Hive Blockchain Purchases 6,000 Additional Miners, Pushing Capacity To 1.67 EH/s

Hive Blockchain (TSXV: HIVE) continues to build out its operations. The company this morning announced that it has purchased 6,000 additional miners, which are expected to add a further 444 PH/s of computing power to its current capacity.

The additional miners are expected to bring the firms total ASIC computing power to 1.673 EH/s, bringing it ahead once again of the computing power of rival miner Bitfarms (TSXV: BITF), whom is on its way to 1.3 EH/s of capacity. The new equipment is currently slated to arrive over the course of the next six months, with 3,000 miners to be delivered in each of July and August 2021.

The expansion is slated to occur in both Canada and Iceland, with the company remaining firm on its target of 2.0 EH/s of capacity by year end. Financial details of the transaction were not provided, however the company did indicate that it currently remains liquid with over US$65 million in cash and cryptocoins, along with an outstanding US$100 million ATM financing.

Finally, the company indicated that it has held all mined bitcoin and ethereum, banking it in the firms inventory as the valuation of the coins continue to rise.

Hive Blockchain last traded at $6.28 on the TSX Venture.

The author has no securities or affiliations related to any organization mentioned. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Leave a Reply