Mining Company Hive Blockchain Definitely Benefiting From the Rise In Bitcoin

Several weeks ago, publicly traded cryptocurrency mining company Hive Blockchain (HIVE) that trades on the TSX V passed the $1 billion in market value. However, the milestone was first achieved back in 2017. However, with Bitcoin rising more than 200% in 2020, Hive shares rallied over 2,500%.

A couple of weeks ago, Hive announced that they purchased over 6,000 bitcoin mining machines from Canaan (CAN). Once Hive takes delivery Hive will have an estimated operating hashrate of 1,229 petahash per second (PH/s), putting the company on track to top its 2021 goal of 1,000 PH/s.

Frank Holmes, chairman of Hive Blockchain, the only crypto mining company producing both Ethereum and Bitcoin talks about hit target for Ethereum.

In the video Frank talks about why the pending Ethereum futures is a good thing, and Ethereum is really the silver to Bitcoin because of it many use cases. James talked about defi on Ethereum and how fast it growing. For example, James talked how JP Morgan came up with a stable coin and more big financial institutions are coming up with their own crypto stable coin.

James also talked about how institutions are buying up shares in his company and using his companies’ shares as a proxy to Bitcoin.

https://www.youtube.com/watch?v=Z6HoVfgadD4&t=51s

Video Source: https://www.youtube.com/channel/UCVgL_VeHteGecp5nn0NRztQ

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