RATE Group | HIVE Blockchain to Double Bitcoin Mining Capacity Through $2.8M Share Deal
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HIVE Blockchain to Double Bitcoin Mining Capacity Through $2.8M Share Deal

01 Apr HIVE Blockchain to Double Bitcoin Mining Capacity Through $2.8M Share Deal

Posted at 15:40h in Bitcoin News by

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A publicly listed bitcoin mining operator is set to double the size of its operations in a multi-million-dollar deal, largely funded through a sale of its shares.

HIVE Blockchain announced via email this week it’s all set to acquire an existing 30-megawatt (MW) mining operation in Quebec from rival Canadian mining company Cryptologic for CA$4 million (around US$2.8 million).

“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,” said HIVE’s interim Executive Chairman Frank Holmes.

The lion’s share of the purchase price will be met via a sale of 15 million of HIVE’s common shares, at CA$0.20 each (US$0.14), to Cryptologic, for a total CA$3 million (US$2.1 million). The remainder will be made up through a CA$1 million ($700,000) placement.

The newly acquired mining facility, which has more than 14,000 Bitmain S9 bitcoin miners already in…

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