The third-party crypto mining service provider will take over the role that Genesis Mining had been responsible for previously.
HIVE Blockchain (TSXV:HIVE), a cryptocurrency mining company that has been embroiled in disputes with Genesis Mining, a strategic partner, announced that it has now transitioned to operating its Swedish mining facilities with Blockbase, a mining services company. Following months of contractual disagreements, leading the mining operation to close at one point, the agreement wit Blockbase shows positive signs for the ethereum-based facility. The company plans to announce its financial results by the end of the month.
As quoted in the press release:
Frank Holmes, HIVE’s Interim Executive Chairman, said: “We have successfully taken full control of our Ethereum-mining operations in Sweden with no significant shutdown of our equipment or facility. We have seen improvements in the efficiency and performance of our Swedish facility by leveraging Blockbase’s newer software. Additionally, we have identified opportunities to reduce our mining energy costs – the most significant portion of site operating costs – by entering into direct agreements with local electricity suppliers. As we have previously noted, we expect this new operational structure in Sweden to result in more efficient operations, a lower cost structure, and greater flexibility in our operations.
“With the transition in Sweden complete, we are now focusing on a similar optimization program for our other geographic operations,” added Mr. Holmes. “Additionally, with a strong balance sheet and healthy net cash position, we continue to carefully assess expansion opportunities in North America. We look forward to providing further details on our operational progress later this month when we report our financial results for the quarter ended September 30. We expect to provide conference call details for these results in the near future.”