Hive Announces Ethereum Capacity Expansion, Provides Minimal Details

Hive Blockchain (TSXV: HIVE) made a rather opaque announcement this morning, indicating that it intends to expand its Ethereum mining footprint by 30%. The company intends to expand the footprint via the use of 6 megawatts of green energy.

The reference to the use of 6 megawatts of green energy however only comes from the headline of this mornings release, with the company providing minimum details on the matter as a whole. It’s unclear specifically what “green energy” is to supply its facility that is to be expanded.

The capacity expansion is to occur at the firms GPU mining data centre, with the company targeting an immediate 2 megawatts of expansion, at an expected cost of US$9.0 million. Of this figure, US$250,000 would be dedicated to refitting infrastructure at a portion of its existing facility, while the remainder is to be used for the purchase of new generation GPU chips and mining rigs. The upgrade is to occur by the end of April 2021, however it is unclear what this means in terms of hashrate capacity.

The company also indicated that it intends to increase overall capacity for Ethereum mining by 30% by the end of 2021, but provided no expected costing or further details on this target.

Hive Blockchain last traded at $2.26 on the TSX Venture.

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