Hive: The resurrection.
Purpose
HIVE Digital Technologies specializes in building and operating state-of-the-art data centers and infrastructure solutions for the blockchain industry, including digital currency mining. By combining its expertise in data center operations with Bitcoin mining, HIVE is driving the advancement of Web3, AI and HPC by actively participating in the decentralized digital economy. Its projects include the Iceland Cryptocurrency Mining Project.
Analysis
The Canadian company HIVE Blockchain Technologies has entered into a partnership with Genesis Mining. Together, they operate two farms where Ethereum, Zcash and Monero are mined. One of the farms is located in Iceland and is powered by low-cost electricity from geothermal energy, while the other is in Sweden. In September 2018, the company opened another farm in Sweden to mine bitcoins. The company's balance sheet is impeccable, there are no liabilities. The company could achieve impressive growth. HIVE is headquartered in Vancouver and the company employs 5,454 people ...
The Canadian company HIVE Blockchain Technologies has entered into a partnership with Genesis Mining. Together, they operate two farms where Ethereum, Zcash and Monero are mined. One of the farms is located in Iceland and is powered by low-cost electricity from geothermal energy, while the other is in Sweden. In September 2018, the company opened another farm in Sweden to mine bitcoins. The company's balance sheet is impeccable, there are no liabilities. The company could achieve impressive growth. HIVE is headquartered in Vancouver and the company employs 5,454 people with a current turnover of around USD 13-15 million.
The share correlates very strongly with the development of cryptocurrencies. As we have published bullish analyses of Bitcoin and Ethereum here at Financial Dynamics, HIVE should be able to benefit strongly from their development. From a traditional technical analysis perspective, HIVE Blockchain Technologies has been forming a large SHS/SKS (shoulder-head-shoulder) bottom since the beginning of 2019. According to the Elliott Wave Theory, everything looks intact on the upside as long as the EUR 0.18 level below holds.
Conclusion
- HIVE could now correct further by around 10 % towards EUR 0.246 and then start its rise towards EUR 1.
Only a drop below EUR 0.18 would be a first major warning sign.
Note: Due to the share split of 5:1, the price targets also had to be adjusted according to this factor. The charts in the analysis show the price targets before the share split.
Hive
- VALOR 119076934
- ISIN CA4339211035
- Author Oliver Dolezel
- Date 24.08.20
Analysis Performance
Performance since initial analysis
24.08.20
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