Mr. Frank Holmes reports
HIVE BLOCKCHAIN EXPANDS BITCOIN MINING CAPACITY BY 36% WITH PURCHASE OF 6,000 NEXT GENERATION MINERS TO INCREASE FUTURE OPERATIONS TO 1,673 PH/S
Hive Blockchain Technologies Ltd. has made a large step toward its updated 2021 ASIC capacity goal of 2,000 petahashes per second with the purchase of 6,000 next-generation miners with an aggregate operating hash power of 444 petahashes per second.
With the addition of these 6,000 next-generation miners, Hive's aggregate operating hash rate from Bitcoin mining will increase to an estimated 1.673 exahashes per second or 1,673 petahashes per second by the end of 2021.
Based on the order that has been placed, this new equipment is expected to be received and in operation in the next six months, delivered in two tranches, with 3,000 miners in each of July and August, 2021.
This expansion will be for the company's operations in Canada and Iceland, and is a crucial key step to take the company over 2,000 petahashes of Bitcoin mining capacity using green energy 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 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.
Chinese New Year is over, and the company is now expecting an increase in shipments of new GPUs with eight-gigabyte memory cards to accelerate, which should improve its Ethereum production.
The company's liquidity remains healthy with cash and coins valued over $65-million (U.S.).
Coin inventory (hodl)
Since the beginning of the calendar year, Hive has been a holder of all of mined Bitcoin and Ethereum coins, and has been banking it into inventory as a current strategy, which it feels will benefit its shareholders.
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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