The Investing News Network had the opportunity to speak with Harry Pokrandt, CEO of HIVE Blockchain Technologies at the CanTech Investment Conference in Toronto about the company’s ethereum mining operations in Sweden and what else is in store for the company this year.
There’s certainly been a plethora of excitement surrounding the blockchain sector since 2017, and with companies like HIVE Blockchain Technologies (TSXV:HIVE) at the forefront of this innovative technology, that trend will only continue growing this year–and beyond.
Case in point, the company announced in mid-January that it has officially commenced its ethereum mining operations in Sweden which, according to the release, increases HIVE’s energy consumption for cryptocurrency mining by to 10.6 MW, and officially making it the largest crypto mining facility to date in the country.
In speaking with the Investing News Network (INN) at this year’s CanTech Investment Conference in Toronto, Harry Pokrandt, HIVE’s CEO, said part of the decision to begin mining operations in Sweden is due to low power costs and cold temperatures because mining cryptocurrencies creates “a lot of heat.”
Pokrandt expanded on that, stating the company will have a total of 40 MW capacity online by September in addition to ASIC mining capacity to mine bitcoin.
In addition to HIVE’s mining capacity–which Pokrandt said is the company’s goal to do as “aggressively as [they] can,” with the ASIC farms and GPU farms the company can mine for ethereum and “a whole host of other cryptocurrencies.”
“The GPU farms, we’ve got more flexibility in which coins we mine, but if we have a view on a certain currency we’ll mine those currencies [as well],” he said. “The immediate goal for HIVE is to increase the footprint of … power.”
Watch the video above to find out more of what Pokrandt had to say about what will set HIVE apart from other blockchain companies in the coming years and what makes him excited about the blockchain industry overall.
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Securities Disclosure: I, Jocelyn Aspa, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.