HIVE Blockchain Technologies Ltd. (TSX.V:HIVE) (OTC:HVBTF) has completed phase I of a multi-phase buildout of a large-scale GPU-based mining complex in Sweden. The company has now begun Ethereum mining operations at the facility, which is also capable of mining other GPU-based digital currencies such as Ethereum Classic, ZCash, and Monero.
Harry Pokrandt, CEO and Director of HIVE Blockchain, stated: “I am delighted to launch HIVE’s largest and most advanced mining facility to date in Sweden, another stable, cold climate jurisdiction with access to abundant green energy, to further capitalize on rising cryptocurrency prices.”
This phase I buildout increases the company’s energy consumption dedicated to cryptocurrency mining by over 175% to 10.6 MW. HIVE Blockchain is also fully financed to add an additional 13.6 MW of GPU mining capacity in Sweden by April 2018, as well as a further 20.0 MW of ASIC mining capacity by September 2018. The company has raised over $200 million since September 2017, $55 million of which will be retained as working capital once it completes its planned expansions.
The cryptocurrency mining facility in Sweden is jointly constructed by HIVE Blockchain and Genesis Mining Ltd., the world’s largest digital currency mining hashpower provider. Genesis is also a major shareholder of HIVE Blockchain and operates the company’s facilities under a master services agreement.
“HIVE and Genesis are building the backbone infrastructure for the blockchain sector,” said Marco Streng, Co-Founder and CEO of Genesis Group. “Sweden Phase 1 leverages Genesis’ years of experience and knowledge gained by creating the leading cryptocurrency mining company, and is highly scalable for future growth.”
In addition to Sweden, HIVE Blockchain also has mining operations in Iceland, where it has been producing newly mined digital currency continuously since September 2017.
HIVE Blockchain has been one of the hottest stocks in the Canadian market for the past four months. Like many other blockchain-related companies, HIVE’s shares have gone up by triple digits in a short period of time. It is now up over 240% since the beginning of last September, currently at $3.28 a share as of market close on January 15.
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