Crypto is back in style and HIVE Blockchain Technologies Ltd (OTCMKTS:HVBTF) shares have been ripping again. The company just announced that it has experienced a more than 20% increase in newly minted Ether coins mined daily compared to its exit run rate for the last 15 days in December 2019.
According to the release, “the improvement has occurred since the Company completed the recent Ethereum network upgrade dubbed the “Muir Glacier” earlier this month. Assuming no significant future decreases in the price of Ethereum or significant increases in the current Ethereum network hash rate, the increased generation of Ether coins is anticipated to have a positive impact on HIVE’s revenues from Ethereum mining as well as gross mining profit as the upgrade did not result in an increase in electricity power consumption.”
HIVE Blockchain Technologies Ltd (OTCMKTS:HVBTF) trumpets itself as a company that operates in the cryptocurrency mining space.
It engages in the mining and sale of digital currencies, such as Ethereum, Ethereum Classic, and ZCash.
The company was formerly known as Leeta Gold Corp. and changed its name to HIVE Blockchain Technologies Ltd. in September 2017. HIVE Blockchain Technologies Ltd. was incorporated in 1987 and is headquartered in Vancouver, Canada.
According to company materials, “HIVE Blockchain Technologies Ltd. is a growth oriented, TSX.V-listed company building a bridge from the blockchain sector to traditional capital markets. HIVE is strategically partnered with Genesis Mining Ltd. to build the next generation of blockchain infrastructure. HIVE owns state-of-the-art GPU-based digital currency mining facilities in Iceland and Sweden, which produce newly minted digital currencies like Ethereum continuously as well as cloud-based ASIC-based capacity which produces newly minted digital currencies like Bitcoin. Our deployments provide shareholders with exposure to the operating margins of digital currency mining as well as a growing portfolio of crypto-coins.”
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As noted above, HVBTF just announced that it has experienced a more than 20% increase in newly minted Ether coins mined daily compared to its exit run rate for the last 15 days in December 2019.
Recent action has seen a bit less than 160% tacked on to share pricing for the listing in the past month. Furthermore, the listing has witnessed a pop in interest, as transaction volume levels have recently pushed above 250% above its longer-run average levels.
“As one of the world’s largest miners on the Ethereum network, we are excited about recent developments on the network including the beneficial impact of the recent network upgrade,” said Frank Holmes, Interim Executive Chairman of HIVE. “The recent uptick in the number of unique addresses on the Ethereum network also illustrates increasing adoption of the network, which we hope will also result in an increase in the price of Ethereum as such activity has been correlated with the price of Ethereum coins in the past.
Now commanding a market cap of $64M, HVBTF has a significant war chest ($20.4M) of cash on the books, which stands against about $12.6M in total current liabilities. One should also note that debt has been growing over recent quarters. HVBTF is pulling in trailing 12-month revenues of $47.5M. In addition, the company is seeing major top-line growth, with y/y quarterly revenues growing at 86%. You can bet we will update this one again as new information comes into view. Sign-up for continuing coverage on shares of $HVBTF stock, as well as other hot stock picks, get our free newsletter today and get our next breakout pick!
Disclosure: we hold no position in $HVBTF, either long or short, and we have not been compensated for this article.