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• The blockchain firm bought 3,019 MicroBT M30S miners from the Digital Currency Group (DCG) subsidiary, Foundry Digital LLC.
• This integration will increase Hive’s Bitcoin operating hashrate by a massive 46%.
• Foundry is one of the most well-respected firms in the mining space, and they are happy to have them as investors in HIVE because they are the only publicly traded pure 100% green, low-cost energy miner.
Canada based Hive Blockchain Technologies has decided to take advantage of the bitcoin mining crackdown in China as they continue to shift to the west to resume their mining operations. Hive first went public in 2017, and became the first cryptocurrency mining company with a green energy and ESG strategy. The blockchain company focuses on bridging the gap between the digital currency and blockchain sector and traditional capital markets. China contributes two-third of the total mining activities across the world. During May, the Chinese regulators had mandated the miners in the Sichuan and other mining hubs to shutdown their operations. Consequently, miners have been shifting to the west.
Foundry Will Receive Cash and 1.5 Million Warrants of Hive
Hive has purchased more than 3,000 bitcoin mining equipment to leverage from the Bitcoin mining shift from east to west. As per its official announcement, , the blockchain firm bought 3,019 MicroBT M30S miners from the Digital Currency Group (DCG) subsidiary, Foundry Digital LLC which focuses on digital assets’ mining and staking. The new mining equipment is located at Hive’s facilities in Lachute, Quebec and Grand Falls, New Brunswick. As part of the deal, Foundry will be entitled to cash and 1.5 million warrants of Hive. The mining machines have an aggregate hash power of 264 Petahash per second (PH/s).
This new Integration Will Generate an Additional Daily Income of $80000
This integration will increase Hive’s Bitcoin operating hashrate by a massive 46%. HIVE’s operating hash rate increases from approximately 566 PH/s to 830 PH/s with these new mining equipment. Moreover, they will also generate an additional income of $80,000 on a daily basis. Hive’s improved hashpower will be contributed to Foundry USA Pool including Blockcap, Hut8, Bitfarms and Foundry as other participants. Foundry CEO Mike Colyer said that they are excited to have Hive as a collaborator for the Foundry USA Pool as they continue to contribute towards securing the global bitcoin mining network.
Frank Holmes, Executive Chairman of HIVE said that they are pleased to be executing on a transaction that dramatically increases the firm’s mining ability without any additional logistics delays. Hive plans to enter into the North American mining space and further their goal of increased transparency and accountability with our partners. Mining power is shifting from east to West, and Hive as a prime blockchain firm aims to take advantage of it. As per Holmes, Foundry is one of the most well-respected firms in the mining space, and they are happy to have them as investors in HIVE because they are the only publicly traded pure 100% green, low-cost energy miner.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
