HIVE Blockchain Technologies Ltd. (TSX.V:HIVE) (OTCQX:HVBTF) reported it has put into operation its recently acquired 1,090 Bitmain Antminer T17+ 58 Terahash per second (TH/s) SHA 256 mining machines at its green energy-powered bitcoin mining operation in Quebec.
“Combined with the recently installed 750 Bitmain Antminer S17+ 73 TH/s machines operational at its Quebec facility, HIVE’s aggregate operating hash rate from this next generation mining equipment is approximately 118 PH/s and is estimated to be operating at a gross mining margin above 40%. These recent investments are among several steps the Company is undertaking to maximize the capacity and efficiency of its 30-megawatt (MW) facility.”
HIVE then reported that in preparation for the halving of Bitcoin block rewards for miners, which occurred in mid-May, it acquired in April a Bitcoin mining operation in Quebec with access to low cost, renewable electricity, 30 MW of HVAC and electrical infrastructure that is unique to cryptocurrency mining, triple redundancy systems for power and internet connectivity and operational staff. HIVE added:
“HIVE has subsequently been investing in next generation mining equipment that can provide positive gross mining margins post the recent halving of Bitcoin rewards; the next halving is scheduled to occur in four years.”