Shares of Hive Blockchain Technologies (NASDAQ: HIVE) were up in pre-market trading on Wednesday as the cryptocurrency mining company announced its production figures from the mining of Bitcoin and Ethereum operations for the month of September.
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At the end of September, HIVE had a BTC HODL (to buy-and-hold indefinitely) balance of 3,350 Bitcoin (BTC-USD), and 356 Ethereum (ETH-USD).
The company stated that since the ethereum merge, HIVE’s revenues from its Graphics Processing Units (GPU) mining were reduced from around 7 Bitcoin per day down to 1.6 Bitcoin per day.
Frank Holmes, Executive Chairman of HIVE commented, “I am tremendously pleased with HIVE’s pivot from being one of the largest Ethereum miners to now becoming a first-class Bitcoin miner, consistently ranking with the highest Bitcoin per Exahash monthly production figures amongst our peers.”
HIVE has sold a substantial portion of its Ethereum.
Is HIVE a Good Stock to Buy Now?
Only two analysts have covered the stock in the past three months and both have rated the stock a Buy. The average HIVE price target of $7 implies an upside potential of 106.5% to current levels.
