Crypto is back in style and HIVE Blockchain Technologies Ltd
shares have been ripping again. The company just announced that
it has experienced a more than 20% increase in newly minted Ether coins mined
daily compared to its exit run rate for the last 15 days in December 2019.

According to the release, “the
improvement has occurred since the Company completed the recent Ethereum
network upgrade dubbed the “Muir Glacier” earlier this month.
Assuming no significant future decreases in the price of Ethereum or
significant increases in the current Ethereum network hash rate, the increased
generation of Ether coins is anticipated to have a positive impact on HIVE’s
revenues from Ethereum mining as well as gross mining profit as the upgrade did
not result in an increase in electricity power consumption.”

HIVE Blockchain Technologies
Ltd (OTCMKTS:HVBTF) trumpets itself as a company that operates in the
cryptocurrency mining space.

It engages in the mining and
sale of digital currencies, such as Ethereum, Ethereum Classic, and ZCash.

The company was formerly known
as Leeta Gold Corp. and changed its name to HIVE Blockchain Technologies Ltd.
in September 2017. HIVE Blockchain Technologies Ltd. was incorporated in 1987
and is headquartered in Vancouver, Canada.

According to company
materials, “HIVE Blockchain Technologies Ltd. is a growth oriented,
TSX.V-listed company building a bridge from the blockchain sector to
traditional capital markets. HIVE is strategically partnered with Genesis
Mining Ltd. to build the next generation of blockchain infrastructure. HIVE
owns state-of-the-art GPU-based digital currency mining facilities in Iceland
and Sweden, which produce newly minted digital currencies like Ethereum
continuously as well as cloud-based ASIC-based capacity which produces newly
minted digital currencies like Bitcoin. Our deployments provide shareholders
with exposure to the operating margins of digital currency mining as well as a
growing portfolio of crypto-coins.”

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As noted above, HVBTF just announced that it has experienced a more than 20% increase in newly minted Ether coins mined daily compared to its exit run rate for the last 15 days in December 2019.

Recent action has seen a bit
less than 160% tacked on to share pricing for the listing in the past month. Furthermore,
the listing has witnessed a pop in interest, as transaction volume levels have
recently pushed above 250% above its longer-run average levels.

“As one of the world’s
largest miners on the Ethereum network, we are excited about recent
developments on the network including the beneficial impact of the recent
network upgrade,” said Frank Holmes, Interim Executive Chairman of HIVE.
“The recent uptick in the number of unique addresses on the Ethereum
network also illustrates increasing adoption of the network, which we hope will
also result in an increase in the price of Ethereum as such activity has been
correlated with the price of Ethereum coins in the past.

Now commanding a market cap of
has a significant war chest
($20.4M) of cash on the books, which stands against about $12.6M in total current
liabilities. One should also note that debt has been growing over recent
quarters. HVBTF is pulling in trailing 12-month revenues of $47.5M. In
addition, the company is seeing major top-line growth, with y/y quarterly
revenues growing at 86%. You can bet we will update this one again as new
information comes into view. Sign-up for
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Disclosure: we hold no position in $HVBTF, either long or
short, and we have not been compensated for this article.

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