HIVE Blockchain Aims to Become the Backbone of a Decentralized World

JP Buntinx | June 21, 2018 | 11:00 am

HIVE Blockchain Aims to Become the Backbone of a Decentralized World

JP Buntinx | June 21, 2018 | 11:00 am

Cryptocurrency mining is an integral part of the ecosystem. Without mining, most currencies would not be able to have network transactions confirmed in a secure manner. HIVE Blockchain is one of the companies keeping fingers in many different pies. There’s a lot more to cryptocurrency than just Bitcoin.

The Story of HIVE Blockchain

Most people in the world of cloud mining have come across a company called Genesis Mining. The company has over 1 million customers and primarily focuses on mining some of the top cryptocurrencies. Being one of the market leaders is only part of the company’s plan in this regard. Their partnership with Foire Group to launch HIVE Blockchain a year ago has shaken things up considerably.

Unlike what one might expect, HIVE Blockchain isn’t just about cloud mining. This relatively new venture is a blockchain infrastructure company. More importantly, it is also a publicly traded entity on the TSX Venture Exchange. It’s a good example of how cryptocurrency and all of its aspects are slowly being embraced by the mainstream.

Among the currencies being mined by this company are ZCash, Ethereum, Bitcoin, and a few others. Expanding the reach of this somewhat niche market to more traditional investors has been quite challenging. Investors can gain exposure to cryptocurrencies by directly contributing to the mining process of specific currencies. It is also one of the only ways of directly investing in proven blockchain technology.

Shaping the Future of Blockchain

While everything has seemingly fallen into place the company, there’s no time to stand still. Mounting comments regarding crypto mining’s electricity usage can also affect HIVE Blockchain. For the company, no immediate concerns are raised, although the team confirms not all mining operations are equal. HIVE CEO Harry Pokrandt commented in a recent interview:

“There are certainly a lot of reports highlighting energy consumption. But, we believe it’s extremely important to understand that not all mining is created equal. China, for example, is the largest country for cryptocurrency mining. However, they are also the largest consumer of coal-powered energy in the world. We believe there needs to be a distinct line drawn between mining companies operating their facilities on clean energy and those who are not. At HIVE, we are proudly powered by 100% clean energy at both of our locations.”

For the foreseeable future, HIVE is confident blockchain will continue to make inroads. Whether it is in finance or a completely different sector, numerous opportunities are abound. HIVE Blockchain wants to become the backbone of this decentralized world, but hey will face competition in doing so. At the same time, fair competition can only mean accelerated innovation and a better ecosystem for consumers all over the world.


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