After an impressive start to 2021 that saw the stock rally 180%, the upward momentum has cooled off, and the stock has pulled back.
However, shareholders might want to consider if it makes more sense to simply buy the underlying token rather than HIVE stock.
Crypto miners such as Hive Blockchain are leveraged to the price of the underlying crypto.
A year ago, cash flow more than doubled to $13.7 million from $5.7 million a year ago, as the gross mining margin increased to $10.6 million from $3.8 million a year ago.
Hive Blockchain is not that cheap, as it is trading with a price-to-sales multiple of 38.14 and price-to-book multiple of 28.84.
Miners in Asia, Europe, and North America are all gunning for the top spot, which has made mining more competitive and less profitable.
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