Blockchain

HIVE Blockchain (TSXV:HIVE) has announced the completion of the first phase of a multi-phase build out of large scale GPU-based mining complex in Sweden. As quoted in the press release: HIVE’s Sweden Phase 1 operation commenced mining Ethereum on January 15, 2018 and increases the Company’s energy consumption dedicated to cryptocurrency mining by over 175% …

HIVE Blockchain (TSXV:HIVE) has announced the completion of the first phase of a multi-phase build out of large scale GPU-based mining complex in Sweden.
As quoted in the press release:

HIVE’s Sweden Phase 1 operation commenced mining Ethereum on January 15, 2018 and increases the Company’s energy consumption dedicated to cryptocurrency mining by over 175% to 10.6MW. HIVE is fully financed to add an additional 13.6MW of GPU mining capacity in Sweden by April 2018 and a further 20.0MW of ASIC mining capacity, facilities capable of mining Bitcoin and Bitcoin Cash, by September 2018. HIVE’s expansion into Sweden diversifies the Company’s existing operations located in Iceland, where it has been producing newly mined digital currency continuously since September 2017.
“I am delighted to launch HIVE’s largest and most advanced mining facility to date in Sweden, another stable, cold climate jurisdiction with access to abundant green energy, to further capitalize on rising cryptocurrency prices,” said Harry Pokrandt, CEO and Director of HIVE.
Sweden Phase 1 is the first digital currency mining facility jointly constructed by HIVE and Genesis Mining Ltd. (“Genesis”), the world’s largest digital currency mining hashpower provider. Sweden Phase 1 was completed on budget and utilizes custom Genesis-designed A2 mining rigs that are more efficient than prior generations. Genesis is HIVE’s strategic partner and major shareholder and operates the Company’s facilities under a master services agreement.
“HIVE and Genesis are building the backbone infrastructure for the blockchain sector,” said Marco Streng, Co-Founder and CEO of Genesis Group. “Sweden Phase 1 leverages Genesis’ years of experience and knowledge gained by creating the leading cryptocurrency mining company, and is highly scalable for future growth. More than twenty Genesis personnel are dedicated to HIVE’s multi-phase Sweden expansion. I would like to congratulate the team and stakeholders on the successful launch of our first new facility together, and look forward to capitalizing on the rapid growth of HIVE and the blockchain sector.”
Sweden Phase 1 has commenced mining Ethereum and is capable of mining all other GPU-based digital currencies, including Ethereum Classic, ZCash, and Monero. Since HIVE acquired its first large-scale digital currency mine in September 2017, the price of Ethereum has increased by more than 400% with the global market for cryptocurrencies growing from approximately US$120 billion to over US$700 billion.

Click here to read the full press release.

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