HIVE Digital Technologies Ltd (HIVE) saw its stock price surge 12.08% in pre-market trading on Monday, following the release of impressive second-quarter financial results that showcased the company's successful expansion in Bitcoin mining operations.

The data center infrastructure provider reported a staggering 285% year-over-year increase in Q2 revenue, reaching $87.3 million. This substantial 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.

Despite reporting a GAAP net loss of $15.8 million due to accelerated ASIC depreciation, HIVE's adjusted EBITDA stood at a healthy $31.5 million. The company highlighted its operational achievements, including reaching a 25 EH/s operational hashrate and completing 300 MW of new capacity in Paraguay. These developments have positioned HIVE for continued growth in the cryptocurrency mining sector. Analysts remain bullish on HIVE Digital Technologies, with the stock maintaining a "buy" rating and a current median 12-month price target of $8.75, representing a significant 62.2% upside from its recent closing price.