Hive Blockchain Acquires 50 MW Atlantic Canada Crypto Mining Operation

Hive Blockchain (TSXV: HIVE) continued its operational development this morning, announced that it has signed a share purchase agreement to acquire GPU.One Holding’s GPU Atlantic operations. The transaction will see the firm acquire a low-cost operation that utilizes green power.

The purchase of GPU Atlantic will see the company acquire a 50 megawatt substation and data centre thats location in Grand Falls, New Brunswick. The operation has crypto mining operation that focuses on the use of low-cost green energy, while at the same time doubling Hive’s total available power capacity to 100 megawatts.

Currently, the facility has 30 MW of “ready to plug” space developed, as well as electrical infrastructure that has been developed for cryptocurrency mining, two data centre buildings, and a staff that is experienced in the space.

Consideration for the transaction consists of $25.0 million in aggregate, with the purchase price to be settled in shares. In total, 5.0 million shares are to be issued by the company, with 4.6 million going to GPU One, while 0.4 million will go to a minority partner in the facility. Shares have been given a deemed price of $5.00 under the transaction, with 1.0 million of the shares to be issued subject to earn out provisions.

Hive Blockchain last traded at $5.35 on the TSX Venture.

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