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Cryptoprowl.com / The stock of Canadian cryptocurrency miner Hive Digital Technologies (NASDAQ: $HIVE ) has been downgraded on concerns about the continued slide in Bitcoin (CRYPTO: $BTC ).

Analysts at Wall Street firm Cantor Fitzgerald have lowered their price target on HIVE stock to $5.00 U.S. from $7.50 U.S. previously.

While the price target might seem like a big cut, the revision is 115% higher than where Hive's stock currently trades.

Plus, Cantor Fitzgerald maintained a buy-equivalent "overweight" rating on Hive's shares.

Still, the Wall Street brokerage raised concerns about the deteriorating economics of mining for Bitcoin as the price of BTC continues to fall.

Bitcoin is currently trading at $67,900 U.S. but has traded as low as $63,000 U.S. in recent days. BTC has been cut in half since hitting an all-time high of $126,000 U.S. last October.

In a note to clients, Cantor Fitzgerald said it sees ongoing headwinds for Hive Digital as the company struggles to profitably mine Bitcoin.

Hive Digital recently reported financial results that included record revenue of $93.1 million U.S., up 219% year-over-year, and adjusted earnings of $5.7 million U.S.

Hive Digital mined 885 Bitcoin in its most recent quarter, a 23% increase quarter-over-quarter. The company also reported a 41% quarter-over-quarter increase in its average hashrate.

However, Hive Digital remains unprofitable, and most recently reported negative earnings per share (EPS) of -$0.62 U.S.

Management at Hive are expanding the company to include high-performance computing and data centre infrastructure, along with Bitcoin mining.

HIVE stock has risen 6% over the last 12 months to trade at $2.32 U.S. per share on the Nasdaq (NDAQ) exchange.