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HIVE Blockchain Technologies Ltd (NASDAQ:HVBT) Stock Moves Higher From Lows: Has The Bottom reached?

Madison Hall , , , ,

HIVE Blockchain Technologies Ltd (NASDAQ:HVBT) jumped 8% as investors responded to the surging price of cryptocurrencies.  The company went public four years ago as the first crypto-mining company to have an ESG and green energy strategy. As of July 12, the company held around 605 BTC in cold wallets.

Last week prices of BTC, ETH, and DOGE jumped more than 7%, with BTC hitting a six-week high of $38,680. The reason behind the BTC surge is the speculation that Amazon could start accepting crypto at the end of 2021.

Recently the company purchased 3,019 high-performance BTC miners that will immediately increase its hashing by 46%. The total hash power of the new machines is 264 Petahash per second (PH/s). Notably, the new miner’s integration into the company’s system will be immediately following the closing of the purchase. Following the addition of the 3,019 MicroBT M30S miners, the company’s total hashrate will increase to 830 PH/s from 566 PH/s. Therefore, given the current market volatility and rising BTC prices, HVBT is a stock to watch.

On Friday, HVBT stock jumped 8% at $2.57 with more than 6.49 million shares, compared to its average volume of 2.47 million shares. The stock has moved within a range of $2.2043 – 2.6200 after opening the trade at $2.22. 

Madison Hall

After graduating from the University of Buffalo, Madison gained a real interest in the markets. She tends to be a swing trader and enjoys Pilates and yoga in her downtime.