Hive Blockchain Buys 6,500 Bitcoin Miners, Expects Hashrate To Increase By 585 PH/s

HIVE Blockchain Technologies Ltd. (TSXV: HIVE) announced today the purchase of 6,500 bitcoin miners. The installation of the additional machines is expected to increase the firm’s hashrate by 585 PH/s.

“We are pleased to be building on our strategic alliances with leading ASIC manufacturer Canaan to achieve our goals and drive value for our shareholders, with executing on a transaction that increases our cash flow and green mining capacity,” said HIVE Executive Chairman Frank Holmes.

The new mining machines will be delivered in three tranches — 3,000 miners in December 2021, 3,100 miners in January 2022, and the remaining 400 miners in February 2022.

Holmes added that the purchase will push the company’s hashrate to 2 EH/s by December 2021 and 3 EH/s by March 2022.

The blockchain firm further added that with the current industry climate, the new machines will generate approximately 3.7 bitcoin per day or roughly US$250,000 in daily income. No details were disclosed yet regarding the purchase price.

Currently, the company holds 1,266 bitcoin in its custodial wallets, approximately valued at US$83.3 million as of this writing.

HIVE Blockchain Technologies last traded at $4.89 on the TSX Venture.

Hive Blockchain Records US$37.2 Million In Revenue For Fiscal Q1 2022Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

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