As it had announced earlier this month, HIVE Blockchain Technologies Ltd. (TSXV: HIVE) shared that it expects to cross the 1 Exahash per second mark in bitcoin mining today. This follows after the firm finally received the deliveries of its bitcoin miners over the past 24 hours.
The boost in hashrate is mainly due to the arrival of previously ordered 1,845 bitcoin miners with a total hashrate of 172 Petahash per second. This is the latest in the series of equipment purchases by the company as a part of its strategy to increase its mining capacity.
“This is a monumental achievement for us as we continue to our goal of over 3 EX/s by the end of fiscal 2022, including the conversion of ETH, a goal which is greatly supported by today’s announcement of new miner deliveries,” said HIVE Executive Chairman Frank Holmes.
The crypto miner relayed that the new bitcoin machines will be deployed in its 2 Canadian data centers: 945 miners in Lachute, Quebec, and 900 miners in Grand Falls, New Brunswick.
As the company further explained, the hashrate in both bitcoin and ethereum is currently resulting in an annual revenue run rate of approximately $220 million with estimated expenses of $25 million per year.
To date, the crypto firm holds 946 bitcoins in cold wallet, which is valued at $56.9 million as of this writing. On the other hand, the total inventory of bitcoin and ethereum coins is valued at $116 million.
HIVE Blockchain Technologies last traded at $3.81 on the TSX Venture.
Information for this briefing was found via Sedar and HIVE. 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.