Hive Blockchain (TSXV: HIVE) is looking to improve its mining capacity. The company this morning announced the first crypto mining purchase under its 2022 mining purchase program, which is expected to add a total of 180 PH/s to its bitcoin mining capacity.
Under the arrangement, the company has agreed to acquire a further 1,800 Antminer S19j Pro mining rigs, which are to be acquired from Bitmain Technologies. The miners are to be delivered beginning in January 2022, with 300 miners to be delivered a month, with the final delivery to occur in June 2022.
The purchase is reprotedly part of the firms commitment to update both its bitcoin and ethereum mining equipment on a monthly basis, with purchases supported by the firms cash flow. The frequent purchases have enabled the company to continuously grow its capacity, with Hive indicating that it expects to get to a milestone of 1 Exahash in bitcoin mining capacity by the end of this month.
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The company this morning also indicated it currently has an inventory of coins with a value in excess of $100 million. The firms inventory reportedly contains 25,000 ETH and 875 bitcoin stored in cold wallets, with the company noting all bitcoin have been mined with green energy.
Hive Blockchain last traded at $3.90 on the TSX Venture.
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