Blockchain Stock: HIVE Blockchain Shares Rise After Approval

Blockchain stock

Cannabis penny stocks are the top trading stocks on the TSX Venture Exchange, as usual, today. 2018 was the year for cannabis, as it became legalized across most of North America. Investors couldn’t get enough of these stocks, similar to blockchain stocks in 2017. Today, we’ll take a closer look at a blockchain stock that is trending on the TSXV.

HIVE Blockchain Technologies Ltd (TSXV:HIVE)

HIVE Blockchain is a blockchain company in Vancouver, British Columbia. It operates as a cryptocurrency mining firm. This past month, the blockchain stock has received quite a boost, considering the losses its shares took in 2018. The company’s recent share boost today might be due to its latest investor update.

Six days ago, HIVE announced that it received regulatory approval for a 50% increase in its ASIC mining capacity. The approval comes as Ethereum (ETH) has recently experienced a surge of value by more than 70% in December of 2018.

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“The surge in Ethereum pricing since early December is impressive, now up more than 70% since setting new lows for 2018 last month,” said Frank Holmes, HIVE Blockchain Interim Executive Chairman.

He continued:

“We continue to participate in the Ethereum ecosystem using our facilities in Iceland and Sweden and HIVE maintains an inventory of Ethereum and Bitcoin as we are bullish on the long-term potential of cryptocurrencies broadly.”

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HIVE runs its operations out of Iceland and Sweden. Both countries offer low-cost and renewable energy, making it a perfect location for the company’s PoW mining operation. The blockchain stock confirmed via the press release it will continue to mine ETH using assets with cumulative GPU capacity of 24.2 megawatts (MW). 

Blockchain Stock Movement

According to Yahoo Finance, the blockchain stock is still surging on the TSXV. At press time, HIVE is trading at $0.42 a share, up +$0.075 (+21.74%).

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