Blockchain

HIVE Blockchain Technologies (TSXV:HIVE) has announced the completion of the second phase of a multi-phase build-out of a large-scale GPU-based mining complex in Sweden. As quoted in the press release:  The Sweden Phase 2 operation commenced mining at the end of March 2018 and increases the Company’s run-rate energy consumption dedicated to cryptocurrency mining by …

HIVE Blockchain Technologies (TSXV:HIVE) has announced the completion of the second phase of a multi-phase build-out of a large-scale GPU-based mining complex in Sweden.

As quoted in the press release:

The Sweden Phase 2 operation commenced mining at the end of March 2018 and increases the Company’s run-rate energy consumption dedicated to cryptocurrency mining by 6.8 megawatts (“MW”) to 17.4 MW, an increase of 65%.

Sweden Phase 2 expands 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 2 utilizes custom Genesis-designed A2 mining rigs that are over 25% more efficient than prior generations. Going forward, HIVE is fully financed to add a further 6.8 MW of GPU-based mining capacity in Sweden in April 2018, and an additional 20.0 MW of ASIC-based mining capacity, capable of mining Bitcoin and Bitcoin Cash, by September 2018, being total capacity of 44.2 MW.

“The completion of Sweden Phase 2 represents an important milestone for the Company as HIVE continues to grow operations and execute its 2018 development pipeline. Despite recent crypto market conditions, HIVE’s current run-rate gross mining margins continue to be very healthy, and our operating costs on the first phase of Sweden to date have been materially lower than expected. This growth in our assets and sustained profits combined with our excess cash on hand has us well positioned to continue creating growth and shareholder value” said Harry Pokrandt, CEO and Director of HIVE.

Click here to read the full press release.

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