HIVE Blockchain Increases Power Capacity to 24.2 MW

HIVE Blockchain Technologies (TSXV:HIVE) has announced a further expansion of its GPU-based digital currency mining complex with the completion of the third phase which started mining at the end of April.

As quoted in the press release:

This is the second expansion brought online in the past month and the precise execution of the Company’s mining roadmap has resulted in on-time completion of the facility. Sweden Phase 3 increases HIVE’s energy consumption dedicated to cryptocurrency mining by 6.8 megawatts (“MW”) to 24.2 MW, an increase of 39%.

HIVE continues to pursue profitable growth at its mining facilities, as evidenced by the completion of Sweden Phase 3, and the fully financed 20.0 MW ASIC-based mining expansion planned by September 2018 which will result in total capacity of 44.2 MW. Upon completion, the Company will be capable of mining Bitcoin and Bitcoin Cash in addition to its current GPU-based facilities which currently mine Ethereum, Ethereum Classic, and Z-Cash which contribute to the Company’s digital currency inventory. Ongoing growth is aided by implementation of custom Genesis-designed and built A2 mining rigs to realize a more than 25% improvement in efficiency over prior generations.

The Company is proceeding with the closing of its recently announced acquisition of Kolos Norway AS and expects to provide an update on the acquisition in the coming weeks.

“HIVE is well positioned as an industrial-scale digital currency mining operator in stable jurisdictions with low-cost power and operating profiles. We continue to exhibit healthy gross mining margins and have a growing inventory of cryptocurrency. We are committed to achieving profitable growth and evaluating opportunities for the deployment of capital to further enhance shareholder value.” said Harry Pokrandt, CEO and Director of HIVE.

Click here to read the full press release.