Wednesday, August 4, 2021

Canada’s Hive Blockchain Technologies approved for Nasdaq listing

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Whereas the SEC continues to slow-roll the itemizing of a Bitcoin ETF, merchants on legacy exchanges wanting to get some publicity to crypto will quickly have one other outlet. 

In an announcement on Friday, Canada’s Hive Blockchain Applied sciences revealed that it has obtained approval to checklist shares on the Nasdaq inventory change. Hive presently trades on the TSX Enterprise Change underneath the ticker HIVE.V, and focuses on each Bitcoin and Ethereum mining.

Per Hive’s web site, the corporate has a specific concentrate on inexperienced vitality — an more and more essential matter to critics of crypto’s important vitality consumption. This month, famous Bitcoin accumulator Michael Saylor revealed the details of the forthcoming Bitcoin Mining Council, which, amongst different duties, will assist to make clear the ecological impression of cryptocurrency mining. 

“HIVE owns state-of-the-art inexperienced energy-powered knowledge centre amenities in Canada, Sweden, and Iceland which produce newly minted digital currencies like Bitcoin and Ethereum repeatedly on the cloud,” reads Hive’s announcement. “For the reason that starting of 2021, HIVE has accrued the vast majority of its ETH and BTC coin manufacturing, which we maintain in safe storage.”

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Hive closed on Friday at 3.05 CAD, down 3.79% on the day and 44% from 6.8 highs earlier within the yr. 

Traditionally, Bitcoin miners have outperformed the base asset, typically by important margins. Evaluation final month confirmed that whereas Bitcoin was up 900% on the yr, 4 of the most important mining shares rallied 5,000%.

Together with the rally in value, many miners are more and more turning into highly effective voices on the worldwide political stage. This month, the CEO of Nasdaq-listed Canaan Inc called on China to lighten its Bitcoin mining ban.