HIVE Blockchain Announces Continuous Increase of Bitcoin Mining Power Through Additional Purchase of Next Generation Miners for Green Energy

 

HIVE Blockchain Technologies Ltd. (TSX.V: HIVE) (OTCQX: HVBTF) announced on Monday it has ordered 200 Bitmain Antminer S17e 60 Terahash per second (TH/s) SHA 256 mining machines as it continues to scale up to next-generation mining power at its green energy-powered bitcoin mining operation in Quebec, Canada.

According to HIVE, the cost for the S17e machines was approximately US$950 per unit, or just under US$0.2 million, financed through the Company’s cash. Delivery and installation of the new mining equipment are anticipated to occur in July. HIVE also observed:

“Following installation, excluding further purchases, HIVE estimates its aggregate operating hash rate specifically from next generation mining equipment at its Quebec facility, will be approximately 131 Petahash per second (PH/s), utilizing less than 6 MW power. This equates to approximately 22.6 PH per megawatt (MW) of power, which HIVE believes is one of the most energy efficient bitcoin mining operations in Canada.”

HIVE then noted while the COVID-19 pandemic has impacted logistics and the supply of new bitcoin miners manufactured in Asia, Monday’s announced purchase is HIVE’s third purchase of next-generation bitcoin mining equipment over the past two months, totaling approximately $2.35 million with the amounts paid through cash on hand. HIVE added:

“As part of its strategy to maximize the capacity and efficiency of its facility, HIVE intends to continue utilizing cash flow to make opportunistic investments in the facility. These investments include installing next generation mining equipment that can provide positive gross mining margins post the May 2020 halving of bitcoin rewards; the next halving is scheduled to occur in 2024.”

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