Coindesk Logo
FinanceFinanceFinance

Hive Blockchain Outperforms Crypto Miners as Ether Reaches All-Time High

Hive Blockchain Outperforms Crypto Miners as Ether Reaches All-Time High

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.

Shares of the diversified crypto miner outperformed peers as ether hit a new record.

Shares of the diversified crypto miner outperformed peers as ether hit a new record.

By Aoyon Ashraf
AccessTimeIconOct 29, 2021, 2:53 PM
Updated May 11, 2023, 5:46 PM
Bitcoin mining machines
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

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%.

STORY CONTINUES BELOW

Recommended for you:

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Aoyon Ashraf

Aoyon Ashraf is managing editor with more than a decade of experience in covering equity markets

Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.

Read more about
MiningEtherEthereumHive