HIVE stock returns over 700% in a year: Best Canadian crypto stock?

3 min read | November 22, 2021 10:46 AM EST | By Raza Naqvi

HIVE stock returns over 700% in a year: Best Canadian crypto stock? — Image source: © Solarseven | Megapixl.com

All you need to know about Hive Blockchain (TSXV:HIVE) stock

Apart from giving the October update, Hive Blockchain announced the appointment of Luc Ouellette as its Vice President of New Brunswick Operations. Notably, the company is constructing a 70MW data center in New Brunswick and it will operate on green energy.

Hive <a class='font-weight-bold' style='border-bottom: 2px dashed;' aria-label='https://kalkinemedia.com/ca/companies/tsxv-hive' href='https://kalkinemedia.com/ca/companies/tsxv-hive'><a class='font-weight-bold' style='border-bottom: 2px dashed;' aria-label='https://kalkinemedia.com/ca/companies/tsxv-hive' href='https://kalkinemedia.com/ca/companies/tsxv-hive'>(TSXV:HIVE)</a></a> stock

The company claims that its business strategy of holding digital assets will likely benefit the shareholders and it presently holds 1,350 mined Bitcoin coins. HODL strategy helps the company to strengthen its balance sheet.

Presently, the New Brunswick facility operates at 30MW and by the end of this year, the company expects to increase the power capacity by 20MW. In addition, Hive Blockchain expects to add an additional 20MW power capacity by the end of the first quarter of 2022.

Bottom line

The HIVE stock catapulted 122 per cent year-to-date (YTD) and 704.5 per cent in a year. On November 23, 2020, the stock’s all-time low was C$ 0.78 per share and it was up by around 581 per cent in comparison as of market close on November 19, 2021.

In Q2 2021, Hive Blockchain posted a record-breaking revenue of US$ 52.6 million, an increase of 41 per cent year-over-year (YoY).

Meanwhile, the net income expanded by 342 per cent to US$ 59.8 million in Q2 2021.

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