HIVE Digital Technologies Ltd (HIVE) saw its stock price surge 17.82% in pre-market trading on Monday, following the release of impressive second-quarter results that showcased the company's successful expansion in the Bitcoin mining sector.

The data center infrastructure provider reported a staggering 285% year-over-year increase in Q2 revenue, reaching $87.3 million. This remarkable growth was primarily driven by the rapid scale-up of HIVE's Bitcoin mining fleet, which expanded to 16.2 EH/s by the end of the quarter. The company also benefited from increased demand for its BUZZ high-performance computing (HPC) services.

HIVE's aggressive expansion strategy was further evidenced by the completion of 300 MW of new capacity in Paraguay, supporting its operational growth. The company achieved a significant milestone by reaching a 25 EH/s operational hashrate. Despite reporting a GAAP net loss of $15.8 million due to accelerated ASIC depreciation, investors appeared to focus on the company's robust revenue growth and future potential. Wall Street analysts maintain a bullish outlook on HIVE, with a median 12-month price target of $8.75, representing a 62.2% upside from its previous closing price.