Cryptocurrencies have suffered heavy losses in the past months after a stellar start in 2018. Digital coins remain volatile to this day but companies like HIVE Blockchain Technologies Ltd. (TSX.V:HIVE) continue to work hard towards improving their stand on the market. Investors in the company have a lot to look forward to this year as it has reached a critical milestone.
According to a recent press release, HIVE Blockchain Technologies received the regulatory approval from the TSX Venture Exchange for its deployment of 100 Petahashes (PH) of cloud-based ASIC mining capacity. This amounts to a 50 percent increase in PH under the company’s name and it has been deployed for mining Bitcoin, Ethereum and other leading digital currencies.
“I am pleased that we have received regulatory approval related to the deployment of 100 Petahashes of ASIC mining capacity at economic terms that we consider favourable for HIVE in a volatile cryptocurrency market,” said Frank Holmes, Interim Executive Chairman. He added that the transaction showcases the company’s tremendous support to its partners.
Despite the current status of the cryptocurrency market, HIVE Blockchain Technologies is confident that digital coins, blockchain, and its application will play a major role in the future.
The increase in mining capacity allows HIVE Blockchain Technologies to tap into the recovering price of Ethereum. Since early December 2018, it has been consistently rising. It traded at around $113 at the start of December and it is ringing in the new year at $153. The company’s Ethereum mining operations in Iceland and Sweden runs at a strong 24.2 Megawatts (MW).
HIVE Blockchain Technologies’ Ethereum ventures could pay off
Ethereum has moved up a combined 80 percent in the past month. This at a time when leading coins like Bitcoin and XRP are struggling bodes well for the digital coin. The digital coin’s price surged after news of a hard fork surfaced, says Forbes. This means that Ethereum will split into two soon, thereby making transactions faster. The scheduled date for the fork is Jan. 16.