consult our most recent MD&A and filings on SEDAR. We will be referencing non-IFRS measures. Reconciliations of these measures are included in our MD&A. Unless otherwise indicated, please note all figures are in U.S. dollars. At this time, I'd like to turn the call over to Frank Holmes.
Thank you, Darcy, good morning, everyone. Thank all those loyal shareholders that have been on an incredible ride with us because of our high correlation to crypto. I'm going to start off the presentation with the normal DNA of volatility of Ethereum days is pushing 30%. When you look at 60 trading days, which is a quarter, it's pushing 50%. That's just normal volatility, and HIVE moves around with that with a high correlation, which we'll show you visuals in this presentation, further details. What I think is important for investors and traders that have stayed with us through this whole process of restructuring the company, repositioning the company, at the same time dealing with this incredible volatility. Darcy's no doubt has a black belt in dealing with all these sort of global issues and the volatility and running the operations.
I'd like to hop onto slide number five. Over the past year, we completed a transformation of our mining operations in order to improve transparency, accountability, responsibilities, and profitability, and navigate through a very volatile industry. We assumed 100% control of our operations from our former partner, Genesis Mining, and entered into a new direct agreement with local providers that has resulted in a lower cost operating structure. The Ethereum mining facility in Sweden, we assumed control in July and then transitioned basically all the equipment operations by November. Our smaller Ethereum mining facility in Iceland, we took control of June of this year, and we are in that transition now. I really want to thank Vlado Stenic and his team, which have really been important in doing the audits and in implementing their software.
What we've seen is a massive improvement in the efficiency of these data centers, which is so key for us, and we get the transparency and accountability that we need for running a public company that we were unable to get previously. Additionally, we terminated our previous cloud mining Bitcoin operations as they became unprofitable and quit our own operation in April of 2020. We still have teething issues there as dealing it out as the crypto industry has found difficulty getting equipment. There's been supply side issues as the world shut down. Just for trivia for you, the busiest road became Anchorage, and where the rest of the world had shut down in April. Today, other airports are opening up. It was all healthcare and the supply lines were difficult getting equipment in.
We just have those teething issues, which we'll get through. Slide number six is growth initiatives focused on maximizing efficiency. With operations now in control, we've been focused on improving the mining operations, and this includes optimizing cryptocurrency mining output, including refurbishing some of our GPUs in Europe and investing in next generation Bitcoin miners for our operations in Quebec. Two, is lowering our direct mining operation cost structure, and three is maximizing our infrastructure capacity, including scaling equipment in existing facilities to leverage our fixed cost base and improve future mining margins. Now I'd like to turn it back over to Darcy to discuss the results of these efforts. Darcy?
Great. Thank you very much, Frank. Turning to slide eight, you can see we generated income from digital currency mining in fiscal 2020 of $29 million from coin production of approximately 72,000 Ethereum, 149,000 Ethereum Classic, and 2,050 Bitcoin. A decrease in revenues versus fiscal early due to a decline in the production of Ethereum, partially stemming from the shutdown of our Swedish mining operation. Sorry, a sec. Excuse me. In the first quarter of fiscal 2020, combined with the decline in the average price of Ethereum at the time it was mined. Our gross mining margin, which equates to our revenues minus direct operating and maintenance costs, increased both in absolute dollars and as a percentage of revenues.
The increase was primarily due to our assumption of control of our operations in Sweden, which has resulted in a lower cost of operations than under our previous service provider agreement, combined with the termination of Bitcoin cloud mining operations after they become unprofitable in the third quarter of fiscal 2020. Gross mining margin is also partially dependent on various external network factors, including mining difficulty, the amount of digital currency rewards miners receive, and the market price of the digital currencies at the time of mine. Turning over to slide nine. Our adjusted EBITDA increased significantly in fiscal 2020 to $7.8 million, versus - $5 million in the prior year, driven by gross mining margin, the gains realized is on investments and the sale of digital currencies and reduction in general expenses net of foreign exchange.
You may notice that we've reduced a lot of our overhead costs, which has been a big focus since I've joined the organization, including marketing. However, we're very lucky to have Frank Holmes as part of the team, and we've been able to leverage his conferences throughout the year where we can get an overlap with the gold investors. There's a lot of people that are investing in cryptocurrencies, and his penetration within that industry and his attendance in conferences is very beneficial to HIVE.
There's a great overlap that way, attending these conferences at the BMO Gold Conference, the Oxford Club, Park City, our associations with Kitco, and these conferences where he's able to attend one-on-one meetings, speaking on panels with table discussions, which doesn't happen too often at these gold conferences where someone's going to have an opportunity to get conferences, number one, be able to talk one-on-one and get these little panel discussions, and also see to tie in with cryptocurrency and the advantages of HIVE within that markets. I will highlight the gross mining margin and adjusted EBITDA are non-IFRS figures. The net [Inaudible] was $1.7 million versus a loss of $137 million in the prior year.
The improvement was driven mostly by the improvement in adjusted EBITDA, an impairment charge as our investors that have been following us recall, a large investment, sorry, impairment charge taken in fiscal 2019, and an overall decrease in depreciation expenses in fiscal 2020 stemming from those impairments taken in the prior fiscal year because we're working with a much lower adjusted cost base.
Sorry, Darcy, to interrupt on that. It's just for everyone to be aware that if you're a new shareholder, is that the crypto winter, not only did Bitcoin fall from $19,000 to under $3,000, Ethereum from $1,400 down to under $100. The data center equipment for crypto mining in the cloud this equipment also fell dramatically, much faster than the normal depreciation rates. We've taken that before Darcy had joined us basically a hard nose to say, "Look, we have to drop the value in these assets." We took a charge against that. That's a reflection that it's more of a what took place externally in the capital markets and how we adapt and adjusted to those changes. Thanks, Darcy.
Yeah, no, that's a great point, Frank, because the cost of equipment that we buy from suppliers those cost prices go up and down with the movements in Bitcoin and Ethereum. It's always a variable thing in terms of the best time to purchase equipment and when you look at it and sort of go, maybe it doesn't make sense if the market's moving in the wrong direction. Turning to slide 10, as we have our cash position stood at $5.1 million at March 31st, 2020, along with an additional $3.5 million in digital currencies, primarily Ethereum and Bitcoin. We also have $9.7 million in amounts receivable and prepaids, and we continue to maintain a strong net cash position and healthy working capital to fund our operations and growth. I'd like to now turn it back to Frank.
Thank you. We're going to hop over to slide 12. Here we provide an overview of our current mining operations and their power capacity in Iceland, Sweden and Quebec, all of which have expansion capacity. It is important to note that all our facilities enjoy low energy costs, are situated in low temperature zones, which helps keep our data center equipment cool and have access to fast internet connections. It's all green energy. I think that's the other part in this whole equation. Next one is the visual comments on this part of the green energy. Our facilities are completely powered by green energy, either renewable hydroelectricity or geothermal energy. This is not the case for much of our competition. We have recently begun participation in an EU-funded project in Sweden to achieve the world's most efficient high-performance computing data center.
The aim is to optimize power usage effectiveness, significantly reducing energy use as we hope to scale our learnings from our projects. The other part was to me is interesting is software. Vlado and his team, that software that we've been using has improved the efficiency and the use of energy. That is very significant. Next, please. In April subsequent to fiscal year-end, we completed the acquisition of our Bitcoin mining operation in Quebec. That was an interesting experience because it was all during the lockdown. We couldn't fly anywhere. We couldn't even drive over to due diligence after the lockdown took place. We have scaled up the next generation mining equipment at this facility, and now have approximately 3,000 miners generating 217 PH/s per second of hash power while only utilizing about 9 MW of electricity.
That's what's really important for investors to recognize is that this new equipment is extremely efficient, and you just don't use as much electricity. In fact, the amount of petahash that we're using or generating is greater than the thousands and thousands of S9s we had. To me, it's interesting as we continue this process. We started with a strategy to buy each month. Then as I mentioned earlier, lots of delays took place because of the coronavirus lockdown around the world and supply lines. Then there was a disruption with the Antminers in management. We've gone to another provider. Things are working out well for us. Inch by inch, everything's a cinch, as they like to say. This facility has 30 MW of power capacity, there's still significant capacity for expansion. Slide number 15, newly acquired Bitcoin mining operation.
The combination of Bitcoin mining operation in Canada and Ethereum in Europe means we have the most diversified public miner, along with the only one that's currently mining Ethereum at an industrial scale. As you can see in slide 15, we are also one of the largest publicly miners globally. We find that the volatility of Ethereum, that our stock tracks with it by the hour. Slide number 16. HIVE is the most liquid Canadian-listed miner, and I think a lot of it has to do with our industry going through the winter, as prices collapsed, and then this year, even as it rebounded. We've been very steady. Every week speaking one-on-ones or at family offices or institutional. Earlier this year, I was in Zurich and in Switzerland at a conference put on by a group of YPOs or CEOs. There's something else we've done this past year.
We brought on two new directors, that both have data experience, data center experience, and have both been CEOs of their respective companies. I think that this adds to the overall board for independent thinking, but also this unique experience that's necessary in this industry. We maintain, because of the speaking at conferences, doing video conferencing from Stockhouse to Small Cap Power to Kitco. Kitco is by far the largest platform for gold, with 30 million unique viewers a month. My gold comments, they always like to ask about crypto, because there's lots of coverage, which is interesting because the same thing that happens in Bloomberg, a reporter there tells me that whenever he puts gold and Bitcoin in his headlines, he gets an exponential increase in click-throughs. Sometimes there's debate on the internet between the Bitcoin audience and gold.
I find that as an alternative asset class, it's an important asset class and it continues to grow in interest. Hopping to slide number 17. I want to outline here the performance of our shares versus Ethereum and Bitcoin. As you can see, we had the big surge, there was a heavy selling that took place last year. Genesis Mining was selling their stock in the summer, then some of the institutions, they had market cap ratios that they had to sell. It was absorbed by investors all over the world. As soon as that sort of repression, oppression of selling that took place between June and December was over, then all of a sudden, HIVE started to move with Ethereum. In fact, we moved even more, a much more greater rate. That to me is much more like a gold stock.
The DNA of volatility of bullion is ± 20% over any one year. Gold stocks is 60%. It's interesting for me to share with you, is that here we are, Ethereum is up 187%, we're up 320%. We have more leverage, and we're the asset that's producing these virgin coins, rather than just, we hold them, we sell them to pay our electrical bills, and we still have basically a very tight ship of few employees. We're much more like a royalty company. Slide number 18. Click to number 19. The rapid activity of the largest blockchain network is Bitcoin and Ethereum in 2020. With that, we've seen this before as important background for the utilization of blockchain networks globally.
As you can see, the IDC estimates worldwide spending on blockchain technology will increase at a 60% CAGR from 2018 to 2023 to $16 billion. We're witnessing that. Witness it actually accelerated after JPMorgan came out with their own stablecoin and basically stopped talking negatively about the digital money arena and cryptocurrencies because they have their own stablecoin. That was basically the bottom. Interestingly enough, we had the golden cross at that time, in January of 2019. In February, we had the bottom in Bitcoin, then Ethereum. We've seen this sort of golden cross, which is very important for defining a secular bull market in gold. The cryptocurrencies are so volatile, so you do get these much greater I guess because it's an emerging industry and always new players coming and going.
What's important for the listeners is that blockchain continues to attract a lot of spending, and I think that as more industries start using blockchain and the concept of blockchain, in particular, smart contracts, they are very important drivers. On slide 21. One of the things that Ethereum is a smart contract, and what's interesting regarding this model is that when Ethereum ran to $1,500 and Bitcoin ran to $19,000, a big part of that drive is because of all these ICOs. There was over 400 ICOs. Every one of these new ICOs was basically using the Ethereum structure. That was another catalyst for driving up Ethereum prices. We witnessed that huge exponential move in the number of new ICOs, and that drove up Ethereum prices. The ICOs collapsed along with Ethereum, and we found a bottom.
It appears now that this year, this what's called DeFi, decentralized finance, is replacing these ICOs. As you can see in the next visual, our rewards exploded in the short periods of time, but they're immense. To give you an idea, if you look at the end of March, our revenue as a run rate is, say, of approximately $30 million. By this recent run when Ethereum ran to $500, our run rate, if it stayed there, which it hasn't because Ethereum fell, ran to $60 million +. Our stock seems to correlate greatly on that revenue line that relates to the Ethereum. As you can see here, there's a 6x increase in Ethereum miners' revenue year to date. On slide number 23.
Bitcoin mining revenue have also been increasing since the halving of May 11th, but at a much more modest pace than Ethereum, of approximately 23%. I think there's lots of fundamentals problems that have taken place, like I mentioned earlier, the coronavirus, supply lines, getting those miners in. What's something else that we've noticed is that there's this sort of a capitulation that we've been able to buy some miners for people that just said, even though they're profitable, they just don't want to deal with the volatility. I find that most interesting, is that we've had so many opportunities to explore for growth. Slide 24. Bitcoin is a digital asset which can facilitate payments.
As you can see on this slide, the recent halving of newly minted Bitcoin drew attention to the deflationary effect, such as the halving will occur every 210,000 blocks, or approximately every 40 years, until a maximum number of Bitcoins outstanding is going to reach in 2140. This is an important concept that there's basically models. There's a model called Metcalfe's Law that explains how more people adopt, more people start using Bitcoin and Ethereum. You get this exponential move as more users take place in the price of the particular Bitcoin or Ethereum. We're also going to see other positive parts. One of the things that's come out as a very strong narrative is this money printing. I've mentioned that the G20 finance ministers, in particular Bank for International Settlements, which have been very anti-crypto, but now are pro-blockchain and digital money.
The IMF has just come out with Europe is coming out with digital money. What happens, it doesn't matter what form of money, is that paper money starts to lose its value quickly when there's excessive printing. What's different is this coronavirus is like World War III, and we're seeing is that the G20 finance ministers and central bankers collectively meet. They meet like an OPEC, we're seeing synchronized global printing of money. This money is showing up in stocks with growth and dividends. Stocks that do not have the capacity to grow their dividends are being greatly punished. Technology stocks that are hiring people, we're seeing huge valuations take place. Nothing compared to 1999 on price to revenue, price to cash flow, price to earnings.
The technology, and HIVE Digital Technologies is basically a technology company, is experiencing a complete new sort of renaissance in this space. For me, it's very exciting to see that this money printing is attracting money into crypto. We're seeing this DeFi world exploding as other mechanisms for posting up your Ethereum every time they create one of these decentralized financing groups that they have to basically buy more Ethereum from the outside market, so the supply ends up going to these funds. That's another factor for driving the prices up. Everyone's talking about this excessive money printing. This visual just shows the U.S., but I share with you, it's a global phenomena. Still today, the negative real interest rates that you're experiencing in Europe are much greater in Switzerland and Germany than they are in North America.
We just had CPI numbers come out at 1.3%, and I did a quick video, and I talked about another. If you use the algorithm for inflation in 1980 when gold hit $850 and silver $50 an ounce, if you use that algorithm to define what CPI is, we would be seeing that inflation at 8%. We're seeing real estate in the U.S. surge over 10% in the past year. We're seeing federal buying ETFs for getting corporate bonds down, the yields down, buying into munis. As more money is going in by central banks creating force down yields all over the world. We're seeing Swiss banks, Reserve of Switzerland float money, take this money and go buy Apple stock. 15% of the Japanese market is owned by the central bank. These are very different times as an experiment with monetary economic growth.
I just see that asset classes like Ethereum the direction is going to be still volatile, but I see it much higher. Now we open it up for Q&A.
This is more to Darcy, Frank. How do you approach dealing with your Ethereum and Bitcoin holdings, keeping its portfolio, et cetera?
I think it's to pay those electrical bills.
I think as a miner, we think it's important to hold a certain amount of inventory, and internally we're working towards what that appropriate level would be in terms of Bitcoin and Ethereum and sort of manage that. Right now, we have quite a bit of inventory. It's been built up over the years, but we're continuing to sell our production in essence. As we're producing, we flow coming in. When we see some movements in the markets and if Frank's experience and some of the people behind you talked about some of the 50-day moving average. We use those metrics because it takes the emotion out of it and it comes down to facts. Use that as opportunities to either hold or an opportunity to buy or, sorry, an opportunity to sell some or hold it.
By using those metrics, it takes the emotion out because as we all know, emotion, no matter what we get this down a dangerous path. We try to stick to the facts, stick to what the numbers are telling us in terms of what to do and to maybe get rid of some of our external inventory in holdings.
To add to conflict Darcy's saying, Darcy, is, we use an optimization system so that we're making sure we always have lots of liquidity, acquire opportunities. Two. There are times when we mine and we're not making any money, and we've done that a couple of times, betting on the math of the volatility. Earlier this year we had a huge exponential move over 20 and 60 days where Ethereum basically goes from 100 to 280 and we would capitalize on that. We had a lot of Bitcoins. We were not selling all of our coins. We just kept mining through it. We took over Iceland, we just mined those coins and put them in the cloud, then it went to the wallet. When things went up, a huge standard deviation move, we took profits from that.
We're trying to optimize our approach to what inventory, but at the same time, we always have a position in these coins. We always have an inventory of Bitcoins and Ethereum, and Ethereum Classic, so that we can capitalize on this volatility. I would think from a year ago, looking at today, Darcy, our cash position and the value of our coins stands from a year ago.
Yeah, absolutely.
Okay. Next question, kind of in the same line. Where has the main source of efficiency gains come from? Is it from overclocking existing hardware or lower software overheads? Frank, I think you've spoken about a lot of had achieved in Europe.
Vlado and his team have done a phenomenal job. When you look at their efficiency use of energy and they can look at the machines and they can see the previous caretaker that we partner with, they weren't even close to for being efficient. This has been material for us. We were also very fortunate. It was an external factor in Sweden the previous year. Energy costs of electricity had surged. We had for using energy, the VAT taxes that what they pay you, et cetera. What we have found we've been able to do with this efficiency is hedge. Electricity prices under $0.02 in Sweden. You can put on a futures market trade that can hedge. You can hedge it 100%, 70%.
We locked in a much electricity cost during this sort of winter prices where they collapsed. That's something that one of our directors, Toby has a great job in getting the relationships and setting that all up so that we could put up the capital, and it really wasn't outrageously expensive to lock in cheap electricity.
Next question. Would HIVE consider any M&A transactions?
Absolutely.
Okay. Darcy, is HIVE considering mining other coins? Right now it's Ethereum primarily, and have you considered other coins?
Yeah. Well, what we constantly do is, especially on the GPU side, because there's the infrastructure within it, has the ability to mine altcoins or other things. We do take a look at that, but right now, taking a look at the cards that we have, using the Ether right now is the best use of those miners. On the Bitcoin side, trying to build that up, I take a look at it and say, as we're building that foundation and continuing to get stronger, to not get distracted into multiple coins here and there. Focus on what we've got, the tie very closely in with Ethereum. We're seen as a metric with that. As Ethereum moves, we move, and we want to continue to have that relationship.
We still, in talking to our providers, getting expert advice from Vlado and others, we do look at other coins, but right now we're continuing. We'll be at least for now on in Bitcoin and Ethereum.
Okay. In the same vein, kind of two other similar questions. One, obviously the Ethereum is kind of held in cold storage. Frank did mention DeFi and lending applications are becoming quite large. Have you guys thought about the potential for utilizing the coins in that manner for DeFi?
We've had ongoing discussions.
Yeah, we made a small investment in companies exploring down that path. As Darcy said, we keep exploring. I think that the biggest issue there is, you can lend your coins. I mean, it's easy to lend your coins and get a higher yield, but it doesn't mean you're going to get back your virgin coins. You just run certain risks that we're trying to get our arms around next to, but we are very curious about the opportunity and have been doing additional work on exploring the DeFi world and how we participate. We were early in giving money to Ethereum coins to a group in Hong Kong. That ended up working out well during that whole volatile period came back, and they're applying a quant approach.
A lot of this DeFi world is basically lending and creating an interest rate coupon off Ethereum and Bitcoin for people that want to go short or people that are looking for other yields. It's very fast, and it's evolving, and we're trying to be a player. We're very, very cautious of how we're doing it.
Okay. This is probably more of a question for a couple of years. Proof of work will go with proof of stake, apparently for at least a couple of years. How do you think about staking in terms of Ethereum in the future? Will you look to do it yourself or find an institutional partner, or I guess just move the machines to other coins at that time?
They're good questions. I think this hysteria, and I've been listening to this since this company first went public, that Ethereum's mining is going to evaporate, it's going to go away, it hasn't. It's been much more profitable than Bitcoin for us. I sit back and question how fast this Ethereum 2.0, 3.0 is going to be able to come. I think it's not going to happen overnight, and there's lots of complications in talking to people that are involved in that. The idea of going to proof of stake is just going to take a lot longer. In that interim, we're going to take a look at when we have to upgrade our chips. You want to make sure your chips have the capacity to pivot, to be able to use for rendering in the cloud.
You take a look what it costs to do AI in the cloud with Amazon, that's very, very expensive. It'd be profitable for us, you have to have a different chip for that. The other big risk that we all run is just the overall, the memory that the GPU chips that we have now, they call it a DAG file. Basically, you got to think of a piece of lasagna with all this information is getting longer and longer, and the memory chip you have has to be able to validate the whole transaction every time. It's just going to become exhausting by going into the first quarter. We're so focused on what do we do to upgrade those chips? What do we do?
What new chips we're going to buy, to continue mining Ethereum, but we want to be able to make sure that chip. If you look at AMD versus NVIDIA chip, the NVIDIA chip has much more flexibility for doing gaming or anything in the cloud. However, it's much more expensive than an AMD chip. What it's going to give you that return on your invested capital and give you that flexibility? These are very important questions that management is extremely focused on this quarter.
Could you elaborate a bit on the Bermuda office? Why set up there?
Bermuda was the ongoing costs and time zones. It's a combination of accounting, and offshore, because it's so many moving parts, it's extremely complex. When you go from Iceland to Sweden to Norway or to Switzerland, and Canada has its GST tax complications, et cetera, where you sell your coins, what you do with your coins, et cetera. One of the things was the original structure was in Switzerland. The issue for Switzerland, it's very challenging for Darcy. They get up at 6:00 AM, 5:00 AM in the morning to be able to call Europe at noon. All of a sudden have to go to bed at midnight. The time zone difference for trading. We have a very secure mechanism with the Bank Frick in Liechtenstein. That's where our coins go to.
At 7:00 A.M. Vancouver time, 10:00 A.M. Toronto time, it's 4:00 P.M. in Europe. How do we trade on the weekends? You can't trade on the weekends. Sometimes you've had incredible, big opportunities to sell your coins over a weekend, but they don't trade. When you're in Bermuda, we'll be able to trade 24/7. The time zone differences are much better. We have a senior accountant and a CPA that's there that can start assuming more and more of the accounting that's the day-to-day operations for Iceland. They're one hour off from New York City, so they have an advantage from a time zone point of view of being out in Mid-Atlantic for accounting and for trading. That was the other important part of that sort of structure as we'd explored that.
When we saw the costs also in Switzerland starting to rise dramatically, and it was another way to drive down costs, but be in a tax zone which is neutral. The status of Bermuda is a neutral tax, as we wrestle. We mentioned this before, look what happened in Norway. We went and made the big investment to develop a huge facility in Norway. Immediately, the laws changed, and the rules changed. We're seeing each year, the VAT tax from consumption of energy or interpretation. Is a Bitcoin or Ethereum, is it a money? Is it a commodity? It's ever evolving. There's lots of, what's the word, discrepancies between what the agency in Norway says and what the government legislates. The same thing happens now. Who's most advanced now?
It seems that Switzerland is the most advanced in creating a platform which is consistent. These are other things that we have to be really sensitive of when we're dealing in Europe. Would you add to that, Darcy?
Yeah. No, I think that the Bermuda thing is just the biggest thing in terms of just advantage of trading and the time zones. Being as far west as I am in Vancouver, it does have its challenges, but on the worldwide VAT and indirect taxes, that is an issue that we struggle with on a daily or weekly basis, is just trying to keep on top of all of the jurisdictions that we operate in and the ever-changing landscape. This is a very, a virgin market and industry in the big picture. I think because it moves so quickly, the regulators in every country of the world is trying to play catch up in terms of how to deal with it on a VAT. What is it? How do we tax it? How do we not? How do we treat everything?
It's just constantly changing, as you brought up, Frank, in terms of Norway. It was a great opportunity, and then just before the end of the year, two years ago, I think it was in Norway, they come out and they just do a 360 and made it uneconomical. Even in Sweden right now, we're working hard on the energy tax side. There's a program in place to attract data center companies there, and they have incentives on the energy tax side. Well, HIVE hasn't been able to recoup any of those monies yet, and we're working on that process, which will greatly improve our cash flow and just give us more stability because the uncertainty is the biggest thing that keeps me awake at night, is not knowing what the regulators, how they view things. We use local experts.
We've got some great experts in Sweden that are helping us manage this. It's just an ever-changing landscape that all of us, as miners around the world have this challenge. It's not just a HIVE challenge. It's every public company that has to deal with these things, whether it's in Canada, Norway, Switzerland, U.S., it's everywhere.
It's getting late, so maybe we'll finalize with this one. You referenced size in terms of market cap and obviously liquidity. Is there any consideration to graduate to the TSX or to move, I guess, to NASDAQ or NYSE? Thoughts there?
Yeah. I think it's something that.
Sorry, go ahead, Frank.
No, go ahead, Darcy. You can go ahead.
No, I was going to say, it's something that we continuously look at, being able to move up, especially in the U.S., I think, to give us more exposure. Also give us, I think, some additional access to some of the institutional investors. Because when you work with some of them, and Frank knows this a lot more than I do, they can only invest in certain companies. If you're not on the full board in Toronto, we're not going to invest in you. I think it opens up opportunities. Right now it's working well on the venture, but it's something we look at, whether it's moving up to the full board TSX in Canada or moving up off of the OTCQX in the U.S. onto another platform.
Just to add to that, Tim, the big vision we have is what we've seen is that HIVE is a proxy. HIVE has become a digital currency on its own, as a correlation. That people that are afraid to go and open an account in an exchange and buy Bitcoin or Ethereum, they use HIVE as a proxy. That relates and shows, A, the volume, and shows up in its liquidity. It trades liquidity in Germany. It trades over the counter. Canaccord does a phenomenal job. It's a huge trading event between what takes place in Canada and over the counter. It's a very liquid market. Our vision, our long-term vision, is to become the biggest and most liquid name in the world, and to be listed in other jurisdictions around the world so that we become that sort of proxy.
I think graduating to NASDAQ would be a priority, more so than going the TS big board. If you looked at steps for basic liquidity, and when you're listed on NASDAQ, then it's much easier to get listed in exchanges in Asia. We are looking at that, and one of the things that'll be a pivot there was, now that we've got our financials filed, now we can get on that path because we've had so many people just interested in doing some type of a deal with us and et cetera. Something would be an epic event for us, and that would then allow us to go to this other level, for trading and for raising capital. I do believe the U.S. is the best place for that institutional capital.
There's no doubt New York City and Chicago and San Francisco are critical big money centers, from Silicon Valley, when you talk about San Francisco, in this space. A lot of the Silicon Valley players are in the DeFi world. A lot of the hedge funds that do trading and pricing are in Chicago and in New York City. These are important places for us. We've explored London. We're looking at other opportunities around the world. We've had great conversations with Canaccord, in helping looking at opportunities and mapping out analysis. I think that now we've got it filed, it should be another level of growth and excitement as we build our company.
All right. That's all. I think we can wrap up. Thanks.
Great. Thank you.
Thank you, everyone.
Thank you very much for joining us this morning. Be safe out there.