Home News Canada’s Hive Blockchain Technologies approved for Nasdaq listing

Canada’s Hive Blockchain Technologies approved for Nasdaq listing


The common shares of the HIVE Blockchain Technologies mining company were included in the list of traded instruments on the Nasdaq. Since 2017, they have been listed on the Toronto Stock Exchange (TSX).

The date of the start of trading has not been announced.

Since the beginning of the year, shares of the company have risen by 33%.

HIVE mines Bitcoin and Ethereum in Canada, Sweden and Ireland. It accumulates most of the mined coins in cold storage, sending a small part to cover operating costs.

Recall that in May HIVE sold its Norwegian subsidiary Kolos Norway AS due to the cancellation of electricity subsidies.

In January, the company acquired 6,400 Avalonminer 1246 ASIC miners from the Chinese manufacturer Canaan for delivery by the end of 2021.

The trend for “green” energy

Cryptocurrency prices have soared until recently. So, the industry has begun to look towards renewable energy in search of opportunities to increase computing power. While utilities still dominated by traditional fuels (such as coal), large mining companies such as HIVE Blockchain Technologies Ltd. use “green” energy, as stated on the Hive website. In this way, the company attracts conscious investors with additional bait in the form of a relatively low “carbon footprint”.

The trend towards “clean” energy in the industry is in line with the general trend. Today, as technology improves and costs decrease, electricity from renewable sources is starting to be offered in utilities around the world. In the United States, such sources, including wind and sun, account for 17% of electricity consumed. This is twice as much as 10 years ago, and against this background, the demand for coal is declining.

We also note that Michael Saylor revealed details of the upcoming Bitcoin Mining Council. Which should, among other things, shed light on the environmental impact of cryptocurrency mining.

HIVE has cut energy costs

Mining company HIVE has achieved a halving of electricity costs to 1.6 kWh at facilities in Sweden. This is one of the lowest values in the sector and in green energy in general.

“We were able to drive down costs, resulting in a record net cash flow of any other quarter since Hive went public”, said Frank Holmes, HIVE’s interim executive chairman.

HIVE is currently considering acquiring a site in Grand Falls, New Brunswick, Canada, with access to 50 MW of cheap, clean electricity.

In the first quarter, the company mined 32,800 Ethereum (ETH), 88,300 Ethereum Classic (ETC) and 89 Bitcoins (BTC).

The completion of previously valid agreements for cloud mining of Bitcoin led to a decrease in its production rate. HIVE is not curtailing this direction and plans to scale it using the profit from Ethereum mining.

“The pandemic has led to delays in the expansion of the park and the deployment of Bitcoin miners, but the company is not abandoning plans to reach a hash rate of 1000 PH / s in the future”,  Holmes said.

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