HIVE Blockchain to Expand Cryptocurrency Mining Capacity by 175% with New Data Centre in Sweden

HIVE Blockchain Technologies (TSXV:HIVE) has announced that it has entered into an agreement dated October 23, 2017 with its biggest shareholder Genesis Mining where HIVE will finance the construction of a cryptocurrency mining data center in Sweden.
As quoted in the press release:

The Sweden Data Centre will be a newly constructed GPU mining facility with an anticipated completion date of December 2017. The Company’s cryptocurrency mining capacity or hashpower is expected to increase by approximately 175% with the addition of the Sweden Data Centre.
The Sweden Data Centre will be constructed by Genesis for consideration of an estimated US$22 million. Pursuant to a master services agreement between the Company and Genesis (the “MSA”), Genesis will be responsible for hosting, maintenance and related services for the Sweden Data Centre for a monthly fee.
Completion of the acquisition is subject to a number of conditions, including but not limited to, acceptance by the TSX Venture Exchange as required. There can be no assurance that the acquisition will be completed as proposed or at all.
Harry Pokrandt, CEO and President of HIVE stated “With the help of Genesis, Sweden represents the next stage of growth for HIVE as we continue to build our portfolio of mining facilities.  HIVE is acquiring a facility in a politically stable country with access to excellent infrastructure and complements our existing facilities in Iceland.  We will continue to evaluate other opportunities to ensure we provide our shareholders the best exposure to the blockchain and cryptocurrency.”

Click here to read the full press release.