Mr. Frank Holmes reports
HIVE BUYS 3,019 HIGH PERFORMANCE BITCOIN MINERS INCREASING PRODUCTION BY 46% IMMEDIATELY
Hive Blockchain Technologies Ltd. has purchased and immediately started hashing 3,019 MicroBT WhatsMiner M30S dedicated mining computers.
These new machines have an aggregate hash power of 264 petahashes per second (ph/s). The integration of these miners into Hive's systems will be immediate upon closing and will increase Hive's overall bitcoin operating hash rate by approximately 46 per cent.
Next-generation miner expansion
With the addition of these 3,019 MicroBT M30S miners, Hive's aggregate operating hash rate increases from approximately 566 ph/s to 830 ph/s. At the current difficulty and bitcoin price these purchased miners will generate an additional $80,000 (U.S.) in daily income. Bitcoin continues to have a daily volatility of plus or minus 6 per cent, and investors need to be aware of this volatility.
The miners to be acquired in the transaction are already located on site at Hive's facilities in Lachute, Que., and Grand Falls, N.B. The miners are being purchased from Foundry Digital LLC, a wholly owned subsidiary of the Digital Currency Group (DCG), focused on digital asset mining and staking. As part of the partnership, Hive will contribute its bitcoin hash power to Foundry USA Pool going forward, whose other major customers include Blockcap, Hut8, Bitfarms and Foundry itself, among others.
Frank Holmes, executive chairman of Hive, stated: "We are pleased to be executing on a transaction that dramatically increases our mining capacity without any logistics delays. Our entry into a North American mining pool furthers our goal of increased transparency and accountability with our partners. Mining power is shifting from East to West, and we're excited to be involved."
Mike Colyer, chief executive officer of Foundry, said, "We are excited to have Hive as a partner for the Foundry USA Pool as we continue playing our part in securing the global bitcoin mining network."
As consideration for the sale of the miners, Foundry will be issued cash and 1.5 million warrants of the company, subject to regulatory approval. Each full warrant will entitle the holder to acquire one common share for $3.11 for a period of two years. Mr. Holmes said, "Foundry is one of the most well-respected firms in the mining space, and we're pleased to have them as investors in Hive, the only publicly traded pure 100-per-cent green, low-cost energy miner."
This new production will quickly accelerate building up the company's bitcoin reserves. Presently the company holds 605 bitcoin in cold wallets. The company's goal to get to one exahash of bitcoin mining by the end of August is now much closer with this addition of 3,019 high performance machines.
New mining pool
The company will be joining Foundry's mining pool, which it believes is the best option for its investors. Foundry USA Pool is based in the United States, where the company should see better transparency, accountability and competitive costs.
A mining pool is a collective that allows bitcoin miners to combine their hashing power, and achieve a steadier stream of coins.
The team of Hive is pleased that it is in New York today to ring the closing bell for Hive's new listing on the Nasdaq.
About Hive Blockchain Technologies Ltd.
Hive Blockchain Technologies went public in 2017 as the first cryptocurrency mining company with a green energy and ESG (environmental, social and corporate governance) strategy.
Hive is a growth-oriented technology stock in the emergent blockchain industry. As a company whose shares trade on a major stock exchange, it is building a bridge between the digital currency and blockchain sector and traditional capital markets. Hive owns state-of-the-art green-energy-powered data centre facilities in Canada, Sweden and Iceland, where it sources only green energy to mine on the cloud and hold both ethereum and bitcoin.
We seek Safe Harbor.
© 2021 Canjex Publishing Ltd. All rights reserved.