Home Financial Markets Penny Stocks Let's not get carried away with the latest rally of HIVE Blockchain...

Let’s not get carried away with the latest rally of HIVE Blockchain Technologies Ltd [HVBTF]

HIVE Blockchain Technologies Ltd [HVBTF] stock was booming at the previous close as it surged 21.71% to $3.1400. The stock recorded Volume of 12.93M against the 30-day Average Volume of 4.80M. During the last 52-week period, the stock value ranged from $0.0999 to $3.1500.

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The company HIVE Blockchain Technologies Ltd. focuses on building a bridge from traditional capital markets to the blockchain sector. HIVE has state-of-the-art, green energy-powered data centers in Canada, Sweden, and Iceland that continually generate newly minted cryptocurrencies like Bitcoin and Ether on the cloud.

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February 3, 2021, based on the TSX Venture Exchange and the Canadian alternative trading systems, the most liquid stock during calendar 2020 was HIVE Blockchain Technologies Ltd. (OTCQX: HVBTF).

Moreover, the Company was ranked 4th on the OTCQX Best 50, a ranking of OTCQX Best Market participants who have performed well in the preceding year, and has entered into an equity distribution agreement with Canaccord Genuity Corp.

January 28, 2021, HIVE Blockchain Technologies announced plans to expand its Sweden GPU mining data center by an immediate 2 MW at the end of April 2021 at an estimated cost of US$ 9M.

During the second half of 2021, the Company intends to increase our Ethereum mining capacity by 30%. Construction of the new mining rigs and associated GPU chips is expected to cost approximately US$ 8.75 million, which the Company hopes will immediately expand the Company’s footprint by re-fitting a portion of its Boden, Sweden, facility at an estimated US$ 250,000. It is expected that the upcoming generation of GPU chips will be more efficient than the current generation while consuming less electricity, which will result in positive gross margins going forward.

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However,

In this case, you are investing in a too narrow niche. The cannabis ETF is fundamentally the same as saying you are drawn to snack foods, so why don’t you invest in an ETF for that. Taking this route comes with a high uncertainty level, so you would have to risk a lot.

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