HIVE Blockchain Technologies Ltd. announced the purchase of 3,019 MicroBT WhatsMiner M30S dedicated mining computers. Hive Technologies bought the miners from Foundry Digital LLC(“Foundry”), a wholly-owned subsidiary of Digital Currency Group (DCG).
The integration will increase HIVE’s overall Bitcoin Operating hashrate by approximately 46%. The purchase will generate an additional $80K in daily income. The new machines have an aggregate hash power of 264 Petahash Per Second (PH/S).
After adding 3,019 MicroBT M30S miners, HIVE’s aggregate operating hashrate increases from 566 PH/s to 830 PH/S. The miners to be acquired in the transaction are already located onsite at HIVE’s facilities in Lachute, Quebec, and Grand Falls, News Brunswick.
Frank Holmes, Executive Chairman of HIVE, stated, “We are pleased to be executing on a transaction that dramatically increases our mining capacity without any logistics delays. Our entity into a North American mining pool furthers our goal of increased transparency and accountability with our partners. Mining power is shifting from East to West, and We’re excited to be involved.”
New Mining Pool
HIVE will contribute its BItcoin hashpower to Foundry USA Pool. It’s major customers include Blockcap, Hut8, Bitfarms and Foundry itself. Mike Colyer, CEO of Foundry, said, “We are excited to have HIVE as a partner for the Foundry USA Pool as we continue playing our part in securing the global bitcoin mining network”. The mining pool is a collective that allows Bitcoin miners to combine their hashing power.
The deal consideration includes cash and 1.5M warrants of the company. Each full warrant will entitle the holder to acquire one common share for C$3.11 for a period of 2 years.
Mr. Holmes said, “Foundry is one of the most well-respected firms in the mining space and we’re pleased to have them as investors in HIVE, the only publicly traded pure 100% green, low-cost energy miner.”
The main goal for a company “To get to one Exahash of Bitcoin mining by the end of August is now much closer with this addition of 3019 high performance machines.”
Last month, HIVE received approval to list its common shares on NASDAQ. It is already listed on Toronto Stock Exchange. Recently, It also purchased $66 million of graphical processing units.