Hive Blockchain Outperforms Crypto Miners as Ether Reaches All-Time High
Shares of the diversified crypto miner outperformed peers as ether hit a new record.
Oct 29, 2021 at 2:53 p.m. UTCUpdated May 11, 2023 at 5:46 p.m. UTC
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Hive Blockchain, which is among the largest publicly traded crypto miners of ether, outperformed its peers after the price of the native token of Ethereum, climbed to a record.
- Hive (NASDAQ: HIVE) shares rose almost 3% at 10 a.m. in New York, while its peers, which predominantly mine bitcoin, were mostly flat to negative on Friday.
- Among the publicly traded companies, the Canadian miner is most exposed to ether mining and also mines ethereum classic and bitcoin.
- Hive had about $63 million of ether, which is 77% of the digital currency holdings on its balance sheet, according to a June 30 quarterly filing. It also held $19 million of bitcoin, or 23% of its total holdings.
- However, the miner said on Friday that it’s investing more in bitcoin mining and ordered another 6,500 Avalon bitcoin mining machines from manufacturer Canaan.
- This new order will push Hive’s bitcoin mining capacity to 2 exahash per second by December and 3 EH/s by March 2022.
- Hive has gained about 92% this year, while ether has surged about 494% and bitcoin about 108%.
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Aoyon Ashraf is managing editor with more than a decade of experience in covering equity markets