HIVE Blockchain Technologies Ltd. (HIVE) stock prices were down by 0.8021% some time after market trading commenced on September 24th, 2021. This brought the price per share down to USD$3.71 early on in the trading day.
HIVE Stock Persists Pandemic
The fiscal 2021 was a stellar year for HIVE stock, despite the continued effects of the coronavirus pandemic. The company reported record results and continued to increase our Ethereum and Bitcoin mining capacity. The fiscal year saw the company assume direct responsibility for the entirety of its cryptocurrency mining operations. Having migrated the responsibility from its former strategic partner, the company continued to see significant reductions in the overhead of these operations. This included the company’s Ethereum mining facility based in Iceland.
Acquisition of Cryptologic
While the coronavirus pandemic continued ravaging the global economy, HIVE stock completed the acquisition of Cryptologic Corp. in April 2020. This has facilitated a significant Bitcoin cloud mining operation based out of Quebec, Canada. The company is keen to continue expanding its capacity at this facility through the purchase and installation of next generation Bitcoin mining equipment.
The company’s focus on Ethereum mining in Sweden and Iceland continues maintaining its momentum. This is a result of the company’s allocating significant time and capital towards upgrading the majority of its GPU memory cards from 4 GB to 8GB. With this measure, the company expects to remain profitable when the DAG file increased. The company has also undertaken a corporate restructuring in Sweden to become a Data Centre business. The facility is backed by a long term HPC strategy, while remaining true to the company’s roots as an Ethereum miner.
HIVE Stock’s Trajectory of Success
HIVE stock plans to focus on improving efficiency and profitability across its mining operations. This will be facilitated by the optimizing cryptocurrency mining output and the continued lowering of costs. Further consolidating this goal are efforts to maximize the company’s existing electrical and infrastructure capacity. This will be achieved by installing new mining equipment in an expedited manner.
Future Outlook for HIVE Stock
The company reported a stellar quarter, as evidenced by the strength of its financial reports and quarterly developments. HIVE stock is keen to scale up its operations in a bid to capitalize on the opportunities presented by the burgeoning cryptocurrency market. Current and potential investors are hopeful that management will be able to drive in unprecedented growth over the upcoming quarters.