HIVE Blockchain Acquires 30 Cryptocurrency Operations in Canada for $ 4 Million | Instant News

HIVE Blockchain Technologies Ltd. (TSX.V: HIVE) (OTCQX: HVBTF) recently announced the acquisition of a 30 Megawatt (MW) Cryptocurrency, located in Canada, for C $ 4 million. 30 MW was purchased from Cryptologic.

HIVE reportedly issued 15,000,000 common shares to Cryptologic, which specifically was subject to a four-month locking agreement, and paid the Company C $ 1,956,230.60 in cash, to be a cash portion of the purchase price adjusted to the estimated working capital and containment who was arrested. total. In addition, Hive has agreed to invest C $ 3.0 million in the Facility.

HIVE claims to be one of the first crypto companies to be listed on a major stock exchange. This offers direct exposure to the crypto economy and its huge growth opportunities.

“Blockchain protocols such as Bitcoin, Ethereum and other cryptocurrency offer a safe way to transact without the need for intermediaries. Those who understand the potential of this technology create a new business platform and win first mover advantage. Until now, the complexity of cryptocurrency has prevented traditional investors from gaining exposure to potential blockchain. “

Frank Holmes, Interim Executive Chair of HIVE, said that the acquisition gave the company the potential to grow significantly.

“We have used the option to extend the Facility rental period until November 2025, and we plan to invest in the next generation of SHA-256 miners to improve the efficiency of Facility operation and prepare it to halve the upcoming Bitcoin prize. In addition, we are currently investigating the potential to host third-party miners to maximize the utilization of Facility power capacity. “

HIVE later reported that the fully operational Facility accrues electricity costs of around US $ 0.04 / kWh and its main assets include 30 MW HVAC and unique electricity infrastructure for cryptocurrency mining, triple redundancy systems for power and internet connectivity, operational staff, and around 14,000 Bitmain S9 miners are currently installed, which provide around 173 Petahash of 256 Bitcoin SHA mining computing power and utilize a portion of the Facility’s power capacity.

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