- HIVE Blockchain Technologies (HIVE) has provided an update for the third quarter of 2021 after the annual meeting of shareholders yesterday
- So far in the third quarter, HIVE Blockchain has mined over 6,280 Ether and 600 Bitcoin
- HIVE has made strategic investments in new generation miners and expanded its Bitcoin mining facilities
- Ether production has slowed, but Bitcoin is on track to surpass Q2 production levels by the end of the quarter
- HIVE is a growth-oriented technology stock in the emergent blockchain industry
- HIVE Blockchain Technologies (HIVE) is up 2.48 per cent, trading at $3.72 per share
HIVE Blockchain Technologies (HIVE) has provided an update for the third quarter of 2021 after the annual meeting of shareholders yesterday.
Shareholders approved all resolutions presented at the meeting, including newly elected and re-elected directors, re-appointment of the company’s auditor, and approval of the stock option plan.
So far in the third quarter, from October 1 to December 21, HIVE Blockchain has mined over 6,280 Ether and 600 Bitcoin. Currently, the company is mining an average of over 7 Bitcoin per day, and is on track to surpass the 656 Bitcoin mined in the previous quarter.
To reach the Bitcoin mining goal, HIVE has made strategic investments in new-generation miners and expanded its Bitcoin mining facilities.
Ether production has slowed but is still averaging at 65 Ether per day, on track to mine over 6,900 Ether by the end of the quarter. Last quarter, the company mined approximately, 8,688 Ether, a decrease that was driven by rising hashrate difficulty in Ether mining.
Despite the increased difficulty, strong Ether prices in the third quarter supported strong overall mining economics.
HIVE has a healthy coin inventory of both Ether and Bitcoin and has a continuing strategy to build its inventory through the 2022 calendar year. The company is no longer selling coins but is banking them through the new year.
“I am very honored to see the support and encouragement from shareholders and our team in achieving so many milestones over the past year,” said HIVE’s executive chairman Frank Holmes.
“Our balance sheet from mining and HODLing BTC and ETH hit an all time high, and we have exciting growth planned for the next 12 months mining both BTC and Ether with the latest high performing chips.”
As of December 15, HIVE Blockchain had a short position of over 29.5 million shares. The company remains profitable and less expensive than many other technology stocks generating above-average cash flow returns on invested capital.
HIVE is a growth-oriented technology stock in the emergent blockchain industry.
HIVE Blockchain Technologies (HIVE) is up 2.48 per cent, trading at $3.72 per share as of 11:14 am EST.