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.

AccessTimeIconOct 29, 2021 at 2:53 p.m. UTC
Updated Oct 29, 2021 at 3:03 p.m. UTC

Aoyon Ashraf is crypto mining reporter with more than a decade of experience in covering equity markets

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 crypto mining reporter with more than a decade of experience in covering equity markets

CoinDesk - Unknown

Aoyon Ashraf is crypto mining reporter with more than a decade of experience in covering equity markets