HIVE Blockchain Technologies Ltd. (TSXV:HIVE) has started Ethereum mining operations and has the capacity to mine other digital currencies such as ZCash, and Monero
SmallCapPower | January 22, 2018: HIVE Blockchain Technologies Ltd. (TSXV:HIVE) announced recently that it has started Ethereum mining operations in its Sweden facility. The multi-phase buildout of a large-scale GPU-based mining complex has the capacity to mine other GPU-based digital currencies such as Ethereum Classic, ZCash, and Monero.
Read: HIVE Blockchain Stock Has Momentum, Influential Backers
This Phase I of the Sweden facility increases HIVE’s energy consumption dedicated to cryptocurrency mining by over 175% to 10.6 MW. The Company 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. HIVE Blockchain has raised over $200 million since September 2017, $55 million of which will be retained as working capital once it completes its planned expansions.
“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,” said Harry Pokrandt, CEO and Director of HIVE Blockchain.
Additionally, HIVE Blockchain has mining operations in Iceland, where it has been producing newly-mined digital currency continuously since September 2017.
HIVE Blockchain is one of the early entrants to the rapidly-evolving Blockchain technologies industry. HIVE Blockchain has partnership with, and is backed by, Genesis Mining, one of the world’s leading cryptocurrency mining hash rate providers that owns 30% of the Company. Genesis Mining is key advisor to HIVE Blockchain, with significant technical expertise and existing relationships with manufacturers.
On September 15, 2017, HIVE Blockchain completed its first acquisition of a state-of-the-art GPU-based blockchain data centre in Reykjanes, Iceland. Another strategic investor in HIVE Blockchain is U.S. Global Investors (NASDAQ:GROW), which announced in 2017 the purchase of 17 million shares of HIVE. Less than one month after its first data center acquisition, HIVE announced the acquisition of a second data center and a $30 million bought-deal financing.
HIVE Blockchain looks like a promising stock in the Blockchain universe. The Company has given its investors returns in the ball park of ~200% in the past five months and is currently trading at $3.29 per share with a price to book ratio of 65.8x.
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