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As contagion seeps through<\/a> the crypto universe, one analyst firm sees opportunity in a beaten-down Bitcoin<\/strong> BTC\/USD<\/span> miner. <\/p>\n What Happened:<\/strong> Canaccord Genuity analysts on Monday reiterated Hive Blockchain Technologies Ltd<\/strong> HIVE<\/span> with a Buy rating and a $7 price target.<\/p>\n \u201cWe are encouraged by the company\u2019s efficient Bitcoin production, strong balance sheet, steady progress at its facilities, and prudent approach towards repurposing its GPU machines,\u201d the analyst firm wrote in a note to clients.<\/p>\n Canaccord analysts acknowledged that the company took an operating capacity hit as a result of the Ethereum<\/strong> ETH\/USD<\/span> merge<\/a>, but its bitcoin approach is what really stands out. <\/p>\n The firm touted bitcoin\u2019s relative strength in the crypto market in the face of recent volatility<\/a>. Canaccord believes Hive\u2019s efficient bitcoin strategy<\/a> will pay off as digital assets move higher longer term.<\/p>\n Hive is positioned to take advantage of a resurgence in bitcoin prices<\/a> as it sits at the high end of bitcoin mined per exahash of output in production, the analysts said.<\/p>\n \u201cProduction efficiency is supported by a modern mining fleet as well as plans to repurpose some of its GPUs into non-mining activities,\u201d Canaccord said.<\/p>\n See Also: Bitcoin, Ethereum, Dogecoin Fall: Analyst Says \u2018More Blood Yet To Come\u2019 As Genesis Crisis Adds To Crypto Carnage<\/a><\/em><\/p>\n The analyst firm is also encouraged by early developments with Intel Corp<\/strong> INTC<\/span>. Hive is one of the few miners that has secured a contract for Intel\u2019s new ASIC chips<\/a>, Canaccord said, adding the company\u2019s ASIC order is still on track to be delivered at the end of the year. <\/p>\n Hive also \u201cchecks a number of other boxes\u201d including having a 100% green energy footprint and a business model that affords optionality. <\/p>\n \u201cGiven our view that HIVE checks all the boxes we like to see in a digital-assets miner, we believe that the company can experience multiple expansion toward at least the mean of the peer group<\/a>,\u201d Canaccord said.<\/p>\n \u201cAs such, we remain positive on Hive\u2019s outlook.\u201d<\/p>\n HIVE Price Action:<\/strong> Hive has a 52-week high of $20.47 and a 52-week low of $1.98.<\/p>\n The stock was up 0.89% at $2.02 Tuesday morning, according to Benzinga Pro.<\/a><\/p>\n<\/div>\n