Publicly traded cryptocurrency mining company Hive Blockchain (HIVE) has passed $1 billion in market value as its shares continue to surge amid bitcoin’s parabolic rally.
- The Vancouver-based company has a current market value of $1.17 billion at last check with 345.7 million shares outstanding.
- Hive first crossed the 10-digit mark in early November 2017 shortly before the cryptocurrency market peaked a month later. For most of the past three years, Hive’s market value has stayed below $200 million.
- Hive shares rallied over 2,500% in 2020 and have added an additional nearly 40% gain so far in January, currently trading around $3.32. In 2017, shares peaked just above $6.75.
- To date in 2021, bitcoin has gained over 40% after reaching nearly $42,000 Friday morning.
- Coinciding with its soaring market value, Hive has focused expanded its mining operations with the purchase of over 3,000 new mining machines in 2020, with nearly half of that number purchased and deployed in November 2020 alone.
- Hive competitors Riot Blockchain (RIOT) and Marathon Patent Group (MARA) both also recently hit the $1 billion market value in late December and early January respectively, per CoinDesk’s prior reporting.