Hive Blockchain (TSXV: HIVE) this morning expanded its operations materially. The company has acquired 3,019 additional miners focused on bitcoin, with the additional computing power coming online immediately.
The additional miners reportedly have a hash rate of 264 PH/s, enabling the company to immediately improve its bitcoin hashrate by 46%. The miners themselves are already operating on site at the firms facilities in both Quebec and New Brunswick, with the miners being acquired from Foundry Digital, with the miners simply changing their ownership while continuing to mine bitcoin.
Following the transaction, Hive’s bitcoin mining capacity is expected to grow to 830 PH/s, with the transaction estimated to result in US$80,000 per day in additional income. The miners are to utilize the Foundry USA Pool, a North America-based mining pool.
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Full consideration for the purchase was not provided. The transaction is known to consist of both cash and warrants however, with 1.5 million warrants being issued at a price of $3.11 per share, for a period of two years being issued.
The firm reportedly holds 605 bitcoin currently in cold wallets.
Hive Blockchain last traded at $3.11 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.
