HIVE Blockchain Technologies Ltd has announced the purchase of 3,019 MicroBT WhatsMiner M30S dedicated mining machines.
The miners are being acquired from Foundry Digital LLC, a wholly-owned subsidiary of the Digital Currency Group (DCG) focused on digital asset mining and staking. The miners to be purchased are already on-site at HIVE’s plants in Lachute, Quebec, and Grand Falls, New Brunswick.
The integration of these miners into HIVE’s systems will be immediate upon closing and will increase HIVE’s overall Bitcoin operating hashrate by approximately 46%. At the power cost and Bitcoin price, these bought miners will earn an extra US$80,000 per day. Frank Holmes, Executive Chairman of HIVE stated,
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
In exchange for the miners, Foundry will receive cash and 1.5 million warrants of the Company, pending regulatory approval. For a period of two years, each full warrant enables the holder to purchase one common share for C$3.11. Mike Colyer, CEO 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
Hive was the first cryptocurrency mining company to go public in 2017 with a green energy and ESG strategy. Since then, its data center facilities in Sweden, Canada, and Iceland have been cloud-mining BTC and ETH, both of which are reflected on its cash flow statement.
HIVE Blockchain Technologies Ltd. recently joined hands with the Bitcoin Mining council to promote transparency, share best practices, and educates the public on the benefits of Bitcoin and Bitcoin mining.
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