- 1 Hive Blockchain is engaged in the process of cryptocurrency mining. In other words, it is responsible for verifying and validating transactions.
- 2 The HIVE price has been struck in a consolidation zone after falling 40% since April 2023.
Hive is an open-source platform designed for blockchain social networks, games, and other applications, that offers quick and scalable solutions. This collection offers the best Hive frameworks, libraries, apps, and resources that have been hand-picked. Hive Blockchain Technology is the first publicly traded crypto miner.
From the beginning, Hive has been committed to an ESG strategy, aiming to mine Bitcoin and Ethereum using 100% green energy. Hive blockchain is focused on building long-term shareholder value, and this is achieved by connecting blockchain and cryptocurrencies to traditional capital markets through its innovative HODL strategy.
More About Hive
Hive Blockchain is a relatively new public firm that uses high-powered computer assets to mine cryptocurrencies like Ethereum and Bitcoin in the cloud.
Hive’s investments provide exposure to the operating margins of digital currency mining, as well as a crypto-coin portfolio. Hive Blockchain is involved in cryptocurrency mining and validates transactions on blockchain networks such as Ethereum in exchange for prizes given in cryptocurrency.
HIVE earns new cryptocurrencies every day, which can be used to generate income and cash flow. Hive Blockchain mines Ethereum, Ethereum Classic, and Bitcoin. Cryptocurrency mining is highly competitive and requires scale economies. The two most significant inputs for mining are electricity and hardware.
To operate hardware, a steady and inexpensive supply of power is required, as well as fast and reliable internet connectivity and a pleasant climate, all of which contribute to cost savings. Hive doesn’t need to sell generated coins right away, thanks to its low working capital requirements, which allows the company to sell coins strategically to maximize profit. Operations are located in cool and politically stable jurisdictions, and access to low-cost green/renewable energy is available.
There are several unknown variables in the current proposal for Ethereum’s transition to proof of stake from proof of work, including timing, execution, and final adoption. There is no clear plan that has been devised and authorized.
If Ethereum transitions to proof of stake, HIVE’s GPU-based mining will allow it to identify and focus computing resources on existing and new cryptocurrencies, including those that use the proof-of-work standard as they become more profitable to mine.
It will also allow for other high-efficiency computing applications like artificial intelligence and graphic rendering, as well as private blockchain computing, which is becoming more common as the blockchain catches on.
HIVE Token Technical Analysis
HIVE/USDT chart by TradingView (Daily time frame)
The price of HIVE price declined by over 40% since April 2023. Moreover, the HIVE price has remained stagnant since its fall in April and is currently under bearish pressure. Despite the bulls’ efforts to break the supply zones, the current resistance zone is between $0.3806 and $0.4701. On the downside, there is limited support available for the bulls within the $0.2935 and $0.2526 range.
Conclusion
HIVE mines Ethereum, Ethereum Classic, and Bitcoin to generate income. Cryptocurrency mining requires scale economies and electricity and hardware as inputs. Since April 2023, HIVE price has fallen over 40% and is currently under bearish pressure.
Technical Levels
- Support Levels: $0.2935 and $0.2526
- Resistance Levels: $0.3806 and $0.4701
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading in stocks, cryptos or related indexes comes with a risk of financial loss.
Andrew Smith
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
