RATE Group | HIVE Blockchain Acquires Bitcoin Mining Facility for $2.8M
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HIVE Blockchain Acquires Bitcoin Mining Facility for $2.8M

30 Mar HIVE Blockchain Acquires Bitcoin Mining Facility for $2.8M

Posted at 19:52h in Bitcoin News by

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HIVE Blockchain Technologies, a Canadian publicly-traded ether (ETH) mining firm, has announced on March 30 the acquisition of a dedicated cryptocurrency mining operation with access to 30 megawatts of low-cost green power.

The transaction was valued at CAD $4 million (USD $2.8 M). The facility, leased by Cryptologic Corp, is located in Lachute, Quebec.

The firm intends to expand its total available power capacity globally to approximately 50MW, whose mining activities in Europe are focused on the Ethereum network, while Bitcoin miners will be supported in Quebec’s facility.

Giving priority to the green power

According to Frank Holmes, interim executive chairman of HIVE:

“The acquisition provides us with an advanced, operating Bitcoin mining facility ready to transition to next generation mining hardware with access to some of the lowest cost electricity on the planet. The cost of US$95,000 per MW is less than half the industry standard build cost per MW.”

HIVE hopes to add…

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