligence (AI) and high performance computing (HPC) are potentially more enticing to investors, the report said.
"Its eyes are set on its GPU cloud model named HIVE Cloud," analysts Brett Knoblauch and Thomas Shinske wrote, noting that the miner is targeting $100 million of annual recurring revenue (ARR) by the end of next year.
The market is under valuing the miner's coming hashrate growth inflection as well as the company's GPU ambitions, the report added.
Read more: Hive Digital's AI Play
More For You
L1 tokens broadly underperformed in 2025 despite a backdrop of regulatory and institutional wins. Explore the key trends defining ten major blockchains below.
What to know:
2025 was defined by a stark divergence: structural progress collided with stagnant price action. Institutional milestones were reached and TVL increased across most major ecosystems, yet the majority of large-cap Layer-1 tokens finished the year with negative or flat returns.
This report analyzes the structural decoupling between network usage and token performance. We examine 10 major blockchain ecosystems, exploring protocol versus application revenues, key ecosystem narratives, mechanics driving institutional adoption, and the trends to watch as we head into 2026.
More For You
Bitcoin trails polar opposites, gold and copper, as 'fear and AI' trade lifts tangible assets
Gold and copper have outperformed other major assets this year, with gold rallying more than copper.
What to know:
- Gold and copper have outperformed other major assets this year, with gold rallying more than copper.
- Bitcoin has underperformed, failing to attract both fear-driven and AI-driven investment, highlighting a shift towards tangible assets.
- The divergence in performance between gold and copper reflects market bets on both AI-driven growth and systemic financial fears.
Top Stories
