A Brief History of HIVE Blockchain Technologies Ltd. (HIVE)
Founding and Early Years
HIVE Blockchain Technologies Ltd. was founded in 2017, emerging as one of the first publicly traded companies focused on cryptocurrency mining and blockchain technology. The company was established by Frank Holmes, who serves as the Executive Chairman. HIVE was initially created to provide a bridge between the cryptocurrency industry and traditional capital markets.
Public Listing and Stock Performance
In September 2017, HIVE went public on the TSX Venture Exchange under the ticker symbol HIVE. The initial public offering (IPO) raised approximately $30 million to support its mining operations. By the end of 2017, HIVE's share price peaked at approximately $7.00 CAD, driven by the significant rise in Bitcoin and Ethereum prices during that period.
| Year | IPO Amount (CAD) | Peak Share Price (CAD) |
|---|---|---|
| 2017 | 30 million | 7.00 |
Acquisitions and Expansion
In 2018, HIVE expanded its footprint by acquiring a number of cryptocurrency mining facilities in Iceland and Sweden. The company's acquisition of a data center in Sweden increased its mining capacity significantly. By the end of 2019, HIVE reported over 1,500 GPU units operating in its facilities.
Financial Performance
HIVE's financial performance has demonstrated volatility, closely tied to cryptocurrency market trends. For the fiscal year 2020, HIVE reported revenues of $50.3 million, a significant increase from $12.5 million in 2019, primarily fueled by rising cryptocurrency prices and mining output.
| Year | Revenue (CAD) | Net Income (CAD) |
|---|---|---|
| 2019 | 12.5 million | -11 million |
| 2020 | 50.3 million | 15 million |
Recent Developments
In 2021, HIVE announced plans to significantly increase its Bitcoin mining capacity with the addition of new ASIC miners. The company aimed to enhance its production output to meet growing demand. By early 2022, HIVE reported a total Bitcoin production of approximately 1,228 BTC for the year.
Market Capitalization
As of October 2023, HIVE Blockchain Technologies Ltd. holds a market capitalization of approximately $800 million. The company continues to trade on the Nasdaq under the ticker symbol HIVE, reflecting its expansion into the U.S. markets.
Sustainability Initiatives
HIVE has invested in green energy solutions, aiming to power its mining operations sustainably. In 2021, the company reported that approximately 70% of its energy consumption came from renewable sources, which aligns with global trends toward sustainable mining practices.
| Year | Bitcoin Production (BTC) | Energy Source (%) |
|---|---|---|
| 2021 | 1,228 | 70 |
Future Outlook
Moving forward, HIVE aims to expand its mining operation capacity with projected investments of approximately $100 million allocated for new hardware and facilities. The company is focused on maintaining its position as a leading player in the blockchain technology and cryptocurrency mining sectors.
A Who Owns HIVE Blockchain Technologies Ltd. (HIVE)
Major Shareholders
Major Shareholders
As of October 2023, HIVE Blockchain Technologies Ltd. has several major shareholders. The following table provides a detailed breakdown of the ownership structure:
| Shareholder | Ownership Percentage | Type of Entity |
|---|---|---|
| Frank Holmes | 5.0% | Individual |
| Canaccord Genuity Group Inc. | 10.5% | Institutional Investor |
| Wellington Management Group | 8.2% | Institutional Investor |
| BlackRock, Inc. | 7.3% | Institutional Investor |
| Other Institutional Investors | 45.0% | Various Institutions |
| Retail Investors | 24.0% | Public |
Institutional Ownership
Institutional investors play a significant role in the ownership of HIVE Blockchain Technologies Ltd. The following are significant institutional investors as of the latest reports:
| Institution | Shares Held | Ownership Percentage |
|---|---|---|
| Canaccord Genuity Group Inc. | 11,500,000 | 10.5% |
| Wellington Management Group | 9,000,000 | 8.2% |
| BlackRock, Inc. | 7,800,000 | 7.3% |
| Renaissance Technologies LLC | 6,500,000 | 6.0% |
| Invesco Ltd. | 5,000,000 | 4.5% |
Recent Financial Performance
For the fiscal year ended June 30, 2023, HIVE Blockchain Technologies Ltd. reported the following financial highlights:
| Metric | Amount (CAD) |
|---|---|
| Revenue | 50,000,000 |
| Net Income | 8,000,000 |
| Total Assets | 300,000,000 |
| Total Liabilities | 100,000,000 |
| Shareholder Equity | 200,000,000 |
Stock Performance
As of October 2023, HIVE's stock information is as follows:
| Metric | Value |
|---|---|
| Current Stock Price (CAD) | 4.50 |
| Market Capitalization (CAD) | 450,000,000 |
| 52-Week High (CAD) | 8.00 |
| 52-Week Low (CAD) | 3.50 |
| P/E Ratio | 14.5 |
Ownership Changes
Recent changes in ownership include the following transactions:
| Date | Shareholder | Change in Shares | Comments |
|---|---|---|---|
| August 2023 | Frank Holmes | 1,000,000 | Increased his stake |
| September 2023 | Wellington Management Group | -500,000 | Reduced holdings |
| September 2023 | BlackRock, Inc. | 250,000 | Increased stake |
| October 2023 | Canaccord Genuity Group Inc. | -1,200,000 | Reduced holdings |
HIVE Blockchain Technologies Ltd. (HIVE) Mission Statement
Core Purpose
HIVE Blockchain Technologies Ltd. is fundamentally focused on bridging the gap between traditional capital markets and the burgeoning world of cryptocurrencies and blockchain technologies. The company's mission is to create a sustainable, eco-friendly infrastructure that supports cryptocurrency mining while also helping to expand the global blockchain ecosystem.
Vision Statement
HIVE aims to become a leading provider of digital asset infrastructure and services, leveraging renewable energy sources and innovative technologies to promote sustainability in the blockchain space.
Key Values
- Integrity: HIVE commits to operating with transparency and ethical practices within the blockchain industry.
- Innovation: The company continuously seeks innovative solutions to optimize its mining operations and to enhance its service offerings.
- Sustainability: HIVE prioritizes eco-friendly practices, focusing on renewable energy sources to power its operations.
Financial Overview
As of Q2 2023, HIVE reported a revenue of approximately $53.2 million for the fiscal year. The company has also maintained a strong balance sheet, with total assets amounting to $280 million.
Operational Performance
HIVE operates multiple mining facilities, including locations in Canada and Sweden. The company has a mining capacity of over 2.5 EH/s (exahashes per second) as of September 2023, which significantly contributes to its operational efficiency and profitability.
Renewable Energy Commitment
HIVE's commitment to sustainability appears in its utilization of renewable energy sources, with approximately 98% of its electricity sourced from hydroelectric power in its Canadian operations. This not only supports HIVE's mission but also aligns with global efforts to reduce carbon footprints.
Recent Achievements
| Year | Achievement | Detail |
|---|---|---|
| 2023 | Increased Mining Capacity | Expanded mining capacity to over 2.5 EH/s through new infrastructure. |
| 2022 | Revenue Growth | Achieved a revenue increase of 45% year-over-year. |
| 2021 | Partnerships | Established strategic partnerships with key blockchain industry leaders. |
Strategic Goals
- Expand operational footprint in regions with favorable energy sources.
- Enhance technological capabilities for more efficient mining processes.
- Strengthen partnerships to grow market presence and community engagement.
Future Outlook
HIVE Blockchain Technologies Ltd. anticipates sustained growth in the cryptocurrency market, with projections indicating a potential increase in market capitalization to approximately $2 billion in the next 2-3 years, driven by expanding industry adoption and technological innovations.
How HIVE Blockchain Technologies Ltd. (HIVE) Works
Company Overview
HIVE Blockchain Technologies Ltd. is a cryptocurrency mining and blockchain infrastructure company established in 2017. The company focuses on the mining of Ethereum and Bitcoin, leveraging renewable energy sources to minimize costs and environmental impact.
Business Model
HIVE operates facilities in Canada, Sweden, and Iceland, utilizing hydroelectric and renewable energy for its mining operations. The company's business model includes:
- Mining cryptocurrencies
- Acquiring and holding digital currencies
- Blockchain infrastructure services
Financial Performance
As of Q2 2023, HIVE reported the following financial figures:
| Financial Metric | Q2 2023 Value (CAD) |
|---|---|
| Revenue | 20.2 million |
| Net Income | 3.1 million |
| EBITDA | 6.4 million |
| Total Assets | 254.5 million |
| Market Capitalization | 233.8 million |
Mining Operations
The company operates over 38,000 GPUs for mining operations, generating substantial amounts of cryptocurrency. The breakdown of mining capacity is as follows:
| Cryptocurrency | Hash Rate (TH/s) | Monthly Production (ETH) |
|---|---|---|
| Ethereum | 1.2 | 1,500 |
| Bitcoin | 0.2 | 50 |
Energy Consumption
HIVE emphasizes the importance of sustainable energy in its operations. The breakdown of energy sources used is:
- Hydroelectric: 70%
- Wind: 20%
- Solar: 10%
Market Trends and Strategy
To capitalize on market trends, HIVE has focused on:
- Expanding mining capacity by 25% in the upcoming year
- Investing in energy-efficient technologies
- Diversifying into new blockchains such as Cardano and Solana
Recent Developments
In 2023, HIVE announced a strategic partnership with a major cloud computing provider to enhance its infrastructure capabilities. The projected impact includes:
- Increase in operational efficiency by 30%
- Reduction in downtime by 15%
Compliance and Regulation
HIVE is compliant with both Canadian and international regulations pertaining to cryptocurrency mining and trading. The company adheres to the following:
- Anti-Money Laundering (AML) policies
- Know Your Customer (KYC) regulations
- Environmental regulations
How HIVE Blockchain Technologies Ltd. (HIVE) Makes Money
Cryptocurrency Mining
HIVE operates cryptocurrency mining facilities, primarily focusing on Bitcoin and Ethereum. The company mines cryptocurrency by using high-performance computers that solve complex mathematical problems. As of Q2 2023, HIVE reported mining 1,235 Bitcoin and 18,655 Ethereum. The average market price during this period for Bitcoin was approximately $27,000, while Ethereum was around $1,800.
| Period | Bitcoin Mined | Ethereum Mined | Bitcoin Price (USD) | Ethereum Price (USD) | Revenue from Bitcoin (USD) | Revenue from Ethereum (USD) |
|---|---|---|---|---|---|---|
| Q2 2023 | 1,235 | 18,655 | $27,000 | $1,800 | $33,345,000 | $33,576,900 |
Energy Efficiency
HIVE emphasizes energy-efficient mining practices by utilizing renewable energy sources. Their facilities in Iceland operate on geothermal energy, which significantly lowers electricity costs. As of 2023, HIVE's average electricity costs were reported at approximately $0.03 per kWh, compared to the industry average of $0.06 per kWh.
Sale of Mined Cryptocurrency
The company strategically sells a portion of its mined cryptocurrency to manage liquidity and fund operations. For instance, in 2022, HIVE sold approximately 80% of its mined Ethereum at an average price of $2,500, generating significant capital.
| Year | Ethereum Mined | % Sold | Average Sale Price (USD) | Revenue from Sales (USD) |
|---|---|---|---|---|
| 2022 | 45,000 | 80% | $2,500 | $90,000,000 |
Partnerships and Collaborations
HIVE has engaged in various partnerships to enhance its operations. Notably, in 2023, HIVE partnered with a cloud computing company, generating additional revenue streams estimated at $10 million annually through mining-as-a-service models.
Investment in Blockchain Infrastructure
HIVE invests in blockchain technology and infrastructure projects. Their focus includes supporting decentralized applications (dApps) and enhancing network capabilities. In 2023, HIVE invested $5 million in a blockchain startup, with expectations of a 200% return on investment over five years.
Financial Performance Metrics
| Fiscal Year | Revenue (USD) | Net Income (USD) | Total Assets (USD) | Market Capitalization (USD) |
|---|---|---|---|---|
| 2022 | $150,000,000 | $30,000,000 | $500,000,000 | $1,200,000,000 |
| 2023 (Q2) | $80,000,000 | $15,000,000 | $520,000,000 | $1,400,000,000 |
Stock and Market Performance
HIVE is publicly traded on the TSX Venture Exchange under the ticker symbol HIVE. As of October 2023, HIVE's stock price has experienced fluctuations, with a year-to-date increase of approximately 120%. The company's market capitalization is currently around $1.4 billion.
Future Outlook and Strategies
HIVE plans to expand its mining operations in North America, focusing on acquiring more energy-efficient technology and increasing its renewable energy sources. The projected revenue from these expansions could reach $200 million by 2025.
HIVE Blockchain Technologies Ltd. (HIVE) DCF Excel Template
5-Year Financial Model
40+ Charts & Metrics
DCF & Multiple Valuation
Free Email Support