Mr. Frank Holmes reports
HIVE BLOCKCHAIN CONTINUES ITS BITCOIN MINING MOMENTUM BY PURCHASING 6,400 CANAAN AVALON NEXT GENERATION MINERS TO EXPAND ITS CAPACITY TO 1,229 PH/S IN 2021
Hive Blockchain Technologies Ltd. has achieved its previously announced 2021 ASIC capacity goal of 1,000 petahashes per second with the purchase of 6,400 Canaan AvalonMiner 1246 next-generation miners with an aggregate operating hash power of 576 petahashes per second.
With the addition of these 6,400 Canaan AvalonMiner 1246 miners, Hive's aggregate operating hash rate from Bitcoin mining will increase to an estimated 1.229 exahashes per second or 1,229 petahashes per second by the end of 2021.
Based on the orders that have been placed, this new equipment is expected to be delivered in eight tranches in 2021, with 500 miners delivered in May and June and 900 miners delivered each month in the rest of calendar 2021 commencing with the July delivery.
These secured orders are the culmination of the assertive steps that Hive has taken toward the vision to achieve an aggregate operating hash power of 1,000 petahashes per second by the end of calendar 2021. With these secured purchases, the company has achieved this monumental goal faster than planned. It is now focused on new opportunities to increase its Bitcoin mining capacity, with a new goal of 2,000 petahashes per second by the end of 2021.
As the company has mentioned before, the COVID-19 pandemic continues to impact logistics and the supply of miners from Asia. Today's announcement is part of the company's continuing strategy to increase the company's Bitcoin mining capacity. Hive intends to continue utilizing cash flow to make opportunistic investments in ASIC and GPU next-generation mining equipment that can provide positive gross mining margins.
About Hive Blockchain Technologies Ltd.
Hive Blockchain is a growth-oriented, TSX Venture Exchange-listed company building a bridge from the blockchain sector to traditional capital markets. Hive owns state-of-the-art green-energy-powered data centre facilities in Canada, Sweden and Iceland, which produce newly minted digital currencies like Bitcoin and Ethereum continuously on the cloud. Its deployments provide shareholders with exposure to the operating margins of digital currency mining, as well as a portfolio of crypto-coins.
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