Hive Blockchain Technologies (HVBT) (HIVE) Stock Makes a Strong Comeback: Here is Why

In recent times, it has been a pretty tough time for companies that...

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In recent times, it has been a pretty tough time for companies that are involved in the blockchain and crypto industries. Many of the stocks have been volatile as well, however, Hive Blockchain Technologies Ltd (CVE: HIVE) (NASDAQ:HVBT) seemed to be on the path to recovery yesterday and surged by as much as 17% and took its gains for the past week to 28%.

The surge in the HIVE Blockchain stock is directly related to the rise in the price of cryptocurrencies in recent days. Hence, it might be the right time for investors to look a bit more closely into the company and its business. The company, which is regarded as the first company to have opted for using green energy for cryptocurrency mining, had gone public back in 2017. As of July 12, 2021, the company owned as many as 605 Bitcoins.

Since the company is involved in the mining business, the reward it earns is directly related to the price of the cryptocurrencies that it mines. The higher the price of cryptocurrencies, the better it is for mining companies like HIVE Blockchain. In this regard, it should be noted that earlier on in the month HIVE Blockchain also became a member of the NVIDIA Partner Network Cloud Service Provider program. In addition to that, the company also signed purchase agreements for GPUs from NVIDIA for a total value in excess of $66 million. The company’s move is an indication that it is looking to pivot into a new industry altogether in the future.

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