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HIVE Blockchain: The Ethereum Gambit

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Quick Summary

HIVE Blockchain Technologies Ltd. (NASDAQ:HIVE) is different compared to many miners because it mines both Bitcoin and Ethereum, whereas most publicly traded miners only mine Bitcoin currently. The differentiation has created a different risk profile, which is even more complex due to the impending switch of Ethereum to proof-of-stake. Compared to the selected peer group, HIVE leads in many ways fiscally and has mixed results operationally.

Transition Away From Ethereum Proof-of-Work “POW”

The merge of the beacon chain and main net otherwise known as staking or proof of stake “POS” is currently slated to happen in June of this year, but if you’ve been following Ethereum you will know this is by no means a certainty. Roughly a third of HIVE’s revenue could be removed overnight once staking is implemented. HIVE has better fundamentals compared to competitors but would quickly deteriorate if a smooth transition away from Ether mining does not occur.

The Kiln testnet, which is the final testnet before the mainnnet merge, has been spun…

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