HIVE Receives Regulatory Approval for 50% Increase in ASIC Capacity to Mine Bitcoin

HIVE Blockchain Technologies (TSXV:HIVE) has announced it has received regulatory approval from the TSX Venture Exchange for the deployment of 100 Petahashes (“PH”) of cloud-based ASIC mining capacity, a 50 percent increase to 300 PH, which has been deployed to mine Bitcoin and other cryptocurrencies.

As quoted in the press release:

The approval for the increased ASIC capacity comes as Ethereum has experienced a surge in value by more than 70% since early December 2018. HIVE continues to mine Ethereum using assets with cumulative GPU capacity of 24.2 Megawatts (“MW”) located in Iceland and Sweden.

“I am pleased that we have received regulatory approval related to the deployment of 100 Petahashes of ASIC mining capacity at economic terms that we consider favourable for HIVE in a volatile cryptocurrency market.” said Frank Holmes, Interim Executive Chairman. “We believe that the transaction, which included the issuance of shares at levels meaningfully higher than the stock was trading, shows tremendous support by our partners and demonstrates the many benefits of our strategic partnership with Genesis. HIVE remains bullish on the long-term value of blockchain applications and the role that Bitcoin and Ethereum will play in the ecosystem despite continued volatility of cryptocurrency prices.”

“The surge in Ethereum pricing since early December is impressive, now up more than 70% since setting new lows for 2018 last month.” added Frank Holmes. “We continue to participate in the Ethereum ecosystem using our facilities in Iceland and Sweden and HIVE maintains an inventory of Ethereum and Bitcoin as we are bullish on the long-term potential of cryptocurrencies broadly.”

Click here to read the full press release.