HIVE Announces Upcoming Launch of Cloud-Based ASIC Mining Power

HIVE Blockchain Technologies (TSXV:HIVE) has announced it will launch 200 Petahashes of cloud-based SHA-256 mining power in September.

As quoted in the press release:

 The Cloud Mining is an amendment to the terms of HIVE’s previous December 2017 agreement with Genesis Mining Ltd. (“Genesis”) to add 200 PHs of SHA-256 capacity in Sweden. Under the revised agreement, 200 PHs will be provided pursuant to a cloud hosting arrangement until delivery of the mining rigs occurs within the next twelve months. The amendment allows for lower operating costs than was previously expected of taking delivery of the miners in Sweden and gives HIVE flexibility to install the future delivery of the mining rigs in an advantageous region, which is anticipated to be in a facility in North America. As previously announced, production is expected to commence on September 30, 2018.

The strategic decision to implement cloud based deployment with its technology partner, Genesis, allows the Company to benefit from more cost-effective mining operations and enhances HIVE’s operational flexibility by enabling the Company to more quickly adapt to changing network conditions across multiple geographies.

As planned, the upcoming mining power diversifies the mining capacity of the Company by introducing the ability to mine SHA-256 ASIC-based coins which will have an immediate positive impact on growing HIVE’s already sizeable coin inventory.

Click here to read the full press release.