Hive Blockchain Announces Purchase of 4,180 Miners, Preliminary Quarterly Mining Results

Hive Blockchain (TSXV: HIVE) this morning announced that it is significantly improving its bitcoin mining operation. The company has announced the purchase of 4,180 additional bitcoin miners, adding a total of 334 petahash per second in computing power to its capacity.

The additional miners, which are the latest generation of the MicroBT WhastMiner M31S, will see the total hashrate operated by the firm nearly doubled to 653 PH/s. The additional equipment is to be delivered to the company in tranches, with the first 180 to be delivered in April. 500 additional units will be delivered every month in 2021 thereafter, with the full computing power expected to be online by year end.

The company also announced preliminary results for its 2020 mining operation this morning, revealing that it mined roughly 22,000 Ethereum coins in the quarter ended December 31, 2020. Inventory of the coins meanwhile sits at 13,100, a significant figure given the run past $1,000 per coin the cryptocurrency has seen over the last 24 hours. Hive’s bitcoin holdings meanwhile consists of approximately 140 coins, with a total of 160 coins being mined in the fourth calendar quarter of the year.

Hive Blockchain last traded at $2.39 on the TSX Venture.

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Jay Lutz

As the founder of The Deep Dive, Jay is focused on all aspects of the firm. This includes operations, as well as acting as the primary writer for The Deep Dive’s stock analysis. In addition to The Deep Dive, Jay performs freelance writing for a number of firms and has been published on Stockhouse.com and CannaInvestor Magazine among others.