Shares of Hive Blockchain Technologies (NASDAQ:HIVE) are inching higher in pre-market trading today following the company’s robust Bitcoin (BTC-USD) production figures for June. Hive produced 259 bitcoins in June, translating to a production rate of 8.6 BTC per day. As of July 1, the cryptocurrency miner HODL (buy and hold for the long term) had 1,957 Bitcoins. HIVE stock is up 6.8% as of the last check at the time of writing.
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The company’s average hash rate for June stood at 3.38 EH/s (exahash per second). At month’s end, Hive’s bitcoin mining capacity stood at 3.48 EH/s, including ASIC and GPU (mining machines) bitcoin hashrate. The company is on track to achieve the goal of 4 EH/s in the midterm and the end-of-year goal of 6 EH/s. Hive is consistently deploying more ASICs to its data centers to achieve higher hashrate goals.
Notably, Hive mentioned that Bitcoin mining difficulty ended June 30 at 50.65 T, lower than the start of the month of 52.35 T. The statistic represents the number of Bitcoin miners online. The higher the number of miners, the higher the difficulty and the lower the profit margins.
Is HIVE a Buy or Sell?
With only one Buy rating in the last three months, Hive has a Moderate Buy consensus rating on TipRanks. The average Hive Blockchain price forecast of $7 implies 26.6% upside potential from current levels.
Moreover, investors looking for the most accurate and most profitable analyst for HIVE could follow H.C. Wainwright analyst Mike Colonnese. Copying his trades on this stock and holding each position for one year could result in 100% of your transactions generating a profit, with an average return of an impressive 52.23% per trade.
HIVE stock has exploded 261.4% year to date, with a 78% run coming in the past month alone. Crypto stocks have rallied in the last couple of days thanks to the rally in BTC prices. BTC is up 81.50% so far this year and is hovering above the $30,000 mark.
