- The stock price of HIVE Blockchain Technologies Ltd (NASDAQ: HVBT) increased by over 9% pre-market. This is why it happened.
The stock price of HIVE Blockchain Technologies Ltd (NASDAQ: HVBT) increased by over 9% pre-market. There are not any company-specific reports driving the stock price up today so it appears there are external factors at play.
Investors in stock trading platforms are citing the momentum in cryptocurrencies as being the driving force for the stock price increase. The price of the Bitcoin cryptocurrency is up more than 9% over the past week. And Ethereum is up more than 12% over the past week.
Last month, HIVE Blockchain Technologies announced that its global operations are producing a BTC equivalent operational hash rate of 1.675 EH/s from its Bitcoin and Ethereum operations. And based on current Ethereum and Bitcoin prices at the time, the company was generating daily income of $550,000, which translates to an annual run rate of $200 million.
The estimated annual run rate operating and overhead costs are $25 million. Plus HIVE continues to strengthen its miner purchasing pipeline with the purchase of 4,000 next-generation miners with an aggregate operating hash power of 272 PH/s.
Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.